Tax compliance automation software provider Avalara, Inc. (AVLR) announced that it has acquired SaaS-based property tax compliance applications provider CrowdReason Limited Liability Company. The financial terms of the deal have been kept under wraps.
As part of the deal, Avalara has also acquired a valuation advisory services business from CorrelationAdvisors LLC.
With this buyout, Avalara will gain access to CrowdReason’s software and expertise in property tax compliance, along with information on more than 20,000 property tax assessors and collectors. Also, CrowdReason’s efficient data management and simple property tax return filing services will add to Avalara’s capabilities.
The EVP of Corporate Development at Avalara, Jayme Fishman, said, “Adding property tax content and software to our global compliance portfolio extends Avalara’s footprint into a large and exciting new tax type. This transaction will increase the opportunity we have to support businesses with more of their compliance requirements.” (See Avalara stock chart on TipRanks)
Two months ago, Evercore ISI analyst Peter Levine reiterated a Buy rating on the stock with a price target of $200, which implies upside potential of 13.4% from current levels.
Consensus among analysts is a Strong Buy based on 11 unanimous Buys. The average Avalara price target of $211 implies upside potential of 19.6% from current levels.
Avalara scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares of the company have gained 15% over the past year.