Anania & Associates Investment Company LLC (AAI) today announced the sale of the operational assets of DAVO Technologies LLC (DAVO) to Seattle, WA based Avalara (AVLR).
Avalara and DAVO offer compatible sales tax automation technology, with complementary services which streamline the customer’s experience. Avalara and DAVO both have strong partner relationships, and their customer-centric model will continue to provide more opportunities for local economic development and small business support systems.
DAVO is an emerging market leader of tax compliance automation for businesses of all sizes. Its technology primarily helps businesses with cash management and sales tax payments. Through its partnerships and integrations with leading web-based point-of-sale (POS) systems, DAVO has developed apps to help merchants grow by enabling them to automatically put aside small amounts of their daily sales.
DAVO’s technology is a proven and successful way to fund recurring monthly expenses. DAVO will continue to occupy their operational space in a historic mill building overlooking Saccarappa Falls on the Presumpscot River in Westbrook, Maine.
Avalara’s investment in DAVO should help further strengthen Maine’s growing base of high-tech companies. AAI looks forward to tracking the continued growth of the business in Maine.
Like DAVO, Avalara is software for automated tax compliance. Based in Seattle, Avalara helps businesses manage tax compliance easily and efficiently. Their solutions eliminate risk and cost, with technology that validates the data of a company, as well as its chain of customers, suppliers, products, and services. In addition, their solutions can recover and issue tax documents, in addition to generation, validation and monitoring tax obligations.
Through the help of AAI’s Fund Manager, Anania & Associates (A&A), DAVO today supports more than 5,500 small businesses in the United States. AAI first invested in DAVO in September 2018 when it was an early-stage startup seeking a partner and investor who could assist in helping to build out back-office functions, the management team, and a more scalable platform for growth.
A&A initially provided full back-office services covering treasury, finance, human resources and marketing services. A&A also helped recruit the current executive team, provided Board and strategic guidance over the last several years as the business experienced its explosive growth.
A&A continues to provide sustainable growth and business development services, including operational, managerial, and financial support to several Maine businesses.
Financial terms of the deal have not been disclosed.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India.
To learn more about Avalara, visit their website.
About DAVO Technologies
DAVO Technologies is an automated merchant payment platform that collects, files, and pays sales tax. AVO evolved from the frustrations of a former restauranteur who asked the simple question, why can’t someone do my sales tax the way ADP does my payroll? Today, DAVO’s patented technology is trusted by thousands of brick-and-mortar merchants to automate their sales tax from start to finish.
To learn more about DAVO Technologies, visit their website.
Anania & Associates Investment Company, LLC is a Maine-based and Maine-focused private equity firm, dedicated to supporting sustainable growth for its portfolio companies. Founded in 2008, AAI is a long term, regional investor, focused on supporting growth for Maine’s workforce and economy. Its current portfolio companies include Elmet Technologies LLC, Microwave Techniques LLC and Lighthouse Imaging LLC.