Avalara, a provider of tax compliance automation software for businesses of all sizes, has acquired CrowdReason Limited Liability Company, a developer of SaaS-based property tax compliance applications, as well as a related property valuation and advisory services business to help solve property tax compliance challenges.
All 50 U.S. states and the District of Columbia assess property taxes on real property. A total of 38 states and D.C. also impose a business personal property tax on items a company uses to conduct business, including furniture, machinery, supplies, and more. Every jurisdiction’s definition of what property is taxable and how to assess it can differ. CrowdReason’s cloud-based applications help businesses reduce the compliance burden by optimizing the management of the entire property tax life cycle.
CrowdReason’s capabilities will extend Avalara’s capabilities document management, tax content and property tax returns.
“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,” said Jayme Fishman, EVP of corporate development at Avalara. “Effective management of personal property and real property tax serves businesses of all sizes, especially enterprise companies, and is another step forward in our pursuit to be the global compliance platform for businesses.”
The financial terms of the deal were not disclosed. Avalara acquired the assets of CrowdReason, adding technology, content and expertise to its platform and team. Avalara also acquired the assets of a valuation advisory services business from CorrelationAdvisors LLC as part of the deal.
“CrowdReason built its business to help enterprise teams manage complexity and reduce the risk inherent to property tax management. We pride ourselves on best-in-class products, accuracy, and customer service, and we are excited to contribute our expertise to Avalara’s customers,” said Carl Hoemke, CEO of CrowdReason.
Earlier this month, Avalara acquired Track1099, which automates the managing, filing, and delivery of IRS forms, including 1099s, W-9s, and more.
