Private equity firm Warburg Pincus sold 4.7 million shares of Seattle-based sales tax automation company Avalara this week, according to a new SEC filing.
The filing shows that Warburg Pincus sold more than $230 million worth of shares on Tuesday at a stock price of $49.03.
Representatives from Avalara and Warburg Pincus declined to comment on the filing.
Warburg Pincus, which lists Avalara in its portfolio, invested $100 million in Avalara back in 2014. The firm held a 24.5 percent stake, or 14 million shares, in the company before it went public last year.
Justin Sadrian, managing director at Warburg Pincus, sits on Avalara’s board of directors.
Avalara posted a net loss of $9.8 million on revenue of $76.9 million for the fourth quarter. Its stock dipped in the months after the company’s IPO but has bounced back in the past few months, trading at above $50 after the market closed Thursday. Avalara, which acquired its 11th company earlier this month, has grown to more than 1,600 employees across 12 offices around the world. Its market capitalization is more than $3 billion.