Avalara confidentially files for U.S. IPO, eyes return to public markets
The terms of the offering were not disclosed.
U.S. IPO activity, sluggish at the start of the year, is gaining momentum following robust investor demand for new offerings.
Avalara went public in June 2018 but was taken private in 2022, when it was acquired by private equity firm Vista Equity Partners in a deal that valued the company at $8.4 billion, including debt.
The filing underscores the broadening of the U.S. IPO market — from originally venture capital-backed deals focused on growth to private equity-backed offerings where the IPO acts as a catalyst for capital structure changes, said IPOX CEO Josef Schuster.
In April, tax firm Andersen had also filed confidentially for a U.S. listing.
Founded in 2004, Avalara runs a cloud-based software platform that helps companies with tax compliance. The Seattle-based company counts Adidas, Crocs CROX.O and Reebok among its customers.
Companies often file for IPOs confidentially to keep details about their financial and strategic plans private, while engaging with regulators and potential investors.
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The Hill
12 minutes ago
- The Hill
Ethics panel: Pennsylvania Republican violated code of conduct with spouse's stock trades
The House Ethics Committee 'found substantial evidence' that Rep. Mike Kelly (R-Pa.) violated the code of conduct for the lower chamber when his wife profited off stock trades for a company the congressman was focusing on in Washington. The report — which spans 28 pages and has three packets of supporting documents — cleared Kelly of intentionally causing his wife to trade based on insider information and having a conflict of interest, determining there wasn't evidence to prove those two wrongdoings. But the panel found that Kelly, a member of the powerful Ways and Means Committee, breached the House's code of conduct 'by failing to meet his duty of candor.' The committee ordered he and his wife to divest their investments in Cleveland-Cliffs, the steel manufacturer at the center of the report. 'Representative Kelly's conduct with respect to Cleveland-Cliffs and his wife's stock purchase raised significant concerns for the Committee, even if it did not rise to the level of insider trading or clearly violate conflict of interest rules,' the committee wrote, later adding Kelly 'has not demonstrated sufficient appreciation for the harm to the institution caused by the appearance of impropriety.' The panel's investigation focuses on a series of trades of Cleveland-Cliffs stock that Kelly's wife, Victoria, made in the last five years. Cleveland-Cliffs in 2020 acquired AK Steel, which is the sole producer of grain oriented electrical steel (GOES) in the U.S. GOES is produced in Butler, Pa., a town in Kelly's district. In early 2020, Cleveland-Cliffs had said it may have to close the Butler location and lay off employees if the Trump administration did not implement Section 232 tariffs, which would protect the production of GOES in the U.S. Kelly took part in actions in Washington to address the matter. On April 28 of that year, the Commerce Department told Cleveland-Cliffs — and Kelly learned — it would begin a Section 232 investigation for some GOES-based steel products, according to the report. The next day, the panel learned, Victoria Kelly bought 5,000 shares of Cleveland-Cliffs stock for $23,075. The investigation was announced on May 4. The committee said it was unable to determine if Victoria Kelly was made aware of the development before making the trade. But, the congressman was working from home at the time after testing positive for COVID-19 and told the committee 'Mrs. Kelly would've heard any of my conversations,' adding that she 'sits around for most of the time I'm on the phone,' according to the report. The panel said it could definitely determine if she heard the conversation. The Stop Trading on Congressional Knowledge (STOCK) Act, enacted in 2012, prohibits members and staff from engaging in insider trading using information learned in official capacities. While Kelly was interviewed as part of the investigation, his wife 'refused to participate in a voluntary interview or to respond to written questions from the Committee, citing her prior cooperation with document requests as well as health concerns,' according to the report. The Congressman also said his wife did not want to speak to the committee because she felt the process was 'invasive.' 'The Committee did not receive full cooperation from Mrs. Kelly and was therefore unable to determine whether her stock purchase was improper,' the report reads. The panel did, however, find that the investment in Cleveland-Cliffs 'was an outlier' in her portfolio, noting that unlike other trades that were made at her firm's discretion, that transaction 'had to be instructed and confirmed directly by Mrs. Kelly in order for the transaction to be completed because it was not on PNC's investment platform.' The move marked her first purchase of individual stock in a year, according to the report, and was different from the mainly funds and bonds on her account. Kelly said he believed his wife made the transaction because 'she thought the stock was so low priced, it'd be foolish not to… I know that she thought she made a hell of a buy.' In August 2020, however, Kelly's office told a local news outlet inquiring about the purchase that it was made 'to show her support for the workers and management of this 100-year old bedrock of their hometown, where they both are life-long residents.' The second transaction examined by the committee was made in January 2021, shortly after Cleveland-Cliffs in December 2020 acquired a steel manufacturing corporation that caused its stock to skyrocket in value. Victoria Kelly that month sold all her shares in the company for $87,551.06, turning a $64,476.06 profit. 