Avalara helps its customers by providing a platform that automates tax compliance. The company is growing rapidly. In 2015 it had sales of $113m. As you can see from the table below that is expected to reach $728m by calendar 2022. The number of core customers (who accounted for 85pc of total revenue in 2017) has increased from 6,250 in 2016 to 13,300 for Q2 2020. Each customer is spending more as the group rapidly increases its number of products. CEO, Scott Mcfarlane, said at the June 2020 analysts' day that Avalara was becoming a 'product machine'.
The addressable market is huge. In the prospectus they talk about an $8bn opportunity in the US alone. Additional products come on top of that and the group has global ambitions. The group vision is "to be part of every transaction in the world".
One highly rated US analyst said, not long ago, that if he could only hold one share he would choose Avalara.
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