FuelQuest Inc, a leading on-demand software and services company for the global downstream energy industry, has completed the sale of its Zytax energy-related tax automation business to Avalara, a leading cloud-based sales tax and compliance automation technology provider. The divestiture will allow FuelQuest to focus exclusively on continued expansion of its industry-leading fuel management automation business.
With more than 22 billion annualized gallons of fuel under management with its software, FuelQuest offers best-in-class solutions that mitigate the impact of high fuel price volatility and drive down fuel operations costs for a competitive advantage in the market. FuelQuest will retain a long-term license agreement with Avalara to continue using the tax determination capabilities in its flagship Fuel Management System (FMS) solution.
FuelQuest also announced the appointment of Phil Fraher to chief executive officer. Fraher previously held the position of chief operating officer and chief financial officer at FuelQuest. Since joining the company in 2010, Fraher has spearheaded major strategy and operational changes across the company including build out of its high growth Fuel Center business. He has delivered performance and financial gains through process improvement and helped the company achieve record year-over-year growth for the company's fuel management business specifically. Prior to FuelQuest, Fraher held numerous executive positions including serving as CEO at Visual Numerics, a data analysis and visualization solutions company.
FuelQuest's former president and CEO, Matt Tormollen, will immediately join Avalara as executive vice-president and general manager. Additionally, Scott Cilento, FuelQuest's senior vice-president, value assurance, has been promoted to COO at FuelQuest.