Anania & Associates Investment Company LLC Announces Investment in DAVO Technologies
Anania & Associates Investment Company LLC (AAI) is pleased to announce a strategic investment in DAVO Technologies. The investment marks AAI’s 10th platform acquisition or investment in Maine in the past ten years.
“We are excited to invest in and partner with DAVO, an emerging market leader in helping small businesses with cash management and sales tax payments. Through its partnerships and integrations with leading web-based point-of-sale systems such as Square, Clover, Poynt, and Revel, the DAVO platform and team are providing a critical solution to small merchants who struggle with their monthly sales tax payments,” said Peter V. Anania, President of AAI.
With a new and improved merchant portal and multiple merchant industry focused applications, DAVO Sales Tax has been rapidly growing in popularity among the merchant community. During the past 12 months, the company has experienced an average of 20% month over month customer acquisition growth on its Clover, Square, Revel, Poynt and Quickbooks Online business channels.
Among the applications that DAVO offers are the DAVO Sweep & Save Savings Club apps that help merchants automate cash management, and the DAVO Franchise Pay app that allows franchise owners to automate the collection of royalty and advertising fees.
DAVO is also scheduled to launch a new website next month, as well new product releases during Q4 of 2018.
In addition to their investment, AAI’s Fund Manager, Anania & Associates (A&A), will also be providing human resources, back office financial services as well as other strategic growth services. A&A offers these services to all of AAI’s Maine-based portfolio companies.
About DAVO – DAVO has developed a suite of applications to provide automated solutions to merchants’ sales tax and cash management needs. DAVO Sales Tax is the only automated sales tax solution available with daily cash management. DAVO automatically collects sales tax daily and files and pays it when due. DAVO’s patented technology is trusted by thousands of brick and mortar merchants to automate their sales tax from start to finish. The DAVO Sales Tax app integrates with cloud based Point of Sale (POS) systems and guarantees on-time and in-full sales tax filing and payment for its merchant customers.
About Anania & Associates Investment Company – AAI is a Maine-based private equity firm that partners with management teams in acquiring and building companies with a high potential for growth. Founded in 2008, the fund currently has 6 portfolio companies representing over 350 employees and $60 million in revenue. AAI is a long term, regional investor, focused on supporting sustainable growth for Maine and its portfolio companies which include: Elmet Technologies LLC, Lighthouse Imaging LLC, MEGA Industries LLC, mWAVE Industries LLC, Davo Technologies, LLC, and TrakTec LLC.