|
| [February 06, 2019] |
 |
Avalara Acquires Artificial Intelligence Technology and Expertise from Indix to Aggregate, Structure and Deliver Global Product and Tax Information
Avalara,
Inc. (NYSE:AVLR), a leading provider of tax compliance automation
software for businesses of all sizes, today announced it has acquired
Indix's AI technology and expertise, with comprehensive product
descriptions for more than 1 billion products sold and shipped
worldwide. Avalara believes it will offer the industry's most accurate,
up-to-date, and comprehensive source of global tax and product content
when it combines the Indix AI expertise, technology, and content with
Avalara's tax expertise and compliance content.
"Global taxing authorities govern compliance through ever-changing rules
and requirements, and the task of gathering and maintaining this data is
core to the value Avalara provides," said Scott McFarlane, co-founder
and CEO of Avalara. "We believe the combination of deep product
knowledge, broad product content, and artificial intelligence technology
will allow us to provide our customers the information they want and
need to factor compliance into their business decision-making, and for
Avalara to address more compliance requirements to support their growth."
"Avalara and Indix share a similar global vision," said Sanjay
Parthasarathy, CEO of Indix. "Fom day one, we built Indix to collect,
organize, and structure the world's product information using artificial
intelligence. With the addition of the Indix expertise, Avalara will be
able to efficiently and rapidly refine its content to meet the expanding
and evolving needs of its customers."
Avalara intends to use the Indix AI to maintain and expand its already
massive tax content database, which includes international product codes
and classifications, taxability rules, exemption conditions, tax
holidays, jurisdictions, boundaries, tax rates, thresholds,
registration, compliance, and return preparation and filing
requirements. Maintaining tax content and global product information is
difficult and resource-intensive, requiring specialized technology,
expertise, and human resources. Today, collecting new content and
tracking changes can be a highly manual process. By applying Indix's AI
to this problem, Avalara believes it will be able to automate the
aggregation and accurate maintenance of its tax content.
Avalara will also apply the technology's capabilities to further expand
its database through global product mapping and classification, and
automated content sourcing as it addresses new industries, geographies,
and product offerings. Avalara believes its ability to collect,
organize, and structure this content is accelerated with the acquisition
of the Indix IP.
"Avalara's mission is to help customers get tax compliance right,
wherever their business takes them," said McFarlane. "With the
acquisition of this technology and the addition of the incredibly
talented individuals that created it to our team, Avalara can more
efficiently pursue that vision."
Applying new, disruptive technology to the world of business compliance
is Avalara's heritage since its founding in 2004, when it pioneered the
first cloud-based tax automation solution. With this acquisition,
Avalara's pioneering vision continues.
About Avalara
Avalara (NYSE: AVLR) helps businesses of all sizes get tax compliance
right. In partnership with leading ERP, accounting, ecommerce and other
financial management system providers, Avalara delivers cloud-based
compliance solutions for various transaction taxes, including sales and
use, VAT, excise, communications, and other indirect tax types.
Headquartered in Seattle, Avalara has offices across the U.S. and around
the world in the U.K., Belgium, Brazil, and India. More information at
avalara.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190206005745/en/
[ Back To Shaping Influence's Homepage ]
|
