Vertex (VERX) said Wednesday that it acquired a 10% minority stake in Kintsugi, a San Francisco-based artificial intelligence-native sales tax compliance startup, for $15 million.
Vertex's strategic investment in Kintsugi also includes intellectual property sharing and a commercial arrangement. Vertex will also join the Kintsugi's board as a part of the transaction.
The provider of indirect tax solutions said its investment in Kintsugi is separate from its previously announced plans of $10 million to $12 million investment in AI technologies for 2025.
Given the minority investment, Vertex said it will not consolidate the results of Kintsugi and the ownership will be accounted for at cost and reflected on the company's balance sheet.
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