Vertex, Inc., a leading global provider of tax technology solutions, has announced the acquisition of specialized AI capabilities from Ryan, LLC, an acclaimed tax services and software firm, aimed at improving the efficiency of tax mapping. The financial details of the deal were not disclosed.
Classifying products for tax purposes is a labor-intensive and crucial task, especially for large-scale businesses that handle indirect tax compliance globally. This acquisition is set to advance Vertex’s AI innovation strategy, enabling global companies to manage tax complexities more swiftly and effectively.
Chirag Patel, Chief Strategy Officer of Vertex, remarked, “Our longstanding partnership with Ryan has now evolved into an exciting opportunity to enhance the value of AI for tax teams. By integrating Ryan’s extensive tax expertise with the robust Vertex technology platform, we underscore the strength of our partnership and our dedication to providing comprehensive cloud solutions that support the entire tax process.”
The new AI capabilities at Vertex utilize proprietary Large Language Models (LLMs) to offer Generative Pre-Trained Transformer (GPT) functionalities, augmented by expert human oversight to ensure robust control and increased accuracy in tax compliance.
Vertex’s proprietary LLMs provide reliable AI solutions that achieve high accuracy without aggregating, sharing, or mining customer data, unlike other methods. This approach allows tax teams to harness the benefits of AI while retaining control over their data.
By combining advanced AI technology with automation that identifies when human intervention is required, Vertex enables tax teams to achieve greater speed, efficiency, and the highest levels of tax accuracy.