'None of the witnesses interviewed by OCC or the Committee, including Representative Kelly, provided an explanation for why Mrs. Kelly chose to sell her stock at that time. Representative Kelly told the Committee he did not speak with Mrs. Kelly about the sale at any point,' the report reads. Then in June 2024, Kelly disclosed that his wife purchased between $50,000 and $100,000 in shares of Cleveland-Cliffs back in March, as the congressman's office was involved in a matter involving the company and the Department of Energy. In March, the Energy Department made a decision on the matter that protected the facility in Butler. As a result of the findings, the panel recommended that Kelly and his wife 'divest all of Cleveland-Cliffs stock should he continue to take official actions relating to the company.' 'It is rare for the Committee to recommend divestment of stocks where there is a potential appearance of a conflict of interest. As Representative Kelly himself noted, however, he is an 'insider' when it comes to Cleveland-Cliffs, by virtue of his position as the representative for his district,' the report reads. In a statement responding to the Ethics report, Kelly said: 'This investigation has unnecessarily lasted for nearly five years.' 'In the years since this investigation began, the Cleveland Cliffs Butler Works plant faced an uncertain future due to the Biden administration's reckless energy policies. Throughout this process, I have fought for the 1,400 workers at the plant, I've spoken with these workers, and they appreciate the hard work we have done to fight for those jobs and for Butler. My family and I look forward to putting this distraction behind us,' he added.
Time Business News
43 minutes ago
- Time Business News
How Von Oben Solutions Is Redefining B2B Sales Through People-First Leadership
In an era where many sales and marketing firms prioritize quick numbers and rapid turnover, Von Oben Solutions is charting a different course. The Bloomington, Minnesota-based B2B sales and marketing firm has built its reputation by focusing on people first, creating a culture of leadership, mentorship, and long-term development that sets it apart from traditional sales agencies. Von Oben Solutions began by working with small, local brands, offering face-to-face customer acquisition and direct-based marketing strategies. Over time, their reputation for delivering measurable, consistent results attracted clients from industries including telecommunications and charitable organizations. Now managing national B2B campaigns, Von Oben Solutions has grown not only in size but in the depth of its impact on the people it employs and the communities it serves. What truly distinguishes Von Oben Solutions from other sales agencies is its commitment to developing leaders at every level. The company believes that growth is not just about scaling revenue or client portfolios but about building confident, capable individuals who can carry those results forward. Every new hire is welcomed into a career-focused environment that prioritizes skill-building, mentorship, and structured opportunities for advancement. The company's daily operations reflect this culture. Mornings begin with team meetings that recognize individual and group successes, set clear goals for the day, and provide hands-on training. Fieldwork follows, where team members connect directly with customers, representing clients with professionalism and purpose. Throughout the day, the focus remains on both performance and personal growth, with leaders coaching their teams to refine their skills and build the confidence they need to advance. This emphasis on development has become a powerful recruitment tool. Talented professionals are drawn to Von Oben Solutions not only for the opportunity to work with high-profile clients but also for the chance to grow quickly within a supportive and dynamic environment. While culture is at the core of its identity, Von Oben Solutions has also earned its place as a results-driven B2B powerhouse. The company specializes in face-to-face customer acquisition, creating personalized campaigns that help clients grow their customer base and increase brand awareness. By blending real-time market feedback with a focus on authentic human connections, the firm ensures that every campaign delivers measurable results for its partners. Even as the company expands into new markets and secures contracts with more national clients, it remains committed to the people-first approach that fueled its success. Leaders at Von Oben Solutions credit this dual focus balancing business goals with team development as the key driver behind their sustained growth. The future looks bright for Von Oben Solutions. The firm is actively planning to open additional branches and enter new markets, creating opportunities for both clients and employees. At the same time, the company is deepening its partnerships with charitable organizations, proving that success in B2B sales can align with a greater purpose. Von Oben Solutions sees its growth as an opportunity to raise the standard for what a sales and marketing firm can be. By investing in people as much as performance, the company is redefining the landscape of B2B sales and setting an example for others in the industry. For clients, employees, and the communities it touches, Von Oben Solutions represents a new kind of partner, one that measures success by more than just numbers. TIME BUSINESS NEWS
USA Today
an hour ago
- USA Today
