BASF Corporation Simplifies Sales and Use Taxes with Sabrix
Sabrix and Ryan & Company Partner to Provide BASF with Transaction Tax Software and Services
SAN RAMON, Calif. - August 2, 2004 — Sabrix, Inc., a leading provider of enterprise tax applications, announced that BASF Corporation, the world's leading chemical company, has selected the Sabrix Application Suite as their transaction tax management solution. BASF will use the Sabrix Suite and integrated tax research for managing U.S. sales and use tax. This is the first joint customer win to come from Sabrix's recent strategic alliance with Ryan & Company, Inc., America's largest independent state and local tax consulting firm.
Given today's rapidly changing and complex tax compliance requirements, BASF needed a centralized transaction tax management system to quickly react to and absorb tax and business changes, while maintaining a high degree of compliance. By eliminating manual processes the Sabrix Application Suite allows BASF's tax professionals to reduce the overall cost of compliance, and spend more time on critical tax strategy and planning activities. BASF will streamline its tax compliance processes by automating tax determination, calculation and recording for all sales, requisition, purchase, payment and goods movement transactions, through integration of the Sabrix Suite with their SAP ERP system.
"We wanted one centralized tax management solution for improved tax determination accuracy and streamlined compliance, reducing time spent on audit support and administration," said Phil Kaplan, senior vice president and treasurer for BASF in North America. "After extensive evaluations, Sabrix met all our requirements. Our tax team can also maintain the Sabrix system without IT involvement, providing the lowest total cost of ownership."
Ryan & Company was selected to integrate the Sabrix Application Suite with BASF's SAP ERP system. Ryan & Company will utilize their proprietary tax automation methodology to ensure accurate transaction tax calculation and compliance with Sabrix. According to G. Brint Ryan, managing principal, Ryan & Company, "The partnership with Sabrix enables us collectively to provide precision tax decision automation with enterprise-class performance and integration for automating BASF's complex tax transactions and compliance needs. We are very pleased that BASF, a long-time client of Ryan & Company, was the first customer win from our alliance."
"BASF's tax professionals need to respond quickly to changes in tax law and company-specific requirements and processes, while spending more time on strategic activities, like tax planning," said Steve L. Adams, president and CEO of Sabrix. "The unique combination of the Sabrix Application Suite and integrated tax research, along with the value-added services from Ryan & Company's tax professionals, is ideally suited to meet BASF's tax management simplification and cost savings objectives."
To support the complex and rapidly changing tax needs of multinational and complex domestic corporations, Sabrix provides enterprise software and integrated global tax research for automating all U.S. sales and use tax, and international VAT for more than 120 countries. The Sabrix Solution is a centralized application that seamlessly connects to all business applications enterprise-wide, delivering management and control over all transaction taxes to the tax professional. For more information about the Sabrix Application Suite or Sabrix tax research call 1-866 4-SABRIX (for U.S.), or +1-925-543-0110 (for international). Information is also available online at www.sabrix.com.
About BASF
BASF - The Chemical Company. We don't make a lot of the products you buy. We make a lot of the products you buy better.®
BASF Corporation, headquartered in New Jersey, is the North American affiliate of BASF AG, Ludwigshafen, Germany. We employ about 11,000 people in North America and had sales of approximately $9 billion in 2003. For more information about BASF's North American operations, or to sign up to receive news releases by e-mail, visit www.basf.com/usa.
BASF is the world's leading chemical company. Our goal is to grow profitably and further increase the value of our company. We help our customers to be more successful through intelligent system solutions and high-quality products. BASF's portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. Through new technologies we can tap into additional market opportunities. We conduct our business in accordance with the principles of sustainable development. In 2003, BASF had sales of approximately $42 billion and over 87,000 employees worldwide. Further information on BASF is available on the Internet at www.basf.com.
About Ryan & Company
Ryan & Company is America's largest independent state and local tax consulting firm. Headquartered in Dallas, Texas, the firm provides a comprehensive range of state and local tax services on a multistate basis, including audit defense, tax recovery, tax decision automation, dispute resolution, and strategic planning. The Ryan & Company Tax Technology practice provides advanced transaction tax automation solutions for SAP, Baan, Oracle and other leading ERP software applications. With more than 350 professionals and associates in 15 locations throughout the United States, Ryan & Company serves many of the world's most prominent Fortune 1000 companies. For more information about Ryan & Company, visit www.ryanco.com.
About Sabrix
Sabrix, Inc. is a leading provider of transaction tax management for companies of all sizes, enabling finance, tax, and IT professionals to achieve accurate, timely, and cost-effective compliance for sales tax, use tax, Value Added Tax (VAT), excise tax and industry-specific taxes and fees. The Sabrix Application Suite serves global enterprises such as Amazon.com, BASF, Cisco, DTE Energy, IBM, QUALCOMM, Sportsman’s Warehouse, and York International. The Sabrix Application Suite seamlessly connects to all financial applications requiring the determination, calculation, and recording of transaction taxes. The company also offers the Sabrix Managed Tax Service™ (MTS), an outsourced transaction tax compliance service that helps finance departments of small-and-medium-sized businesses eliminate the hassle, control their audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance. Sabrix MTS seamlessly integrates with a company’s existing accounting and e-commerce systems, and, similar to outsourced payroll services, operates as a trusted extension of a company’s finance department to address tax compliance from start to finish: address validation, tax rate maintenance, tax determination and calculation, returns preparation and filing as well as audit research and documentation. For more information, please visit www.sabrix.com.
For press inquiries:
Kurt Foeller
Foeller Communications
sabrix@foellercom.com