M&A · Tech · Services-Prepackaged Software
Vista Equity Partners to acquire Avalara, Inc.
Announced Aug 8, 2022 · Closed Oct 19, 2022
Deal value$8.40BEV $7.70B
Premium27.0%To unaffected price
EV / Adj. EBITDA—10.3x EV / Revenue
ConsiderationAll cash$93.50 per share
Transaction
- Acquirer
- Vista Equity Partners
- Target
- Avalara, Inc. (AVLR)
- Buyer type
- Private equity
- Offer price per share
- $93.50
- Enterprise value
- $7.70B
- Status
- Closed Oct 19, 2022
Deal protections
- Break fee (target pays)
- $242M · 2.9%
- Reverse fee (buyer pays)
- $485M · 5.8%
- Go-shop
- —
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- BofA Securities
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 75 in the prior 24 months
- Premium
- 27.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 18.1x
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedAug 8, 2022
- Proxy filedAug 23, 2022
- Definitive proxySep 12, 2022
- Shareholder voteOct 14, 2022
- ClosedOct 19, 2022
Valuation · fairness opinions
Other analysis$54.74$112.95
Trading comparables$75.42$125.43
Precedent transactions$79.08$132.25
Premiums paid$87.51$109.57
Offer $93.50
Implied value per Avalara, Inc. share by analysis, from Goldman Sachs · DCF discount rate 11.5%–15.5%.