Could this California company challenge SpaceX's Falcon 9? What to know about Rocket Lab
Rocket Lab has increasingly been in the news over mounting anticipation for the first launch of its upcoming Neutron rocket. Rocket Lab, a spaceflight company based in California, has spent years building up a reputation as a reliable launch service provider for small satellites. Now, though, the venture has its sights set on bigger targets: Procuring some of those lucrative government and commercial contracts that have long been the domain of Elon Musk's Texas-based SpaceX. Maybe you've heard about Rocket Lab's diminutive Electron launch vehicle, which the company bills as the second-most active rocket in the U.S. Or maybe you've heard about its next-generation Neutron spacecraft, which could soon be making its inaugural flight from Virginia. Whichever may be the case, here's everything to know for those interested in Rocket Lab and its future plans for spaceflight. What is Rocket Lab? Rocket Lab is a launch service provider and spaceflight company founded in 2006 and based in Long Beach, California. The company operates out of three launch pads at two launch sites, including one in New Zealand and two in Virginia at the Mid-Atlantic Regional Spaceport within NASA's Wallops Flight Facility. Rocket Lab Neutron launch date Rocket Lab has increasingly been in the news over mounting anticipation for the first launch of its upcoming Neutron rocket. The satellite launch vehicle is central to Rocket Lab's plans to shift from small satellite deployments to missions with heavier payloads. But when exactly the Neutron rocket could make its orbital debut has yet to be determined. Rocket Lab continues to work through a checklist of requirements before Neutron can get off the ground for its maiden flight. That includes integrating – or stacking – the rocket stages and getting its commercial launch license from the Federal Aviation Administration, according to the company's first-quarter earnings presentation provided to the USA TODAY Network. The good news? Construction on infrastructure at the launch pad is on schedule, according to the report. Earlier in July, Rocket Lab also announced that the company had awarded a contract to shipbuilder Bollinger Shipyards to support the build of a 400-foot ocean landing platform named "Return On Investment." But the challenge for Rocket Lab will be in transporting the components of the Neutron to the facility, according to the website TechCrunch. The vehicle must be shipped in segments to Rocket Lab's Launch Complex 3 in Virginia, where it will be fully mated as a rocket. Could Neutron challenge SpaceX, Falcon 9? Many space industry analysts have said that Neutron could emerge as a credible challenger to SpaceX's Falcon 9 in the medium-lift launch market. Rocket Lab is developing the Neutron rocket – which already has contracts with the Department of Defense – for commercial, civil and military space operations. That includes satellite constellation deployments, cargo resupply missions to the International Space Station and interplanetary missions. The arena is one that SpaceX, founded by billionaire Elon Musk in 2002, has dominated for years with its Falcon 9 rocket – one of the most active rockets in the world. The Falcon 9 is routinely the rocket of choice to launch NASA astronaut missions to the International Space Station and is the exclusive launch provider for Musk's Starlink satellite deliveries. At 141-feet-tall, Neutron is smaller in stature than SpaceX's two-stage, 230-foot Falcon 9. But like the Falcon 9, Neutron is designed to be reusable so that it can launch more frequently. Its design features an integrated system that brings Neutron's first stage and payload fairings back to Earth as a single stage. Capable of delivering about a 14-ton (more than 28,600 pounds) payload to low-Earth before landing, Neutron is powered by Rocket Lab's newly developed Archimedes engine. Rocket Lab's emergence also comes at a time of mounting public discord between Musk and President Donald Trump. What is Rocket Lab's Electron rocket? Rocket Lab has already spent years reliably launching its smaller Electron rocket to deliver small satellites and other payloads to orbit for civil and commercial contractors. At 59 feet tall, Electron is capable of carrying just 661 pounds of cargo to space, according to Rocket Lab. A version of the rocket is also tailored for Rocket Lab's hypersonic HASTE launches. One of the two launch complexes where Electron can launch is right next door to the Neutron's new launch complex. Since its first orbital launch in January 2018, the Electron has delivered more than 200 satellites to orbit and become one of the most frequently launched U.S. rockets, second only to the Falcon 9, according to Rocket Lab. In June alone, the Electron launched four times on both government and commercial missions, according to Rocket Lab. The most recent mission came June 28 when the Electron launched a single satellite to space for "a confidential commercial customer," Rocket Lab announced in a press release. The mission was the second of two launches from the same launch site in less than 48 hours, a new launch record for the company. Is Rocket Lab a good stock to buy? Whether to invest Unlike SpaceX, Rocket Lab is publicly traded. While Rocket Lab's stock is up 800% over the past year, according to Forbes, the company is not yet profitable. "A lot hinges on Rocket Lab's ability to evolve its revenue model and reach sustained profitability," Sasirekha Subramanian, an equity research content expert, wrote for Forbes. Eric Lagatta is the Space Connect reporter for the USA TODAY Network. Reach him at elagatta@
