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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) 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.
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.
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