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Overview of Vertex, Inc.
Vertex, Inc. is a global provider of cutting-edge tax technology solutions designed to streamline the processing and compliance of indirect taxes worldwide. Utilizing advanced software and cloud-based platforms, Vertex offers a comprehensive suite of services that span tax determination, data management, document management, and compliance reporting. The company integrates deep industry expertise with technology to help businesses automate tax processes, reduce operational risk, and achieve significant productivity gains.
Core Business Areas and Operations
At its core, Vertex specializes in enabling companies to maneuver through the complexities of tax regulations efficiently. Its solutions are tailored to meet the diverse needs of industries confronted with sales and consumer use tax, value-added tax (VAT), payroll, and other mixed-type indirect taxes. By providing both cloud-based and on-premise platforms, Vertex supports global enterprises in managing compliance with local and international regulatory requirements. The company derives its revenue from a subscription-based model, ensuring a predictable revenue stream while continuously upgrading its offerings to address ongoing changes in tax laws.
Market Position and Industry Impact
Operating within the niche of tax technology, Vertex has established a robust market presence by partnering with leading enterprise resource planning (ERP) systems and collaborating with major accounting firms. Its long-established history, dating back to 1978, lends credibility and depth to its market know-how. Vertex has successfully positioned itself as a trusted partner for over 10,000 corporate customers globally, addressing key challenges such as a shrinking talent pool in the tax function and the increasing scrutiny over corporate tax practices. The company’s sophisticated solutions empower tax functions to become strategic contributors to overall business health, moving beyond traditional compliance to offer insights that drive organizational efficiency.
Advanced Technology and Service Integration
Vertex leverages state-of-the-art technology to solve intricate tax challenges faced by modern businesses. Its platforms integrate seamlessly with various enterprise systems, reducing the complexity of tax calculations across jurisdictions and automating critical processes. This integration not only streamlines tax operations but also enhances the accuracy of tax submissions and reporting. Customers benefit from Vertex’s continuous commitment to innovation, which is underscored by its deep collaboration with major technology and consulting partners.
Customer Focus and Strategic Partnerships
Vertex serves a wide range of clients from multinational corporations to local businesses, ensuring that the diversity in tax regulations is met with agile and scalable solutions. The company’s strategic partnerships with leading software providers and audit firms further reinforce its ability to offer comprehensive, integrated tax solutions. These partnerships enable customers to align their tax strategies with broader business objectives, enhancing operational efficiency and regulatory confidence.
In-Depth Expertise and Continuous Innovation
Backed by decades of experience and a robust team of tax experts, Vertex continues to drive innovation in the tax technology space. The company prides itself on its ability to anticipate and adapt to the evolving tax landscape, thereby empowering businesses to manage compliance with increased confidence. By combining industry insights with a rigorous technological framework, Vertex demonstrates deep expertise and a commitment to delivering solutions that not only meet but exceed the current demands of tax regulation.
Positioning Within the Competitive Landscape
Within a competitive market that includes traditional tax consultancies and emerging technology startups, Vertex distinguishes itself by offering a holistic approach to tax management. Its established history, extensive experience, and commitment to technological excellence make it a pivotal player in its industry, capable of addressing complex tax challenges with precise, actionable solutions. The company's focus on scalability and integration allows it to remain a preferred partner for businesses undergoing digital transformation in tax functions.
Conclusion
Vertex, Inc. stands as an authoritative source of tax technology innovations, leveraging a blend of advanced software, expert knowledge, and strategic partnerships to transform the management of indirect taxes. Its solutions are designed to meet the evolving needs of a global client base, ensuring that businesses can not only comply with intricate tax laws but also optimize their operations for enhanced financial and operational performance.
Vertex, Inc. (Nasdaq: VERX) announced its financial results for Q4 and full-year 2020, reporting total revenues of $99.5 million for Q4, up 15.7% year-over-year, and $374.7 million for the full year, reflecting a 16.5% increase. Software subscription revenues reached $83.9 million in Q4, while Annual Recurring Revenue stood at $316.4 million. However, net income was $0.2 million, down from $4.7 million in the prior year. The company projects Q1 2021 revenues of $94.5 million to $96.5 million and a full-year revenue forecast of $401 million to $405 million.
