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), a leading global tax technology solutions provider, has announced its participation in the upcoming Goldman Sachs Communacopia + Technology Conference. The event will feature a fireside chat with David DeStefano, CEO, and John Schwab, CFO, scheduled for Monday, September 9, 2024, at 9:30 AM Pacific Time.
Investors and interested parties can access live webcasts and replays of the presentation through Vertex's investor relations website at ir.vertex.com. This conference appearance provides an opportunity for Vertex to showcase its position in the tax technology market and engage with industry professionals and potential investors.
Vertex Inc. (NASDAQ: VERX) has completed the acquisition of ecosio, a leading B2B integration provider specializing in EDI and e-invoicing, on August 30, 2024. The acquisition includes an upfront cash payment of $69 million, with a targeted earn-out of $76 million in cash and $35 million in Vertex shares. This strategic move aims to integrate ecosio's e-invoicing capabilities with Vertex's indirect tax software platform, addressing the complex regulatory landscape for international companies handling Value Added Tax compliance and reporting.
The initial purchase price represents a five times revenue multiple based on ecosio's current revenue run rate. If all financial targets and earn-outs are achieved over the next three years, the terminal multiple will also be approximately five times revenue. Vertex will provide more details on the financial impact of the acquisition during its Q3 2024 financial results announcement in November.
Vertex, Inc. (NASDAQ: VERX) has announced the acquisition of ecosio, a leading B2B integration provider specializing in electronic data interchange (EDI) and e-invoicing. The acquisition, pending Austrian regulatory approval, aims to create a single, scalable platform for automating business transactions and managing indirect tax reporting and e-invoicing compliance. The deal includes an upfront cash payment of $69 million and a targeted earn-out of $76 million in cash and $35 million in Vertex shares.
This strategic move is expected to expand Vertex's market opportunity, advance its international growth strategy, and deliver a seamless, end-to-end compliance platform. ecosio is anticipated to contribute approximately $15 million in revenue in the first 12 months post-closing, although it will be modestly dilutive to profitability in the first two years before becoming accretive in the third full year after closing.
Vertex (NASDAQ: VERX) announced strong Q2 2024 financial results, demonstrating the earnings power of its business model. Key highlights include:
- Total revenues of $161.1 million, up 15.3% YoY
- Software subscription revenues of $136.4 million, up 15.8% YoY
- Cloud revenues of $66.3 million, up 29.6% YoY
- Annual Recurring Revenue (ARR) of $548.4 million, up 17.3% YoY
- Net income of $5.2 million, compared to a net loss of $(6.9) million in Q2 2023
- Adjusted EBITDA of $38.5 million, with a margin of 23.9%
Vertex completed strategic initiatives, including a $345 million convertible debt offering and the acquisition of tax-specific AI technology. The company also announced its intent to acquire ecosio GmbH to strengthen e-invoicing capabilities.
Vertex's 2024 Mid-Year Sales Tax Rates and Rules Report reveals a significant increase in local tax rate changes, highlighting cities' growing dependence on sales tax revenues. Key findings include:
1. 67% year-over-year increase in city-level sales tax rate changes, with 159 authorized changes in the first half of 2024 compared to 95 in 2023.
2. Adoption of 30 new taxing cities and 77 district taxes, continuing a decade-long trend of net-new taxation.
3. Local governments raised sales tax rates with three times more county-level increases than decreases, and 12 times more city increases than decreases.
The report also notes a rise in unique fees and global trends in VAT and environmental taxes, emphasizing the need for businesses to adapt to increasing tax complexities.
On July 11, 2024, Vertex, a global technology provider of indirect tax solutions, announced the release of its second quarter 2024 financial results on August 7, 2024. The results will be unveiled before the market opens. An accompanying conference call is scheduled for 8:30 a.m. Eastern Time on the same day. Interested participants can dial in or listen to the webcast through Vertex's Investor Relations website. A replay of the call will be accessible from one hour post-conference until August 21, 2024.
Vertex announced the acquisition of AI tax capabilities from Ryan to enhance tax categorization and compliance. This acquisition will streamline the manual process of tax mapping, essential for businesses managing global tax compliance at scale. Financial terms were not disclosed. Vertex's new AI capabilities, leveraging proprietary Large Language Models (LLM) integrated with human expertise, will improve tax accuracy without sharing customer data. This acquisition aligns with Vertex's ongoing AI innovation strategy and reinforces its commitment to providing comprehensive cloud solutions for the tax process.
Vertex, a global tax technology solution provider, has launched Vertex Accelerator+ for SAP ERP, consolidating features of previous tools into one global solution. This tool simplifies tax management for businesses operating domestically and internationally by integrating tax calculation, reporting, and geo-location identification. Aimed at addressing common challenges like inaccurate tax calculations and manual data handling, Accelerator+ supports businesses' digital transformation and migration to SAP S/4HANA. It enhances operational efficiency, reduces costs, and ensures compliance. Existing customers can continue using their current solutions until they choose to migrate.
Vertex (NASDAQ: VERX), a global tax technology solutions provider, will present at two upcoming investor events: the Stifel 2024 Cross Sector Insight Conference on June 5, 2024, at 8:00 AM ET, and the 44th Annual William Blair Growth Stock Conference on June 6, 2024, at 10:40 AM CT. Both presentations will be webcast live and available for replay on Vertex's investor relations website.
Vertex, Inc. revealed the recognition of four female leaders on the 2024 Women of the Channel list by CRN. The honorees showcase exceptional vision and skills in the technology industry, emphasizing diversity and innovation.
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