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Talis Capital’s FuelQuest sells ZyTax to Avalara

Talis Capital’s portfolio company FuelQuest In has completed the sale of its subsidiary business Zytax to Avalara.

FuelQuest’s disposal of Zytax represents one of the first exits in the digital sector for Talis Capital investors.
 
Talis Capital, also the exclusive advisor to Beyond Digital, completed a USD10m Series A round for FuelQuest in 2012. Beyond Digital focuses on high growth technology companies, in areas such as financial technology, mobile, data analytics and cyber security.
 
FuelQuest solutions help customers manage complexity, regulation and market volatility for more than 22 billion gallons of gasoline and diesel fuel annually.  Zytax provides retail fuel and energy companies with a single solution to their transactional tax processing requirements. Avalara processes billions of sales tax transactions for thousands of businesses spanning over 100 countries worldwide.
 
Fuel management solutions remain the core focus for FuelQuest, as the business pursues further expansion of the fuel management automation software.
 
Phil Fraher, CEO of FuelQuest, says: “This divesture of our tax business, along with a long-term licence agreement for tax calculator capabilities within our FMS product, enables FuelQuest to invest fully in the core business upon which it was originally founded. Fuel price volatility and supply chain disruptions present daily challenges to fuel-centric businesses. Rising competition and operations costs expose inefficiencies within the fuel supply chain.”
 
Vasile Foca, director and co-founder of Talis Capital, says: “This exciting transaction underlines the strong progress made by our digital portfolio companies over the past twelve months. The strong team at FuelQuest are well-placed to capitalise on further opportunities to create value for our investors.”
 
Matus Maar, director and co-founder of Talis Capital, says: “Exits are always well received by our investors, particularly in high growth technology sectors such as those targeted by Beyond Digital. We look forward to emulating the success achieved by the FuelQuest team, in partnership with the management teams across the digital ventures portfolio.”

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