Vertex, Inc. (NASDAQ:VERX) will announce its fourth quarter and full-year 2020 earnings on March 10, 2021, prior to the market opening. A conference call is scheduled for the same day at 8:30 a.m. ET, where executives will discuss the results. Investors can join the call via webcast at the Company's Investor Relations website or by telephone. Vertex is known for its indirect tax software solutions, serving a global clientele from its North American headquarters.
Vertex, a global provider of tax technology solutions, announces the appointment of Sal Visca as the new Chief Technology Officer (CTO). With over 30 years of experience in technology management, Visca will spearhead Vertex's technology strategy and innovation roadmap. His prior roles include CTO at Elastic Path Software and senior positions at SAP, where he contributed to the development of the HANA analytics engine. Visca expressed enthusiasm about shaping the future of global commerce through Vertex's trusted tax technology solutions.
Vertex, Inc. (NASDAQ:VERX) released its annual report on sales tax rates and rules changes, highlighting unique challenges for businesses as jurisdictions seek to recover lost revenues from the COVID-19 pandemic. Key findings include that 70% of new tax rates were enacted at the district level, with 65% of changes originating from cities. The report also notes the highest number of new taxing cities (69) and district taxes (177) in a decade, with the combined average U.S. sales tax rate reaching a 10-year high of 10.12%.
Vertex (Nasdaq: VERX), a leader in tax automation, has selected Auth0 as its authentication provider to enhance security and manage user access for its platform. The decision follows Vertex's recent IPO and aims to replace its in-house identity management with Auth0's solutions to support digital transformation efforts. With over 4,000 clients globally, Vertex offers integrated tax technology solutions, serving many Fortune 500 companies. Auth0's platform will secure authentication processes crucial for managing end-to-end tax operations efficiently.
Vertex (NASDAQ:VERX) has acquired Tellutax, a Portland-based edge computing technology startup, enhancing its tax technology services. The financial details of the acquisition remain undisclosed. Tellutax specializes in utilizing edge computing technology to optimize tax solutions at the point of need, improving scalability and management. Vertex aims to leverage this acquisition to extend its leadership in the enterprise market, integrating Tellutax’s capabilities into its hybrid cloud strategy and catering to next-generation payment and IoT platforms.
Vertex, Inc. (NASDAQ:VERX) has strengthened its partnership with Adobe as a Premier Partner in the Adobe Exchange Program. The collaboration aims to provide integrated tax calculation functionality for Magento Commerce, part of Adobe Experience Cloud. Vertex's automated tax technology simplifies sales tax collection and compliance amid evolving regulations. This partnership enhances the customer experience for merchants using Magento by ensuring accurate and timely tax compliance, allowing them to focus on strategic business initiatives.
Vertex, Inc. (Nasdaq: VERX) reported strong Q3 2020 results, with total revenue of $94.6 million, up 14.8% year-over-year. Software subscription revenue grew by 12.3% to $79.8 million. The Annual Recurring Revenue (ARR) increased by 15.4% to $306.5 million. Despite a GAAP operating loss of $50.0 million compared to a profit last year, non-GAAP operating income rose to $19.8 million. Free cash flow improved significantly to $15.8 million. For Q4 2020, Vertex anticipates revenue of $93 million to $95 million.
Vertex, a provider of tax technology and services, announced its third quarter 2020 earnings release scheduled for November 11, 2020, before market opening. Following this, a conference call will occur at 8:30 a.m. Eastern Time. Additionally, Vertex's CEO and CFO will present at the Stifel Midwest 1x1 Growth Virtual Conference on November 12, 2020. Vertex aims to offer tailored tax solutions for various industries, supporting compliance and growth globally.
Vertex, Inc. (NASDAQ: VERX) has observed significant trends in city-level taxes amid COVID-19's economic impact. In the first half of 2020, there were no changes to state tax rates, a rare occurrence, while 75% of new tax rates emerged at the city level. With projected state budget shortfalls totaling $555 billion from 2020-2022, municipalities may increase sales taxes to recover lost revenue. Vertex indicated that 2020 could see the second highest number of sales tax changes in over a decade, prompting increased compliance burdens for businesses. Global tax adjustments are also taking place in response to the pandemic.
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