Welcome to our dedicated page for Vertex news (Ticker: VERX), a resource for investors and traders seeking the latest updates and insights on Vertex stock.
Vertex, Inc., traded under the symbol VERX on NASDAQ, is a global leader in tax technology and services. The company specializes in offering cloud-based and on-premise solutions tailored to specific industries for various types of taxes including income, sales, consumer use, value-added, and payroll. Founded in 1978, Vertex has earned the trust of over 10,000 corporate customers worldwide, enabling them to stay compliant with ever-changing regulatory standards.
Vertex's comprehensive suite of solutions includes Tax Determination, Tax Data Management, Document Management, and Compliance and Reporting. These tools help businesses streamline their tax processes, improve productivity, and limit risks, making tax a more strategic component of their operations. The company is well-known for its innovative approach, combining advanced technology with the expertise of experienced tax professionals.
Recent Achievements: In 2023, Vertex released its annual End-of-Year Sales Tax Rates and Rules report, highlighting a 10-year high in U.S. sales tax rate changes. This report underscores the complexities businesses face in meeting compliance obligations, further validating Vertex's role in simplifying these challenges.
Partnerships and Collaborations: Vertex has established itself as a premier partner with major software providers such as SAP and Oracle, and works closely with the Big 4 accounting firms. These partnerships enhance the company's capability to provide top-notch tax solutions and extend its market reach.
Financial Health: Vertex has shown robust financial performance with a significant increase in revenue and Annual Recurring Revenue (ARR). For the first quarter ending March 31, 2024, the company reported an estimated revenue of $155.5 million to $157.5 million, representing a 17% to 19% increase from the previous year. The net income for the same period is expected to be between $2.4 million and $3.1 million, a notable improvement from the net loss of $18.1 million in the prior year.
For more detailed information, visit Vertex's Official Website or follow their updates on Twitter and LinkedIn.
Vertex (NASDAQ:VERX) has been recognized as a Leader in three IDC MarketScape reports for 2024, covering tax automation software across enterprise, SMB, and VAT segments. The recognition encompasses SaaS and cloud-enabled solutions for sales and use tax automation, as well as value-added tax management applications.
This achievement builds upon previous leadership recognitions from IDC MarketScape in 2021 and 2019. According to IDC's Senior Director Kevin Permenter, Vertex distinguishes itself through deep expertise in enterprise-level tax software, offering industry-leading content and real-time reporting capabilities.
The company's CEO David DeStefano emphasized their mission to empower businesses with leading tax technology and simplify compliance in an increasingly complex tax environment.
Vertex (NASDAQ:VERX), a global tax technology solutions provider, has announced its participation in the Wells Fargo 8th Annual TMT Summit. CEO David DeStefano and CFO John Schwab will engage in a fireside chat scheduled for Wednesday, December 4, 2024, at 2:15 PM Pacific Time. Interested parties can access both the live webcast and replay of the discussion through Vertex's investor relations website at ir.vertex.com.
Vertex Inc (NASDAQ:VERX) released results from its peak season consumer survey, highlighting evolving shopping behaviors and tax management challenges. The survey of 1,000 respondents revealed that 73% prioritize free shipping, while 58% are opting for more gift cards and experiences this season.
Key findings show that 77% of consumers plan to shop online or use a hybrid approach, with 64% preferring trusted marketplaces. Additionally, 72% track product shipping origins, and 73% are aware of their state's sales tax, though only 17% consider tax implications in purchasing decisions.
The survey emphasizes the need for retailers to implement efficient tax automation systems to handle complex transactions across multiple jurisdictions, especially during high-volume shopping periods like Black Friday and Cyber Monday.
Vertex Inc (NASDAQ:VERX) released its 2024 Global Tax Transformation Report, surveying over 600 global tax and finance professionals. While 80% consider tax and finance transformation essential for business optimization, only half have made progress. Key barriers include lack of IT support (34%), budget constraints (31%), and talent shortages (28%).
Currently, only 52% of finance processes and 56% of indirect tax processes are automated globally. The survey reveals that 39% cite overcoming internal inefficiencies as the primary driver for transformation. Notable findings include: 57% report easier team collaboration in compliance processes, 79% prioritize keeping systems updated with tax rates and rules, and 49% expect ROI through better forecasting and decision-making.
