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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 (NASDAQ:VERX), a global leader in indirect tax solutions, will release its first-quarter 2023 financial results on May 10, 2023, before market opens. A conference call to discuss these results is scheduled for 8:30 a.m. Eastern Time that same day. Interested participants can join by dialing 1-412-317-0494 or via the company's Investor Relations website. The call will also have a replay available shortly after the live session, expiring on May 24, 2023. Vertex focuses on providing trusted tax technology, serving global businesses in diverse sectors. The company's tax solutions cater to various industries, supporting compliance and growth with over 1,300 employees worldwide.
Vertex, Inc. (NASDAQ: VERX) reported strong financial results for Q4 and full-year 2022, highlighting a 17.4% increase in revenues to $131.1 million and a 15.5% rise for the year to $491.6 million. Software subscription revenues reached $110.9 million, up 18.9%, while cloud revenues surged 34.4% to $46.6 million. Despite a net loss of $5.3 million for Q4 and $12.3 million for the year, the company achieved positive free cash flow of $3.4 million. Looking ahead, Vertex expects Q1 2023 revenues between $131 million and $133 million, and for the full year, revenues of $550 million to $556 million, signaling continued growth.
Vertex (NASDAQ:VERX) reports that 87% of sellers using marketplaces for online trading have seen revenue increases, viewing it as crucial for growth. However, a significant challenge remains, as 70% express concerns over indirect tax issues potentially limiting future marketplace use. A recent survey revealed that 81% of businesses leverage marketplaces for customer acquisition and international sales, highlighting demands for improved support in tax compliance and seamless transactions. Despite operator interest in expanding seller bases, complications related to tax management persist, with 45% of sellers indicating the need for enhanced finance and tax automation.
Vertex, Inc. (NASDAQ:VERX) announced it will release its fourth quarter 2022 financial results on March 8, 2023, before market open. A conference call to discuss these results will take place at 8:30 a.m. Eastern Time on the same day. Participants can join by dialing in or accessing a listen-only webcast via the Company’s Investor Relations website. Vertex specializes in indirect tax solutions, serving various industries and employing over 1,300 professionals globally. The Company aims to enable businesses to comply and grow confidently through tailored tax technology solutions.
Vertex, Inc. (NASDAQ:VERX) has released its annual End-of-Year Sales Tax Rates and Rules report, revealing a decline in transaction tax changes across the U.S., with 542 changes noted, the lowest in eight years. Interestingly, while new district taxes decreased from an average of 180 to 115, existing district tax rate increases outnumbered decreases by a three-to-one ratio. The report highlights the ongoing trend of rising sales tax rates across jurisdictions, driven by inflation, potential recession, and declines in property and income tax revenues. Increased sales tax rates are expected as governments address budget gaps due to reduced federal funding and economic conditions.
Vertex, Inc. (NASDAQ:VERX) has announced the pricing of a public offering of 1,500,000 shares of its Class A common stock by Jeffrey R. Westphal at $15.15 per share, with the offering expected to close on November 22, 2022. Vertex will not receive any proceeds from this sale. Goldman Sachs & Co. LLC is the sole underwriter. The offering is made under a shelf registration effective since July 25, 2022, with a final prospectus to be filed with the SEC.
Vertex (NASDAQ:VERX) announced a proposed underwritten public offering of 1,500,000 shares of its Class A common stock, all offered by stockholder Jeffrey R. Westphal. Vertex will not receive any proceeds from this offering. Goldman Sachs & Co. LLC is the sole underwriter. The company had previously filed a shelf registration statement with the SEC, which became effective in July 2022. The final terms will be disclosed in a prospectus supplement. Forward-looking statements caution about uncertainties that could affect the offering's consummation.
Vertex, Inc. (NASDAQ:VERX) has achieved recognition in the SaaS Tax application market, placing in the highest scoring group according to IDC’s 2022 SaaS Customer Satisfaction Award for Tax. Vertex received top ratings for overall customer satisfaction, being evaluated by a global survey of approximately 2,400 organizations. Key strengths highlighted include ease of integration, superior features, and value for price paid. This acknowledgment reinforces Vertex’s commitment to innovative indirect tax solutions and exemplary customer service.
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