King of Prussia-based Vertex has paid $200 million in cash for Taxamo, an Ireland cloud-based provider of tax and payment automation for worldwide e-commerce and marketplaces, writes Jeff Blumenthal for the Philadelphia Business Journal.
Taxamo’s customers include global digital service providers who use its platform to support indirect tax compliance with the main focus on online sales, payments, and e-invoicing.
Vertex provides tax software for businesses and this is the company’s second acquisition so far this year. In January, Vertex bought Tellutax, an edge computing technology startup.
The purchase of Taxamo “accelerates our growth strategies across e-commerce platforms and marketplaces in the enterprise and mid-market in Europe and North America, and among our existing global customers,” said Vertex CEO David DeStefano.
The acquisition of Taxamo also opens up completely new market opportunities for the company as “global marketplaces continue to expand, and tax complexity grows across the interconnected supply chain of logistics, shipping, customs, and payment platforms,” he added.
The acquisition is the continuation of Vertex’s plan to spend over $400 million from a July IPO on further innovation, growth in Europe and South America, and broadening of its partner ecosystem.
Read more about Vertex in the Philadelphia Business Journal.