Avalara Acquires Operational Assets from DAVO Technologies

Milja Image
ByMilja
April 26,2021

Tax automation provider Avalara announced on April 20 that it had bought assets and expertise from DAVO Technologies, a company that helps businesses automate sales tax requirements.

Based in Maine, DAVO uses cutting-edge technology to connect with POS systems and automatically gather tax-related data. This allows it to accurately file and pay sales taxes to the state and local authorities on their clients’ behalf.

DAVO’s base of clients across the US includes more than 4,000 businesses from various industries, including restaurants and coffee shops, bike stores, local flower shops, and many others. The financial terms of the agreement have not been disclosed.

DAVO’s instant integration with the most popular POS systems - like Square, Quickbooks, and Clover to name a few - empowers Avalar to provide all-in-one compliance solutions that help small businesses and startups manage their daily and ongoing tax requirements.

Avalara and DAVO are natural extensions to one another; our services are complementary, and we believe there is an immediate opportunity for value to their customers and our shared partners. The DAVO team has built an excellent, customer-centric product and we are delighted to partner with them to help improve and expand upon their capabilities,” said Jayme Fishman, Avalara’s EVP of corporate development.

DAVO integrates seamlessly into your business environment to collect data needed for paying sales taxes and filing tax returns. It’s an automated service that simplifies tax-related tasks with the 100% accuracy that only great bookkeeping services can provide. With Avalara’s products - like business licenses and compliance documents - DAVO will be able to provide even better and more comprehensive services.

“This acquisition is an amazing opportunity for the DAVO team, partners, and especially our customers. There has never been a more important time to support the local business community - the backbone to local economic development and community support. We are confident that together with Avalara we can make their day-to-day even easier, so they can focus on their business and leave the sales tax to us,” said Pete Murray, CEO of DAVO.

The company’s press release also includes forward-looking statements regarding the expected “growth opportunities and synergies arising from the acquisition,” as well as potential risks that could lead to different material results than those predicted by the forward-looking statements.

More News

On April 23, Tickmark, a Virginia-based software provider, launched a completely cloud-based solution for accounting and bookkeeping services for small and medium-sized businesses.Tickmark’s new cloud-based solution uses Azure/AWS technologies to provide even better bookkeeping and accounting service to small and medium-sized companies. The company’s spokesperson said the new software product is more reliable, faster, and more customizable, so it can fit the needs of any business. The company’s main goal is to provide smooth virtual bookkeeping and accounting, enabling clients to complete complicated accounting tasks quickly and then focus on their business goals."Our end-to-end virtual accounting and bookkeeping services aim to replace all traditional forms of paper-based bookkeeping by transferring all functions into cloud-based systems. This will provide a high-level scalable, reliable, and accessible platform for our clients," Tickmark’s spokesperson said.The company’s team of experienced bookkeepers and accountants worked on designing this accounting software solution. It’s a step further in helping companies move from traditional paper bookkeeping to a cloud-based service that allows businesses to stay compliant and makes their accounting and payroll easier."We help companies master compliances, finances and understand the challenges of managing the finances. Ours is a global shared service powered by unmatched technology that provides fast and accurate results. We will give you several different options of accounting software as that will help you choose the right one that matches your business needs," the company’s spokesperson said.In order to protect clients’ sensitive business information, the company guarantees a completely safe and secure cloud-based environment. In addition, Tickmark’s goal is to offer a fully customizable software solution for all business types and sizes, making it more affordable and easier to implement in anyone’s business strategies."It is our mission to make online accounting more affordable. Cloud-based technology has enabled us to provide seamless end-to-end services that cater to all business needs,” the spokesperson said. “Companies will not have to hire, train or maintain in-house accountants, and it will help them save tons of money as virtual bookkeeping services offered by our company are affordable.”
By Milja · May 17,2021
Mortgage rates fell for a second straight week amid broader signs of an economic recovery. The benchmark’s 30-year home-loan rate dropped to 3.04% last week, down nine basis points from the week before. These are the first declines in rates in over two months.In recent years, mortgage rates have been at historically low levels. However, they were pushed higher by an increase in demand and a low supply of homes on the market. This trend was fuelled by the Covid-19 pandemic, which led to an increase in the number of people unwilling to sell properties in these unprecedented times. This situation caused the prices of the available properties to skyrocket, leading to bidding wars and people having to spend more than they originally planned.Real estate agents have had their hands full with these bidding wars. However, finding new real estate leads is getting easier, and establishing a proper relationship with customers instead of blindly running around trying to make a sale is possible thanks to the number of new home listings, which is steadily going up.“This won’t solve the inventory crunch overnight, but it’s a big step in the right direction, and one we’re likely to see more of in the weeks ahead as we approach the best time of the year to sell a home,” said chief economist at Realtor.com, Danielle Hale.The drop in rates comes amid other economic improvements, including better jobless claims as well as better manufacturing and sales numbers. As the pace of vaccinations continues to accelerate, restrictions are being lifted, and many states are opening up. The economy is steadily getting back on track, with more Americans willing to return to their daily activities and increase their spending.
By Milja · April 23,2021
The U.S. House of Representatives passed the Microloan Improvement Act to enhance access for small businesses to SBA loans and help them weather the economic fallout from the COVID-19 crisis. The act was passed by an overwhelming majority of 397 to 16.The bill was introduced by Congressmen Andy Kim and Tim Burchett and co-sponsored by two other lawmakers. It increases the number of nonprofit, community-based lenders that will get low-interest rate loans from the SBA and extend these in the form of lines of credit to small businesses with the maximum repayment term.Many small businesses don’t have the credit history to meet the extensive requirements for SBA loans. This act gives businesses that weren’t eligible for loans under SBA’s rules the opportunity to receive the much-needed funds.“We need to do everything we can to help our small businesses in this critical time,” Congressman Kim said. For his part, Burchett exclaimed that he was “proud to be a part of this effort that will help aspiring small business owners and entrepreneurs chase down the American Dream.”Congress established SBA’s Microloan Program back in 1991 to provide the funds to underserved entrepreneurs through community-based lenders. It’s now one of the best solutions to help small businesses avoid closures, along with crowdfunding platforms and other alternative routes that small businesses could take.Aside from the aforementioned bill, the House also passed the Microloan Transparency and Accountability Act, which is meant to deliver microloans to rural areas, offering a 5% technical assistance grant for institutions that work with small businesses. 25% of all loans must go to such companies for lenders to be eligible for this 5% grant. The SBA is also required to provide Congress with an annual Portfolio Risk Analysis of microloans to prevent fraud and government waste.
By Milja · April 23,2021

Leave your comment

Your email address will not be published.


There are no comments yet