Business
Vertex Acquires ecosio To Accelerate Global E-Invoicing Compliance
Delivering a Seamlessly Connected Global Platform to Manage Continuous ComplianceKING OF PRUSSIA, Pa., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ:
About this update from Vertex, Inc.
[{"type":"text","content":"Delivering a Seamlessly Connected Global Platform to Manage Continuous ComplianceKING OF PRUSSIA, Pa., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, today announced the acquisition of ecosio, a leading B2B integration provider specializing in electronic data interchange (EDI) and e-invoicing. The closing is pending customary Austrian regulatory approval. The acquisition advances a shared vision to accelerate global commerce and deliver a single, scalable platform for automating business transactions and managing indirect tax reporting and e-invoicing compliance. With the increasing prevalence of real-time and near real-time digital tax reporting mandates, e-invoicing is rapidly evolving into a crucial requirement for businesses operating globally, across multiple jurisdictions. Integrating ecosio’s cloud-based, scalable global network with Vertex’s best-in-class indirect tax solutions will enable customers to facilitate the creation, exchange, and clearance of jurisdictionally compliant e-invoices and seamlessly reconcile these invoices with their periodic filing requirements. The combined solution will aid companies in overcoming obstacles to geographic expansion and improve the efficiency of their compliance and reporting operations. “Over the past 40 years, Vertex has been a trailblazer in the field of indirect tax, continuously evolving and pursuing new growth opportunities for our world-class customers. By acquiring ecosio’s advanced technology and their team's extensive e-invoicing and EDI experience, we are committed to delivering a differentiated global compliance solution that simplifies both e-invoicing and VAT complexities,” said Vertex CEO David DeStefano. “E-invoicing has emerged as one of the most rapidly growing challenges confronting global businesses, and with several large economies soon to adopt new requirements it makes this transaction a logical next step for Vertex to unlock additional value for our customers.” Continuous compliance has become a difficult task for businesses due to the proliferation of VAT reporting requirements and e-invoicing mandates across Europe and the world. The combination of Vertex and ecosio will result in a comprehensive global solution with reliable, end-to-end indirect tax reporting and ...