Vertex, Inc. Stock Price, News & Analysis

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.

Vertex Inc. (NASDAQ: VERX) announced strong financial results for the first quarter of 2024, with total revenues of $156.8 million, up 18.1% year-over-year. The company saw significant growth in software subscription and cloud revenues, along with an increase in Annual Recurring Revenue (ARR) and Average Annual Revenue per direct customer (AARPC).

Despite a loss from operations, Vertex reported positive Non-GAAP operating income, net income, and Adjusted EBITDA. The company provided positive financial outlook for the second quarter and full-year 2024, reflecting confidence in business growth.