AVLR - Avalara stock gains after launching AI-backed tax classification solution

12963734/iStock via Getty Images Avalara (AVLR) announces Avalara Managed Tax Category Classification, an artificial intelligence-backed self-service tool that allows businesses to efficiently classify products and services into tax categories regardless of the size of the product catalog. The new solution will generate classification decisions and aid in U.S. state and local taxability determinations for businesses. “As businesses expand in today’s omnichannel environment, they are continually adding new products to sell across numerous channels,” says Avalara Chief Product Officer Sanjay Parthasarathy. “Our managed tax category classification product equips businesses with an automated solution that not only reduces the time spent classifying product catalogs of any size, but also improves the accuracy of tax determinations at the time of purchase.” Avalara shares are up 1.8% to $162.36. Earlier this month, Avalara announced it would provide automated tax compliance services for e-commerce company Volusion.

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Avalara stock gains after launching AI-backed tax classification solution