Tax compliance automation software services provider Avalara, Inc. (AVLR) recently announced that it has acquired Track1099 LLC, a software and services provider. The financial terms of the deal have been kept under wraps.
With this acquisition, Avalara will be able to make use of Track1099’s expertise in e-filing of IRS forms and ease the process of federal and state electronic filing compliance for businesses of all sizes. Avalara’s customers will also be able to fulfill their e-filing needs in a cost-effective and hassle-free manner.
The EVP of Corporate Development at Avalara, Jayme Fishman, said, “Adding 1099s, W-9s, and other forms to our compliance documents portfolio further extends the value we can provide to customers to manage their end-to-end compliance. By integrating Track1099’s capabilities into our compliance document management suite, Avalara can support and automate additional annual requirements for our customers.” (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 13.3% 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 19.5% 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 32.6% over the past year.
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