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Shares of Avalara have fallen approximately 45% from all-time highs.
This niche software vendor is one of the few to specialize in sales tax compliance, which is a thorny issue for many companies without full accounting departments.
Avalara is still growing at a >30% y/y pace despite hitting very close to a $1 billion annual revenue run rate.
Its valuation after its correction, now sitting at just over 10x current-year revenues, leaves room for upside.