Avalara Announces Pricing of Public Offering of Common Stock

Avalara, Inc. (NYSE: AVLR) today announced the pricing of an
underwritten public offering of 3,594,769 shares of its common stock,
all of which are being offered by Avalara, at a price to the public of
$69.40 per share. The offering was increased from the previously
announced offering size of 3.0 million shares. The offering is expected
to close on June 10, 2019, subject to customary closing conditions.
Avalara has granted the underwriters a 30-day option to purchase up to
an additional 539,215 shares of common stock at the public offering
price.

Goldman Sachs & Co. LLC is acting as lead book-running manager for the
offering, with BofA Merrill Lynch and Morgan Stanley also acting as
book-running managers. Canaccord Genuity, JMP Securities, KeyBanc
Capital Markets, Needham & Company, Raymond James, Stifel and William
Blair are acting as co-managers.

The offering is being made only by means of a prospectus. Copies of the
final prospectus related to the offering, when available, may be
obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York, NY 10282, or by telephone at
866-471-2526, or by email at [email protected];
from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by
email at [email protected];
or from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities has been filed
with, and declared effective by, the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the shares of common stock described
above, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based
on information currently available to Avalara and Avalara’s current
expectations and assumptions regarding capital market conditions, its
business, the economy and other future conditions. Forward-looking
statements include all statements that are not historical facts, such as
statements concerning the timing of the closing of the offering of
common stock, and can be identified by words such as “proposed,”
“expect,” “will,” “may” or similar expressions and the negatives of
those terms. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual events to differ
from Avalara’s plans. These risks include, but are not limited to,
whether Avalara will be able to satisfy the conditions required to close
the offering, and other risks included in the section titled “Risk
Factors” in Avalara’s filings and reports with the SEC, including in
Avalara’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2019, which was filed with the Securities and Exchange Commission on May
8, 2019. In addition, forward-looking statements contained in this press
release are based on assumptions that Avalara believes to be reasonable
as of this date. Except as required by law, Avalara assumes no
obligation to update these forward-looking statements as a result of new
information, future events, changes in expectations or otherwise.

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