Tax technology solutions provider Vertex has announced its acquisition of “tax-specific AI capabilities” from Ryan, LLC, a tax services and software company based in Dallas, Texas.
Vertex acquires AI tax features from Ryan
Vertex claims that the deal, the financial terms of which have not been disclosed, will enhance its “AI innovation strategy”, which seeks to assist global enterprises in managing “tax complexity with greater speed and scale”.
The taxtech company anticipates that its new AI features will increase the accuracy of tax compliance by integrating proprietary and private large language models (LLM) to provide generative pre-trained transformer (GPT) capabilities, complemented by “human in the loop” tax expertise.
Furthermore, Vertex emphasises that by utilising these LLMs, tax teams will be able to harness the “benefits of AI technologies while maintaining control of their data”.
This is achieved through the delivery of “trusted AI”, which ensures enhanced “accuracy without aggregating, sharing or mining customer data like other approaches”, says Vertex.
Chirag Patel, chief strategy officer of Vertex, says the deal demonstrates the “power of our partner relationship” with Ryan and has provided the company with 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”.
Headquartered in King of Prussia, Pennsylvania, Vertex has been looking to address the “increasing complexities of global commerce and compliance” through tax automation for the past 40 years. The firm, which claims a workforce of 1,400 employees, operates offices in North and South America, as well as in Europe.
For more information on recent acquisitions in the fintech space, check out our top five M&A deals from May.
{Categories} _Category: Platforms{/Categories}
{URL}https://www.fintechfutures.com/2024/06/pennsylvanias-vertex-purchases-ai-tax-capabilities-from-ryan/{/URL}
{Author}Cameron Emanuel-Burns{/Author}
{Image}https://www.fintechfutures.com/files/2024/06/Vertex-fintech-news.png{/Image}
{Keywords}Artificial Intelligence/AI,Compliance,Digital,Innovation,Mergers & Acquisitions/M&A,Partnerships,Tax,ai-homepage-featured-4,homepage-featured-4,homepage-featured-north-america-4,Ryan,Vertex{/Keywords}
{Source}Platforms{/Source}
{Thumb}{/Thumb}