Vertex (NASDAQ: VERX) reported strong Q3 2024 financial results with total revenues of $170.4 million, up 17.5% year-over-year. Software subscription revenues increased 20.6% to $146.3 million, while cloud revenues grew 29.9% to $71.0 million. The company achieved net income of $7.2 million, compared to a net loss of $(3.4) million in the prior year. Annual Recurring Revenue reached $576.8 million, up 19%. The company completed the acquisition of ecosio, an Austrian e-invoicing company, and updated its full-year 2024 guidance to revenues of $663.3-666.3 million with cloud revenue growth of 29%.
Vertex (NASDAQ:VERX) hosted its annual Vertex Exchange conference in New Orleans, showcasing new tax technology innovations and AI capabilities. The company unveiled its generative AI-powered Copilot, a cloud platform feature designed to streamline access to insights and enhance tax process efficiency. The conference achieved record attendance, bringing together industry leaders and tax professionals.
The event featured discussions on e-invoicing regulatory challenges with ecosio CEO Christoph Ebm, presented the 2024 Partner Awards, and offered sessions focusing on compliance complexities and operational efficiency. Under the theme 'Big Ideas in the Big Easy,' the conference emphasized Vertex's commitment to advancing tax technology solutions and supporting global compliance needs.
Vertex, Inc. (NASDAQ:VERX), a leading global technology provider of indirect tax solutions, has announced that it will release its third quarter 2024 financial results before the market opens on Wednesday, November 6, 2024. The company will hold a conference call to discuss the results at 8:30 a.m. Eastern Time on the same day.
Participants can join the call by dialing 1-412-317-6026 about ten minutes before the start time. A listen-only webcast will also be available on the company's Investor Relations website. A replay of the conference call will be accessible approximately one hour after the call, either by phone or through the company's website, and will be available until November 20, 2024 at 11:59 p.m. Eastern Time.
Vertex Inc. (NASDAQ:VERX), a global tax technology solutions provider, has achieved HDI Support Center Certification for the sixth consecutive year. This certification, awarded by HDI, the premier global provider of support center certification and consulting services, underscores Vertex's commitment to excellence in customer support. Vertex is the only tax technology provider to receive this distinction.
The company scored high marks across core areas of the HDI Support Center Certification program, including customer satisfaction, leadership, strategy, and performance. Notably, Vertex received high scores for people satisfaction, management, and leadership, demonstrating success in supporting both customers and employees.
With over 4,000 customers globally, including more than half of Fortune 500 companies, Vertex remains dedicated to providing exceptional customer experiences and proactively addressing client needs.
Vertex, Inc. (NASDAQ:VERX) has launched Vertex for Salesforce Revenue Cloud, integrating Vertex's tax determination expertise with Salesforce's platform to streamline revenue processes. This unified system combines commercial compliance with revenue and CRM, enabling easier product launches and improved customer satisfaction through automated commercial complexity and accurate tax determination.
Key features include easy configuration mapping, transaction logging/dashboard, content updates, and automated tax determination. Benefits range from predictable costs to available onboarding support. The collaboration aims to enhance tax accuracy, visibility, and transparency, ultimately improving revenue processes and customer trust.
Vertex (NASDAQ:VERX) has won the 2024 Oracle Best in Class and North American Partner Awards for Innovation at Oracle CloudWorld. These awards recognize Vertex's ability to develop pioneering solutions that integrate multiple Oracle technologies and empower customers to meet business goals.
As an Oracle partner for over 27 years, Vertex has consistently delivered innovative tax solutions, processing hundreds of millions of transactions monthly through the Vertex Cloud ERP Solution hosted on Oracle Cloud Infrastructure (OCI). The collaboration enhances native user experiences, providing flexibility, scalability, and accelerated time-to-value.
Vertex has a history of innovation for Oracle customers, being recognized as an Oracle Build Partner and the first tax technology provider to achieve both 'Powered By' and 'Integrated With' Oracle Cloud statuses.
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