SOURCE: Sabrix

September 17, 2007 08:07 ET

GE Live With Sabrix® for Global Transaction Tax Management in Seven Businesses Spanning Over 50 Countries

Ease of Integration, Intelligent Control Over Legal Compliance, and Global Tax Expertise Drive GE to Extend Use of Sabrix Across Multi-National Operations

SAN RAMON, CA--(Marketwire - September 17, 2007) - Sabrix, Inc., the leading provider of Consolidated Transaction Tax Management™ solutions, today announced that General Electric Company (NYSE: GE) has successfully implemented the Sabrix Application Suite for sales, use, and value-added tax management in seven businesses that span over 50 countries. Over the past five years, GE has successfully deployed Sabrix in three of its major business units, including GE Infrastructure, GE Industrial, and GE Commercial Finance. In addition, Sabrix is deployed on the GE Corporate Shared Sourcing Services instance of Oracle™. Most recently, GE has extended its use of Sabrix into GE Energy Parts, solidifying Sabrix as the company's preferred solution for complex, global transaction tax management and compliance.

Through Sabrix's centralized transaction tax management solution, GE's multi-national operations consistently determine, calculate, and record tax to meet compliance regulations worldwide. GE selected Sabrix because it required a single platform that could easily integrate with multiple instances of Oracle, SAP™, and legacy financial applications. GE also needed a solution that could support millions of global transactions processed daily.

"As a multi-national company, GE is committed to adhering to tax laws and regulations globally," said Tom Andrews, Manager - Tax Technology for GE. "Sabrix has simplified these processes to ensure consistent controls and provides the scalability to support the large volume of transactions processed across the different GE business units."

"The ultimate responsibility of the tax department is to ensure compliance for GE Energy's global operations," said Peter Everett, Tax Manager, Global VAT for GE Energy. "With Sabrix, we achieve intelligent controllership -- tax rates and rules are up to date across our multi-national operations. We accurately report tax and demonstrate compliance in accordance with country law. For example, if we were to issue an invoice in a country in which our legal entity isn't registered, we are confident that Sabrix will automatically flag this invoice enabling the business finance and tax teams to intervene and maintain compliance."

"The Sabrix solution is one more successful piece in implementing rules engines to standardize business processes to deliver a consistent tax strategy for GE Infrastructure businesses. Tools like Sabrix allow our subject matter experts to focus on strategy and planning instead of focusing on daily transactional issues," said Janet Hudnall, Tax Manager, Business Process Management for GE Infrastructure.

Today, six of the 16 largest companies in America's Fortune 500, and six of the 11 largest companies in the Global Fortune 500 rely on Sabrix to manage their global transaction taxes. Using Sabrix's Consolidated Transaction Tax Management solution, large, complex companies such as GE benefit from having a single transaction tax solution and a single compliance and audit database to enable them to accurately control and simplify tax compliance.

About General Electric

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.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 other international and industry-specific taxes and fees.

The Sabrix Application Suite for Global 2000 companies provides a complete solution for all financial applications that require the determination, calculation, and reporting of domestic sales and use tax and international VAT.. The Sabrix Application Suite seamlessly integrates with sales and purchasing applications to unlock the value of existing Enterprise Resource Planning (ERP) platforms by automating transaction tax management and providing a single compliance database for audit support and administration. The Sabrix Solution combines the Sabrix Application Suite with Sabrix's SAS 70 certified Global Tax Research monitoring 13,184 tax authorities in the US and 170 countries. Sabrix delivers the leading centralized, global transaction tax solution in the market and enables global companies to lower the total cost of tax compliance. Some of our industry leading customers include Amazon.com, Cisco Systems, Franklin Covey, General Electric, Hewlett-Packard, York International.

The company also offers the Sabrix Managed Tax Service™ (MTS) to address the transaction tax requirements of companies of all sizes. Sabrix MTS is an outsourced transaction tax compliance service that helps finance departments 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.

Sabrix, Sabrix Managed Tax Service, and Consolidated Transaction Tax Management are trademarks of Sabrix, Inc. All other company and product names are trademarks or registered trademarks of their respective holders.

Contact Information

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