Tax technology solutions provider Vertex has announced the acquisition of “tax-specific AI capabilities” from Ryan, LLC, a tax services and software company based in Dallas, Texas.
Vertex states that this acquisition, the financial details of which have not been disclosed, will bolster its “AI innovation strategy.” This strategy aims to help global enterprises manage “tax complexity with greater speed and scale.”
The company expects that the new AI features will enhance tax compliance accuracy by integrating proprietary and private large language models (LLMs) to provide generative pre-trained transformer (GPT) capabilities. These will be supplemented by “human in the loop” tax expertise.
Vertex emphasizes that using these LLMs will allow tax teams to leverage the “benefits of AI technologies while maintaining control of their data.” This is achieved through the delivery of “trusted AI,” which enhances “accuracy without aggregating, sharing, or mining customer data like other approaches,” according to Vertex.
Chirag Patel, Chief Strategy Officer of Vertex, states that the acquisition highlights the “power of our partner relationship” with Ryan and offers 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 addressing the “increasing complexities of global commerce and compliance” through tax automation for the past 40 years. The firm, which employs 1,400 people, operates offices in North and South America as well as in Europe.
Source: fintechfutures.com
