Vertex Inc. acquires artificial intelligence (AI) tax capabilities from Ryan, LLC to revolutionise tax categorisation and streamline tax compliance processes. The integration of advanced AI and automation aims to offer increased speed, efficiency, and accuracy in managing tax obligations.
Vertex Acquires AI Capabilities from Ryan, LLC to Enhance Tax Solutions
KING OF PRUSSIA, Pa., June 12, 2024 – Vertex Inc., a prominent provider of tax technology solutions, has recently finalised the acquisition of artificial intelligence (AI) tax capabilities from Ryan, LLC. Ryan, an established tax services and software firm, offers expertise that can significantly aid in managing the intricacies of tax categorisation. The exact financial terms of the transaction were not disclosed.
The process of determining the taxability of products, though critical for accuracy, is traditionally time-consuming and labor-intensive. This challenge is particularly significant for high-volume businesses that operate on a global scale and must comply with indirect tax regulations in various regions. The acquisition by Vertex aims to streamline this process by harnessing AI technology to improve efficiency and accuracy.
Vertex’s Chief Strategy Officer, Chirag Patel, expressed optimism about the acquisition. “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,” Patel said. He emphasised that this move underscores the power of their collaborative relationship and their shared commitment to developing comprehensive cloud solutions that support the entire tax process.
The new AI capabilities acquired by Vertex include proprietary and private Large Language Models (LLM), which enable Generative Pre-Trained Transformer (GPT) functionalities. This technology, enhanced by a “human in the loop” approach for maintaining control and accuracy, aims to improve tax compliance outcomes. Unlike other AI approaches that often aggregate, share, or mine customer data, Vertex’s method prioritises data security and privacy, ensuring that tax teams can leverage AI benefits without compromising control over their data.
Vertex’s approach integrates advanced AI with automation, identifying instances where human intervention is necessary. This blend promises increased speed, efficiency, and high accuracy in tax compliance, potentially transforming how tax teams navigate complex regulatory landscapes.
About Vertex
Vertex Inc. is a respected global provider of software and solutions dedicated to indirect taxes. The company’s mission revolves around offering reliable tax technology that enables businesses worldwide to conduct transactions, ensure compliance, and foster growth with confidence. Vertex’s solutions are tailored to cater to various industries and major lines of indirect tax, which include sales and consumer use, value-added tax (VAT), and payroll tax. With its headquarters in North America and offices in South America and Europe, Vertex boasts a workforce of over 1,400 professionals and serves a global clientele.
The new capabilities enabled by this acquisition could mark a significant step in how companies manage their tax obligations, potentially providing them with more precise and efficient tools to handle the complexities of tax compliance.
While the immediate financial impact of the acquisition remains unspecified, this strategic move likely reflects Vertex’s ongoing commitment to enhancing its technological offerings and maintaining a competitive edge in the tax software market. For stakeholders and customers of Vertex, these advancements hold promise for more streamlined and accurate tax processes, representing a tangible intersection of technology and practical tax solutions.
