Vertex Achieves Certified Integration with the Mirakl Marketplace Platform

Rhea-AI Summary

Vertex, Inc. (NASDAQ:VERX) has announced the certified integration of Vertex® O Series® and the Mirakl Marketplace Platform. This integration allows for the automation of tax rates and rules, as well as the determination and calculation of sales, seller use, and value-added tax (VAT) on marketplace transactions. The benefits include accuracy and consistency enhancements for tax determination and calculation, reducing compliance risk for marketplace operators and sellers. With the growth of B2B sales interactions in digital channels, the ability to streamline tax determination and remove friction for marketplace operators and their sellers is crucial for platform growth.

Positive

• Certified integration of Vertex® O Series® and the Mirakl Marketplace Platform
• Automation of tax rates and rules, determination and calculation of sales, seller use, and VAT on marketplace transactions
• Enhancements for tax determination and calculation, reducing compliance risk for marketplace operators and sellers
• Streamlining tax compliance and removing friction for marketplace operators and their sellers

Negative

• None.

Vertex integration enables enterprise-class global indirect tax automation for Mirakl customers operating online marketplaces.

KING OF PRUSSIA, Pa., Dec. 18, 2023 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ:VERX) ("Vertex" or the "Company"), a global provider of tax technology solutions, and Mirakl, the global leader in platform business innovation, announced today the certified integration of Vertex^® O Series^® and the Mirakl Marketplace Platform. The solution seamlessly integrates with Mirakl’s platform, automating the update of tax rates and rules, as well as determination and calculation of sales, seller use and value-added tax (VAT) on marketplace transactions.

The benefits of the certified integration include accuracy and consistency enhancements for tax determination and calculation for every line-item of each transaction, further reducing the compliance risk for marketplace operators and sellers. Through the integration, businesses operating online platforms powered by Mirakl are able to fully leverage Vertex's industry-leading, end-to-end global tax and compliance technology.

According to Gartner research, by 2025 80% of B2B sales interactions between suppliers and buyers will occur in digital channels. With this growth comes the challenge for marketplace operators and sellers worldwide to understand and comply with diverse tax and compliance regulations with each sale. Variables impacting tax complexity include item origin and destination, liability assessment, applicable tax rates and rules and determined responsibility for collecting and remitting taxes for specific items in an order.

"With the volume and complexity of tax and compliance requirements for marketplace facilitators continuing to grow globally, the ability to streamline tax determination and remove friction for marketplace operators and their sellers is key," said Chris Jones, Chief Commercial Officer at Vertex. “This certification provides customers the comfort of knowing that regardless of what transaction systems they leverage now or in the future, Vertex solutions will strive to meet their evolving needs – adapting to provide consistent performance.”

"Expanding a marketplace business into a new market brings an untapped audience of buyers and increased revenue – but it also introduces new complexities in tax compliance,” said Andy Barker, Executive Vice President, Financial Services, Mirakl. “With Mirakl and Vertex, taxes don’t have to be a barrier to platform growth. Now, enterprises can use Vertex’s certified integration to streamline tax compliance and seamlessly operate their Mirakl-powered platforms, so that they can focus on what matters: delivering more value to customers.” 

Vertex’s integration has been tested and validated to meet Mirakl’s strict standard for security and performance, giving customers confidence it will operate as expected when integrated with the Mirakl Marketplace Platform.

To learn more about the Vertex and Mirakl partnership, click here.

About Vertex

Vertex is a leading global provider of indirect tax software and solutions. The company's mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,400 professionals and serves companies across the globe.

For more information, visit www.vertexinc.com or follow us on Twitter and LinkedIn.

About Mirakl

Mirakl is the global leader in platform business innovation. Mirakl's suite of solutions provides enterprises with a transformative way to drive significant growth and efficiency in their online business. Since 2012, Mirakl has been pioneering the platform economy, empowering retail and b2b enterprises with the most advanced, secure and scalable technology to digitize and expand product assortment through marketplace and dropship, improve efficiency in supplier catalog management and payments, personalize shopping experiences, and boost profits through retail media. Mirakl is trusted by 400+ industry-leading businesses worldwide including Macy’s, Decathlon, Kroger, Airbus, Toyota Material Handling, Sonepar and Yves Rocher. For more information: www.mirakl.com

Copyright © 2023 Vertex, Inc. All rights reserved. The information contained herein is intended for information purposes only, may change at any time in the future, and is not legal or tax advice. The product direction and potential roadmap information is not a guarantee, may not be incorporated into any contract, and is not a commitment to deliver any material, code, or functionality. This information should not be relied upon in making purchasing, legal, or tax decisions. The development, release, and timing of any features or functionality described for Vertex's products remains at the sole discretion of Vertex, Inc. Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in Vertex's filings with the U.S. Securities and Exchange Commission ("SEC") that could cause actual results to differ materially from expectations. Vertex cautions readers not to place undue reliance on these forward-looking statements which Vertex has no obligation to update.

Company contact:

Rachel Litcofsky
Vertex, Inc.
mediainquiries@vertexinc.com  

Investor Relations contact:
Joe Crivelli
Vertex, Inc.
ir@vertexinc.com

FAQ

What is the certified integration announced by Vertex, Inc. (NASDAQ:VERX)?

The certified integration is between Vertex® O Series® and the Mirakl Marketplace Platform, enabling the automation of tax rates and rules, as well as the determination and calculation of sales, seller use, and VAT on marketplace transactions.

What are the benefits of the certified integration for marketplace operators and sellers?

The benefits include accuracy and consistency enhancements for tax determination and calculation, reducing compliance risk for marketplace operators and sellers.

Why is the ability to streamline tax determination and remove friction for marketplace operators and their sellers crucial?

With the growth of B2B sales interactions in digital channels, the ability to streamline tax determination and remove friction for marketplace operators and their sellers is crucial for platform growth.

What does the certification provide to customers?

The certification provides customers the comfort of knowing that regardless of what transaction systems they leverage now or in the future, Vertex solutions will strive to meet their evolving needs, adapting to provide consistent performance.

What does the integration allow enterprises to do?

The integration allows enterprises to streamline tax compliance and seamlessly operate their Mirakl-powered platforms, focusing on delivering more value to customers.

What has been tested and validated in the integration?

Vertex’s integration has been tested and validated to meet Mirakl’s strict standard for security and performance, giving customers confidence it will operate as expected when integrated with the Mirakl Marketplace Platform.