The deal's financial details are unknown, but Vertex says it will further its "AI innovation strategy," which intends to help multinational corporations handle "tax complexity with greater speed and scale."

The taxtech business believes that by combining private and proprietary large language models (LLM) to give generative pre-trained transformer (GPT) capabilities, together with "human in the loop" tax experience, its new AI features will improve the accuracy of tax compliance.

Vertex also emphasizes that tax teams will be able to take use of the “benefits of AI technologies while maintaining control of their data” by utilizing these LLMs.

According to Vertex, this is accomplished by providing "trusted AI," which guarantees improved "accuracy without aggregating, sharing, or mining customer data like other approaches."

According to Chirag Patel, chief strategy officer of Vertex, the agreement shows the "power of our partner relationship" with Ryan and gives the business a chance to "advance the value of AI for tax teams by combining the strength of the Vertex technology platform with Ryan's extensive tax expertise."

For the last 40 years, Vertex, with its headquarters in King of Prussia, Pennsylvania, has been using tax automation to try and solve the "increasing complexities of global commerce and compliance." With 1,400 people, the company has offices throughout Europe, North and South America, and South America.

See our list of the top five M&A transactions from May for further details on recent purchases in the fintech industry.