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, Inc. (NASDAQ:VERX) released its Mid-Year Rates and Rules Report indicating a significant rise in new district sales taxes for the first half of 2021. A total of 127 new district taxes were enacted by June 30, up from 88 the previous year. In July alone, 36 new district taxes were introduced, alongside 22 new city sales taxes. Notably, city rate changes increased sharply, with 54 changes reported in July. The report highlights ongoing tax policy realignment due to pandemic-induced budget gaps, and a push towards digital taxation is anticipated.
Oracle has announced a significant boost in customer adoption of Vertex, Inc. solutions on Oracle Cloud Infrastructure (OCI), with a 35% performance increase reported. Joint customers have processed over 150 million transactions monthly, totaling over one billion transactions in 2021. This integration enhances compliance and business performance by enabling rapid tax calculations. Vertex's offerings are backed by OCI's security and scalability, promoting operational efficiency. Oracle and Vertex plan to jointly market solutions to expand their global footprint and enhance customer service.
Vertex, Inc. (VERX) reported Q2 2021 results, showing total revenues of $104.9 million, up 15% year-over-year. Cloud revenues surged by 59.5% to $32.1 million. The company achieved a net income of $0.8 million, reversing a loss of $(29.1 million) a year prior. ARR rose by 14.1% to $336.2 million, with a net revenue retention rate of 106%. However, adjusted EBITDA declined to $19.2 million from $21.5 million year-over-year. For Q3 2021, Vertex expects revenues between $104 million to $106 million, with adjusted EBITDA between $15 million to $17 million.
Vertex, Inc. (NASDAQ:VERX) announced the launch of its Cloud VAT Compliance solution, designed to facilitate compliance in a complex tax environment. This solution addresses the digitalization of value-added tax (VAT) and goods and services tax (GST) across Europe and other regions. It includes features like customizable data validation tools and workflow automation, improving accuracy and reducing liability risks. Vertex aims to support multinational companies in meeting evolving VAT regulations, enhancing global coverage and scalability.
Vertex, Inc. (NASDAQ:VERX) has announced the release date for its second quarter 2021 earnings, set for August 11, 2021, before the market opens. A conference call will follow at 8:30 a.m. ET to discuss the results. Vertex will also participate in the Citi Global Technology Virtual Conference on September 13, 2021, and the Jefferies Software Virtual Conference on September 14, 2021. The company specializes in tax technology solutions, providing cloud-based and tailored services for indirect taxes globally.
Vertex, Inc. (NASDAQ:VERX) has launched its Taxamo Assure by Vertex solution, designed for e-commerce sellers to comply with new EU VAT regulations effective July 1, 2021. This innovative pay-as-you-go product automates VAT calculations and reporting for sales of €150 or less, relieving merchants of compliance burdens. The solution integrates seamlessly into existing e-commerce platforms, allowing sellers to focus on enhancing customer experience. Vertex aims to streamline the VAT process, offering a comprehensive solution from calculation to remittance.
Vertex, Inc. (NASDAQ:VERX) has announced its new Vertex Tax Links integration for Mirakl, enhancing compliance with the European Union's new VAT regulations effective July 1, 2021. This integration enables seamless global VAT determination for e-commerce businesses, reducing audit risks. The partnership addresses increasing tax complexities faced by companies operating in the EU, allowing them to focus on marketplace growth. The integration is expected to provide a significant advantage to businesses navigating new VAT challenges.
Vertex, Inc. (NASDAQ:VERX) announced the launch of Vertex® Indirect Tax O Series® for Coupa Software (NASDAQ:COUP), enhancing its integration with the Coupa Business Spend Management platform. This solution simplifies procurement and compliance by automating tax calculations and invoice validation. By achieving CoupaLink certification, Vertex allows users to improve visibility and control over spending while reducing integration costs. This integration addresses the growing demand for accurate tax management amidst evolving regulations.
Vertex, Inc. (NASDAQ:VERX) has announced an integration of its Vertex® Lease Tax O Series® with Alfa Start, a cloud-based solution for auto leasing operations. This partnership aims to simplify tax management on lease transactions, offering clients a unified platform that automates tax calculations, reduces risks, and improves audit performance. As the automotive finance market grows, Vertex's technology enables Alfa customers to handle complex tax compliance more effectively, ensuring accuracy and visibility in operations.
Vertex, Inc. (NASDAQ: VERX) reported Q1 2021 revenues of $98.2 million, a 10.1% increase year-over-year. Software subscription revenues were $83.3 million, up 9.9%. Operating income surged to $2.1 million from a loss of $28.2 million in the prior year. Net income was $2.3 million compared to a loss of $29.1 million. The company announced the acquisition of Taxamo for $200 million to enhance its e-commerce solutions. Looking ahead, Vertex expects Q2 revenues between $99.0 million and $100.0 million. Full-year revenue guidance is set at $410 million to $414 million.
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