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US-based Avalara acquires AI start-up Indix

Business Finance

IANS  |  Mumbai 

Seattle-headquartered Avalara, a provider of tax compliance automation software for businesses, on Friday said it had acquired Indix's Artificial Intelligence (AI)technology and the team that created it for an undisclosed sum.

Sanjay Parthasarathy, CEO of US-based Indix, said Avalara and Indix share a similar global vision.

"From day one, we built Indix to collect, organise, and structure the world's product information using Artificial Intelligence," Parthasarathy said in a statement.

"With the addition of the Indix expertise, Avalara will be able to efficiently and rapidly refine its content to meet the expanding and evolving needs of its customers," he added.

With the acquisition, Avalara will be able to use Indix's product descriptions for more than one billion products sold and shipped worldwide.

Avalara said it intends to use the Indix AI to maintain and expand its massive tax content database, which includes international product codes and classifications, taxability rules, exemption conditions, tax holidays, jurisdictions, boundaries, tax rates, thresholds and registration, compliance, and return preparation and filing requirements.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, February 08 2019. 14:12 IST