SOX News

Vertex Acquires Leading Global Tax Accounting Solution

(June 24, 2008)-- Vertex, provider of global tax technology solutions, announced the purchase of Levyti Consulting LLC’s Global Tax Office (GTO), an enterprise tax accounting system designed to support both the decentralized and centralized computation and recording of global tax provisions in compliance with the internal control standards of Sarbanes-Oxley, Euro-SOX and Canadian MI 52-109.

“GTO is the only truly global tax accounting solution that addresses both interim and year-end provisioning on the market today,” said Jeff Westphal, President and CEO of Vertex. “With GTO and our integrated income tax provision and compliance solutions, Vertex now offers the most comprehensive suite of global income tax solutions in the industry.”

Architected to meet the demanding tax workflow and data collection challenges confronting multi-national tax functions, GTO is currently being used by some of the world’s largest companies to successfully meet the rigorous internal control standards and tighter close timelines being imposed on tax departments.

“GTO was developed for use by major global corporations, but has the ability to scale to any corporation in need of an integrated global provision and compliance solution,” said John Fayer, co-founder of Levyti Consulting. “Vertex has the technical prowess and ERP relationships to take GTO to the next level in terms of providing a complete end-to-end income tax accounting solution scalable across all market segments,” adds Steve Martucci, a Levyti Managing Director and client service leader.

Built on a 100% Web-based architecture and supported by an enterprise class database, the GTO platform is designed to support the integration of the global tax compliance, controversy, and tax planning processes into a single portal. This portal provides secure access to approved internal and external users and suppliers of the tax data and enables true tax process transformation.

“The tax provision process is a quarterly, enterprise-wide problem requiring both tax expert and non-tax expert support,” said Bob Norton, Chief Income Tax Officer of Vertex. “By addressing APB 28 interim and FAS 109/IAS12 year-end provisioning and automating tax account reconciliations, GTO sets a new standard for provisioning technology.”

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