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AVALARA IN NEW PRIVATE OFFERING
Sales-and-use tax vendor Avalara has filed SEC documents showing it is raising funds. The document, filed on November 22, shows that the Bainbridge Island, Wash.-based company filed for a $5 million equity offering, but had sold only $600,000 of the total to two investors at that point. Among the limited amount of information provided by forms for such offerings, Avalara said it did not plan to use proceeds for M&A activity.
It was the company's third offering in 2010. In January, it had a $5 million issue in connection with the merger with Taxcient. In May, it had a $9 million offering, but at that time, only $4.5 million in shares had been sold. As I understand these things, not selling all of the offering is not necessarily a bad thing because no one wants to give away more of a company than necessary.
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