Vertex, Inc., a global provider of tax technology solutions, has announced its membership in Oracle’s Independent Software Vendor (ISV) Accelerator for SaaS program. This program is specifically designed for independent software vendors offering subscription-based software solutions.
By integrating its tax solutions with Oracle Fusion applications, Vertex aims to optimize its clients’ financial and business processes. The partnership with Oracle allows Vertex to streamline financial and commercial flows by incorporating key tax solutions into the Oracle Fusion applications.
Vertex and Oracle customers worldwide manage hundreds of millions of transactions each month using Oracle Cloud Infrastructure (OCI). Clients hosting Vertex solutions on OCI have reported a 20% increase in accounts receivable processing performance, surpassing the industry average of 14% for accounts payable. Additionally, users of Vertex Accelerator on OCI note that the setup and installation process takes just minutes, significantly reducing the time to get up and running.
The collaboration between Vertex and Oracle enables mutual clients to leverage innovative tax solutions that simplify tax determination and compliance processes. This integration enhances the overall customer experience while reducing the workload for IT and financial teams.
The Vertex Accelerator solution, which has been in operation for over three years, provides a seamless experience for over 175 international clients seeking to integrate tax solutions. These solutions are designed to meet complex tax and compliance requirements, empowering Oracle clients to streamline global tax compliance through a single integrated platform.
Dan Haller, Vice President of North American Application Ecosystem at Oracle, expressed excitement about the collaboration, noting that Vertex’s tax tools streamline tax determination and compliance, improve the customer experience, and reduce the workload for IT and financial teams.
To learn more about how Vertex and Oracle are collaborating to overcome today’s complex business challenges, please click here.
About Vertex:
Vertex is a leading provider of indirect tax software and solutions globally. Its mission is to offer the most reliable tax technology, enabling international businesses to transact with confidence and compliance. Vertex provides solutions that can adapt to specific indirect tax systems in various industries, including sales and consumer use tax, value-added tax, and payroll tax. With headquarters in North America and offices in South America and Europe, Vertex employs over 1,400 professionals and serves businesses worldwide. For more information, visit www.vertexinc.com or follow Vertex on Twitter and LinkedIn.
Copyright © 2024 Vertex, Inc. All rights reserved. The information contained in this document is for informational purposes only and may be subject to change at any time. It is not intended as legal or tax advice. Product management and potential roadmap information do not constitute a guarantee, do not form part of any contract, and do not represent a commitment to provide any material, code, or functionality. This information should not be used for any purchase, legal, or tax decision-making. The development, release, and timing of any features described for Vertex products remain at the sole discretion of Vertex, Inc. All statements in this press release that are not historical facts are forward-looking statements within the meaning of the 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), which could cause actual results to differ materially from expectations. Vertex advises readers not to rely unduly on these forward-looking statements, as Vertex has no obligation to update them.
About Oracle PartnerNetwork:
Oracle PartnerNetwork (OPN) is Oracle’s partner program designed to help its member partners accelerate their transition to the cloud and achieve superior business performance. OPN enables partner members to collaborate with Oracle through marketing-specific tools, including Cloud Build for partners offering products or services built on or integrated with Oracle Cloud, Cloud Sell for partners reselling Oracle Cloud technology, Cloud Service for partners implementing, operating, or managing Oracle Cloud services, and Industry Healthcare for partners offering commercially available products and/or services based on Oracle’s healthcare solutions.
In addition to the information provided in the article, here are some facts, trends, forecasts, and challenges associated with Vertex, Inc. joining Oracle’s ISV Accelerator Program for SaaS:
1. Market Trends:
– The adoption of Software-as-a-Service (SaaS) solutions is rapidly increasing globally. According to a report by Gartner, the worldwide public cloud services market is projected to grow 18% in 2021, reaching a total value of $304.9 billion.
– The demand for tax technology solutions is rising as businesses strive to stay compliant with complex tax regulations across different regions.
– Integrated platforms that offer seamless integration between tax solutions and enterprise applications are becoming more popular, as they help streamline financial and business processes.
2. Forecasts:
– With the partnership between Vertex, Inc. and Oracle, the adoption of Vertex’s tax technology solutions is expected to increase significantly among Oracle customers who are using Oracle Fusion applications.
– The market for tax technology solutions is projected to grow at a CAGR of 10.2% from 2021 to 2028, according to a report by Allied Market Research.
3. Key Challenges and Controversies:
– One of the key challenges associated with implementing tax technology solutions is the complexity of tax regulations across different jurisdictions. Companies need to ensure that the tax solutions they adopt can handle the unique requirements of each region they operate in.
– Data security and privacy concerns are also significant challenges that businesses face when integrating tax solutions with their enterprise applications. It is crucial to ensure that sensitive financial and tax-related data is protected.
Advantages of Vertex, Inc. Joining Oracle’s ISV Accelerator Program for SaaS:
– By integrating its tax solutions with Oracle Fusion applications, Vertex can provide its clients with a seamless experience and simplify their tax determination and compliance processes.
– The collaboration allows mutual clients of Vertex and Oracle to leverage innovative tax solutions and streamline global tax compliance through a single integrated platform.
– Clients hosting Vertex solutions on Oracle Cloud Infrastructure (OCI) can benefit from increased performance in accounts receivable processing, as reported by Vertex and Oracle customers.
Disadvantages:
– One potential disadvantage could be the implementation and integration challenges that businesses may face when trying to adopt Vertex’s tax solutions and integrate them into their existing Oracle Fusion applications.
– Another potential challenge could be the cost associated with implementing and maintaining the integrated solution.
Suggested Related Links:
– Oracle PartnerNetwork Website
– Gartner
– Allied Market Research
Please note that the suggested related links are to the main domains of the respective websites and may not reflect current information or specific content related to the article.