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      "text": "As one of Avalara’s earliest and largest investors, we are opposed to the sale of the Company to Vista Equity Partners at the proposed price of $93.50/share and plan to vote against the transaction",
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      "text": "We see no reason why the Board should have chosen now to sell the Company, when the management team has expressed such confidence in the future even amidst a challenging and volatile economic environment",
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      "text": "Even worse, we believe the Board’s sale “process” was deeply flawed and limited, rather than having been carefully designed and timed to create demand and competitive tension",
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      "text": "Avalara is a fundamentally sound business; we believe strongly that Avalara has a clear path to become a part of every transaction in the world and compound growth for many years",
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      "text": "Unsurprisingly, the flawed process resulted in a negotiated price that we believe is inadequate, which is underscored by commentary from analysts and investors",
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      "text": "Altair US, LLC has owned Avalara since 2004 and today beneficially owns approximately 1% of the outstanding shares, making us one of the Company’s largest and longest-tenured shareholders",
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      "text": "[W]e are a little surprised at AVLR’s willingness to sell at $93.50...¹",
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      "text": "Our initial view is that the proposed transaction price is somewhat underwhelming.”²",
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