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WESTFIELD, N.J., Sept. 15, 2022 /PRNewswire/ -- Merrion Investment Management Company ("MIMCo"), an SEC-Registered Investment Advisor that is a long-term owner of Avalara, Inc. (NYSE: AVLR) ("Avalara" or "AVLR") today announced its opposition to the purchase of Avalara by Vista Equity Partners.
MIMCo issued the following statement:
Avalara, Inc. announced on August 8, 2022 that it had agreed to be acquired by Vista Equity Partners ("Vista") at a price of $93.50/share in cash.
Merrion Investment Management clients have been investors in AVLR common shares since October 2019. Since then, AVLR has achieved extraordinary growth and has posted remarkable metrics among its software-as-a-service peer group, most notably in client retention and acquisition costs. In addition, AVLR has managed its capital base in a manner that prepared the company well for the difficult market period now upon us. A well-timed convertible bond offering and rapidly improving operating efficiency bring AVLR into late 2022 with ample liquidity.
AVLR is perfectly capable of remaining independent and has many years of profitable growth ahead. In light of this, the Board of Directors' decision to conduct an auction at this time in a depressed and volatile macroeconomic market seems ill-advised. The price agreed appears completely devoid of any control premium appropriate in this situation.
We intend to vote against the Vista transaction.
About Merrion Investment Management
Founded in 1989, Merrion is a research-based asset management firm based in Cranford, NJ.
Media and Investor Contact:
David Erb
1-908-654-0033
Posted In: AVLR
