Co Kerry fintech Taxamo, which is led by a son of the Fexco founder Brian McCarthy, has been acquired in a $200 million (€165.5 million) deal with Vertex.
Taxamo was founded and is still led by John McCarthy. The son of the Fexco founder and brother of the financial services group’s current chief executive Denis McCarthy, he established the business in 2011.
The company’s technology is for e-commerce businesses that need to automate compliance and commerce across cross-border transactions from merchant to seller to payer and revenue authority. It counts the likes of SurveyMonkey, Teamwork and Penguin Random House as customers.
“This acquisition supports and accelerates our growth strategies across e-commerce platforms and marketplaces in the enterprise and mid-market in Europe and North America, and among our existing global customers,” said David DeStefano, chief executive of Vertex.
“We also believe the addition of Taxamo opens up entirely new market opportunities as global marketplaces continue to expand, and tax complexity grows across the interconnected supply chain of logistics, shipping, customs and payment platforms,” he added.
Mr. McCarthy is to take on a senior leadership role in Vertex overseeing the company’s global e-commerce and marketplace strategy.