Avalara Investor Seeks to Block Vista Equity Takeover

A large shareholder in Avalara Inc. said it plans to vote against a proposed $8.2 billion takeover by private equity firm Vista Equity Partners, arguing the sale process was flawed, poorly timed and the resulting price undervalues the tax-software company.

Altair US, which owns a 1% stake in Avalara, argued in a letter to shareholders Thursday that investors would be better served if the company remained a standalone entity. Richard Bailey, Altair managing director, said he was “disappointed” the board would “throw in the towel” and sell the rapidly growing business after facing modest headwinds and at a time of ...