Vertex Strengthens Partnership with Alfa for Indirect Tax Compliance

Rhea-AI Summary

Vertex, Inc. (NASDAQ:VERX) has announced an integration of its Vertex® Lease Tax O Series® with Alfa Start, a cloud-based solution for auto leasing operations. This partnership aims to simplify tax management on lease transactions, offering clients a unified platform that automates tax calculations, reduces risks, and improves audit performance. As the automotive finance market grows, Vertex's technology enables Alfa customers to handle complex tax compliance more effectively, ensuring accuracy and visibility in operations.

Positive

• Integration with Alfa Start enhances Vertex's tax automation for auto leasing.
• Improves tax accuracy and simplifies exemption certificate management.
• Addressing complex tax needs in a growing $250B automotive finance market.

Negative

• None.

Tax automation solution built exclusively for auto leasing operations

KING OF PRUSSIA, Pa., June 07, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, announced a new integration of its Vertex^® Lease Tax O Series^® with Alfa Start. Alfa Start, built exclusively for auto leasing operations of all sizes, is the preconfigured edition of the cloud-based Alfa Systems, the market leader in asset finance software worldwide. This extends Vertex’s partnership with Alfa, a best-in-class technology provider that powers some of the world’s biggest names in automotive finance.

Managing the tax complexity on lease and rental transactions with confidence is critically important for businesses. The constant changes in rates and rules across jurisdictions, states and products creates a need for integrated software to calculate indirect taxes for all lease transactions. Vertex tax technology enables Alfa Start customers to automate tax for transactions throughout the life of the lease. Alfa clients can also simplify exemption certificate management with Vertex O Series, reducing risk and creating a single digital data repository, as well as improving audit performance.

“Strengthening our relationship with Vertex helps us create a streamlined customer experience and futureproof asset finance programs,” said Simon Clark, Alfa’s director of product and delivery, Americas. “This new solution from Vertex and Alfa Start provides auto leasing companies with a unified platform tailored to their specific tax needs so they can focus on accelerating growth.”

The Vertex O Series leasing solution was designed specifically for the highly complex tax needs of lessors. The integration combined with the power of Alfa Start, enables customers to simplify and automate taxation on lease transactions and provides complete visibility and control across business operations, while improving tax accuracy.

“As the size of the global automotive finance market nears $250B, leasing remains one of the most complex areas of tax compliance,” said Chris Jones, chief revenue officer at Vertex. “Our goal is to enable Alfa customers to make tax a seamless part of each transaction as more companies expand their leasing operations. Our technology on the Alfa cloud-native platform is another example of co-innovation in the auto finance space.”

About Alfa

Alfa has been delivering systems and consultancy services to the global asset and automotive finance industry since 1990.

Our best practice methodologies and specialized knowledge of asset finance mean that we deliver the largest system implementations and most complex business change projects. With an excellent delivery history over three decades in the industry, Alfa's track record is unrivalled.

Alfa Systems, our class-leading technology platform, is at the heart of some of the world's largest asset finance companies. Key to the business case for each implementation is Alfa Systems' ability to consolidate multiple client systems on a single platform. Alfa Systems supports both retail and corporate business for auto, equipment, wholesale and dealer finance on a multijurisdictional basis, including leases/loans, originations and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, the opportunities that Alfa Systems presents to asset finance companies are clear and compelling.

With over 30 current clients and 26 countries served, Alfa has offices all over Europe, Australasia and the Americas. For more information, visit alfasystems.com, LinkedIn and Twitter.

About Vertex

Vertex, Inc. 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 cloud-based and on-premise 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 1,200 professionals and serves companies across the globe.

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

Copyright © 2021 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 US 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 and which speak only as of their dates.

Company contact:
Tricia Schafer-Petrecz
Vertex, Inc.
tricia.schafer-petrecz@vertexinc.com
+1.484.595.6142

Investor Relations contact:
Ankit Hira or Ed Yuen
Solebury Trout for Vertex, Inc.
ir@vertexinc.com
+1.610.312.2890

Company contact:
Ryan Brodley
Alfa
ryan.brodley@alfasystems.com
+1.855.680.7100

Investor Relations contact:
Tulchan Communications
www.tulchangroup.com
+44 (0)20 7353 4200

 

FAQ

What is the recent integration announced by Vertex (VERX)?

Vertex announced an integration of its Vertex® Lease Tax O Series® with Alfa Start, aimed at automating tax management for auto leasing operations.

How does the Vertex and Alfa partnership impact auto leasing companies?

The partnership provides auto leasing companies with a unified platform that simplifies tax compliance and improves audit performance.

What is the significance of the automotive finance market for Vertex (VERX)?

The automotive finance market is nearing $250B, making effective tax management essential for businesses involved in leasing.

How does Vertex's technology support Alfa Start customers?

Vertex's technology automates tax calculations for lease transactions, offering clients better visibility and control over their operations.