US-based Avalara acquires product intelligence startup Indix

Seattle, Washington-based automated tax compliance solutions provider Avalara has acquired startup Indix, the acquirer company said in a release on Friday. The acquisition was executed for an undisclosed sum.

Indix is an artificial intelligence platform for product data information. Begun in 2010, Indix is based out of Seattle, US, with its product development offices in Chennai and Hyderabad.

Its platform is used by retailers, brands and developers to find out their target audience and deliver the right product to the appropriate consumer demographic.

The start-up was founded by Sanjay Parthasarathy, Rajesh Mupalla, Satya Kaliki and Sridhar Venkatesh. Parthasarathy is a former Microsoft top executive and a graduate from the MIT Sloan School of Management. The Chennai-born entrepreneur had his company raise $15 million in 2015 from a clutch of venture capital investors including Nokia Growth Partners, Nexus Venture Partners, and Avalon Ventures.

For Avalara, the acquisition will marry Indix’s platform intelligence technologies with its own tax compliance automation software. “Avalara believes it will offer the industry’s most accurate, up-to-date, and comprehensive source of global tax and product content when it combines the Indix AI expertise, technology, and content with Avalara’s tax expertise and compliance content,” Avalara said in a release.

Scott Mcfarlane, CO-founder and CEO of Avalara, said: “We believe the combination of deep product knowledge, broad product content, and artificial intelligence technology will allow us to provide our customers the information they want and need to factor compliance into their business decision-making, and for Avalara to address more compliance requirements to support their growth.”

Sanjay Parthasarathy said: “Avalara and Indix share a similar global vision,” adding – “From day one, we built Indix to collect, organize, and structure the world’s product information using artificial intelligence. With the addition of the Indix expertise, Avalara will be able to efficiently and rapidly refine its content to meet the expanding and evolving needs of its customers.”