The move will allow Avalara to collect, assembly and deliver accurate global product and tax information to its customers.
Avalara, Inc., the leading provider of tax compliance automation software, has recently announced its acquisition of U.S. product information firm Indix’s AI technology and expertise along with inclusive product descriptions of over 1 billion products sold and supplied worldwide.
As per sources, the move will offer the industry’s most accurate, updated and comprehensive source of global tax and product content by combining Indix’s AI technology, expertise and content with the compliance content and tax expertise of Alvara.
Scott McFarlane, CEO & Co-Founder, Avalara, said that taxing authorities across the world direct tax compliance through continually changing regulations and requirements, and the task of gathering and maintaining this data is essential to the value Avalara offers.
He said that the combination of broad product content, deep product knowledge and AI technology will allow their firm to offer customers the required information and the need to factor compliance into their business decision-making.
According to Times of India, Sanjay Parthasarathy, CEO, Indix, said that the company, since launch, has collected, organized, and structured the world’s product information using AI. He said that the Avalara, with Indix’s expertise, will be able to rapidly and efficiently refine its content to meet the evolving and expanding needs of its customers.
Reliable sources claim that Avalara intends to use Indix’s AI technology to enhance its already massive tax content database, which comprises international product codes and classifications, exemption conditions, taxability rules and holidays, jurisdictions, tax rates, boundaries, thresholds, compliance, registration, filing requirements and returns preparation.
Furthermore, Avalara plans to apply the technology’s capabilities to expand its database using global product classification and mapping, and automated content sourcing as it addresses new geographies, industries and product offerings.
McFarlane further added that Avalara aims to help customers attain tax compliance correctly, irrespective of their business location. He said that the acquisition of Indix’s technology and the addition of talented individuals to its team will effectively help achieve this vision.