Tax automation company Avalara acquires Seattle startup Indix to boost product description database

Tax automation company Avalara acquires Seattle startup Indix to boost product description database

1:11pm, 7th February, 2019
(GeekWire Photo / Nat Levy) Seattle-based tax compliance company Avalara has acquired Indix, a Seattle startup that had accumulated vast amounts of data on product information. Indix CEO Sanjay Parthasarathy. (Indix Photo) Avalara, which went public this past June year, will use Indix technology to bolster its tax content database that includes everything from international product codes and classifications to taxability rules. “We believe the combination of deep product knowledge, broad product content, and artificial intelligence technology will allow us to provide our customers the information they want and need to factor compliance into their business decision-making, and for Avalara to address more compliance requirements to support their growth,” Avalara CEO Scott McFarlane said in a statement. Founded in 2013 by former longtime Microsoft executive , Indix developed an intelligence platform that helps businesses analyze and visualize product information across various industries. The company had raised more than $30 million from investors. “From day one, we built Indix to collect, organize, and structure the world’s product information using artificial intelligence,” Parthasarathy said in a statement. “With the addition of the Indix expertise, Avalara will be able to efficiently and rapidly refine its content to meet the expanding and evolving needs of its customers.” Parthasarathy is well known in Microsoft circles. He into the tech giant’s product group in the early 1990s. The Indix homepage now redirects to Avalara’s site. We’ve followed up with Avalara and Indix for more details about the acquisition and will update this post when we hear back. Last month Avalara Compli, a California-based company that helps makers of alcoholic beverages comply with government rules and regulations. Avalara has grown to more than 1,500 employees across 12 offices around the world. Avalara a net loss of $9 million on revenue of $69.5 million for the third quarter. Its stock is down about 10 percent from its IPO price. The company will report fourth quarter earnings next week.