Vertex, Inc. (NASDAQ), a provider of tax technology solutions, has announced the acquisition of advanced tax-specific AI capabilities from Ryan, LLC, a tax services and software firm. The financial terms of the transaction remain undisclosed.
KEY HIGHLIGHTS OF THE ACQUISITION:
Enhancing Tax Accuracy and Efficiency
The acquisition targets the manual and time-consuming process of product categorization for taxability, crucial for achieving high tax accuracy, especially for businesses managing indirect tax compliance on a global scale.
Accelerating AI Innovation Strategy
This acquisition aligns with Vertex’s strategy to enhance AI innovation, helping global companies manage tax complexities with greater speed and scalability.
Strong Partnership with Ryan
Chirag Patel, Vertex’s Chief Strategy Officer, emphasized the company’s longstanding partnership with Ryan and the combined value of Ryan’s tax expertise and Vertex’s technology platform.
“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. This acquisition demonstrates the power of our partner relationship and our commitment to providing comprehensive cloud solutions to support the entire tax process.” – Chirag Patel
Leveraging Proprietary AI Technology
Vertex’s new AI capabilities utilize proprietary large language models (LLMs) to deliver Generative Pre-Trained Transformer (GPT) capabilities. These capabilities are coupled with “human in the loop” expertise to ensure a robust control framework for increased tax compliance accuracy.
Maintaining Data Control
Unlike other approaches, Vertex’s proprietary LLMs deliver trusted AI accuracy without aggregating, sharing, or mining customer data, allowing tax teams to benefit from AI while maintaining full control over their data.
Intelligent Automation
Vertex’s tax-intelligent approach combines advanced AI with automation to identify when human intervention is necessary, enabling tax teams to achieve higher speed, efficiency, and superior tax accuracy.
Source/Recommended Read: Vertex Acquires Artificial Intelligence Tax Capabilities from Ryan, LLC | Vertex, Inc. (vertexinc.com)
