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Stripe, Uber (UBER) expand payment partnership
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Global payments company Stripe is adding a new tool to its solutions for online customers – tax preparation services.
Stripe will acquire TaxJar for an undisclosed sum. The transaction is expected to close pending regulatory approvals, the company said in a statement Wednesday.
TaxJar provides sales tax automation software for internet businesses.
Founded in 2013 by Mark Faggiano, Ryan Thompson and Matt Anderson, TaxJar employs approximately 200 people. Stripe said TaxJar customers can continue to use the company s products directly.
With e-commerce and internet-based sales becoming a global business, sellers are faced with complicated tax issues, including paying varying rates across states and countries. TaxJar automates these processes, allowing businesses to easily track, calculate, report and file taxes. Stripe said one of the top requests it receives from customers is help in navigating the sales tax landscape.