KING OF PRUSSIA, PA — Vertex, Inc. (NASDAQ: VERX) and Mirakl this week announced the integration of Vertex® O Series® with the Mirakl Marketplace Platform. This partnership comes as businesses worldwide grapple with the complexities of tax rules and regulations in an increasingly digital marketplace landscape.
The certified integration between Vertex, a leading provider of tax technology and services, and Mirakl, the global leader in online marketplace solutions, automates the update of tax rates and rules. It also facilitates the determination and calculation of sales, seller use, and value-added tax (VAT) on marketplace transactions.
The benefits of this partnership extend beyond mere automation. By enhancing the accuracy and consistency of tax determination and calculation for each line-item of every transaction, it mitigates compliance risk for both marketplace operators and sellers. Businesses operating online platforms powered by Mirakl can now fully leverage Vertex’s industry-leading, end-to-end global tax and compliance technology.
This development is particularly timely given the rapid digitalization of B2B sales interactions. According to research by Gartner, by 2025, 80% of these interactions between suppliers and buyers will occur in digital channels. As the digital marketplace expands, so does the challenge of navigating diverse tax and compliance regulations worldwide. Factors complicating tax compliance include item origin and destination, liability assessment, applicable tax rates and rules, and determining responsibility for collecting and remitting taxes for specific items in an order.
Chris Jones, Chief Commercial Officer at Vertex, underscores the importance of this collaboration. He noted that the growing volume and complexity of tax and compliance requirements for marketplace facilitators necessitate streamlined tax determination. He stated, “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.”
Andy Barker, Executive Vice President, Financial Services at Mirakl, echoed Jones’ sentiments. He pointed out that while expanding a marketplace business into a new market can increase revenue and reach untapped audiences, it also introduces complexities in tax compliance. “With Mirakl and Vertex, taxes don’t have to be a barrier to platform growth,” Barker said. “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.”
To ensure optimal performance and security, Vertex’s integration has been rigorously tested and validated to meet Mirakl’s stringent standards. This gives customers confidence that the solution will operate as expected when integrated with the Mirakl Marketplace Platform.
This partnership between Vertex and Mirakl signals a significant step towards simplifying tax compliance in the digital marketplace, enabling businesses to focus on growth and customer value rather than tax complexities.
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