Vertex Acquires Artificial Intelligence Tax Capabilities from Ryan, LLC
June 12 2024 - 7:05AM
UK Regulatory
Vertex Acquires Artificial Intelligence Tax Capabilities from Ryan,
LLC
Acquisition Streamlines Tax Categorization with
Generative AI
KING OF PRUSSIA, Pa., June 12, 2024 (GLOBE NEWSWIRE) -- Vertex,
Inc. (NASDAQ:VERX) (“Vertex” or the
“Company”), a global provider of tax technology solutions,
announced today the acquisition of tax-specific AI capabilities
from Ryan, LLC, an award-winning tax services and software firm,
designed to more effectively manage the complexity of tax mapping.
Financial terms of the transaction were not disclosed.
The categorization of products for taxability is a manual and
time-consuming process that is critical for achieving enhanced tax
accuracy, especially for high-volume businesses that must manage
indirect tax compliance globally, at scale.
The acquisition will accelerate Vertex’s AI innovation strategy
to help global companies manage tax complexity with greater speed
and scale.
"We have had a strong partnership with Ryan for years. Now we
have an opportunity to advance the value of AI for tax teams by
combining Ryan’s extensive tax expertise with the strength of the
Vertex technology platform,” says Chirag Patel, Chief Strategy
Officer of Vertex. “This acquisition demonstrates the power of our
partner relationship and our commitment to providing comprehensive
cloud solutions to support the entire tax process.”
The new Vertex AI capabilities leverage proprietary and private
Large Language Models (LLM) to deliver Generative Pre-Trained
Transformer (GPT) capabilities combined with “human in the loop”
tax expertise to maintain a strong control framework to increase
the accuracy for tax compliance.
Proprietary LLMs allow Vertex to deliver trusted AI that
achieves enhanced accuracy without aggregating, sharing or mining
customer data like other approaches. This enables tax teams to
realize the benefits of AI technologies while maintaining control
of their data.
Vertex’s tax-intelligent approach combines advanced AI
capabilities with automation that identifies when human
intervention is necessary. This enables tax teams to achieve
greater speed, efficiency and the highest levels of tax
accuracy.
About Vertex
Vertex is a leading global provider of indirect tax software and
solutions. The company's mission is to deliver the most trusted tax
technology enabling global businesses to transact, comply and grow
with confidence. Vertex provides solutions that can be tailored to
specific industries for major lines of indirect tax, including
sales and consumer use, value added and payroll. Headquartered in
North America, and with offices in South America and Europe, Vertex
employs over 1,400 professionals and serves companies across the
globe.
For more information, visit www.vertexinc.com or
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Copyright © 2024 Vertex, Inc. All rights reserved. The
information contained herein is intended for information purposes
only, may change at any time in the future, and is not legal or tax
advice. The product direction and potential roadmap information is
not a guarantee, may not be incorporated into any contract, and is
not a commitment to deliver any material, code, or functionality.
This information should not be relied upon in making purchasing,
legal, or tax decisions. The development, release, and timing of
any features or functionality described for Vertex's products
remains at the sole discretion of Vertex, Inc. Any statements in
this release that are not historical facts are forward-looking
statements as defined in the U.S. Private Securities Litigation
Reform Act of 1995. All forward-looking statements are subject to
various risks and uncertainties described in Vertex's filings with
the U.S. Securities and Exchange Commission ("SEC") that could
cause actual results to differ materially from expectations.
Vertex cautions readers not to place undue reliance on these
forward-looking statements which Vertex has no obligation to
update.
Investor Relations Contact:
Joe Crivelli
Vertex, Inc.
ir@vertexinc.com
Vertex Company Contact:
Rachel Litcofsky
Vertex, Inc.
mediainquiries@vertexinc.com
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