Avalara revenue up 28% to $116M; tax automation company to sell $500M of stock in new offering

Avalara beat analyst expectations for its second quarter earnings report, posting $116.5 million in revenue, up 28% year-over-year, and a non-GAAP earnings per share of $0.04.

June was the company’s best non-December total bookings month ever, CEO Scott McFarlane said, as the Seattle-based tax automation company sees demand grow amid the economic crisis.

“We are seeing a confluence of positive macro trends that are tailwinds for our business, from the accelerating growth of ecommerce to broader adoption of cloud-based and other efficiency improvement solutions to the increasing need for regulatory compliance enforcement,” McFarlane said in a statement. “As a result, global demand for compliance automation continues to grow and we are driving efficiency improvements across our business to capture the large opportunity in front of us.”

The company also announced Tuesday that it will sell $500 million in shares of its common stock.

Shares were down more than 5% in after-hours trading. Avalara’s stock has more than doubled since March.

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