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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. has been named a finalist for the 2022 SAP Pinnacle Award in the SAP Store category, recognizing its strong partnership with SAP. This acknowledgment highlights Vertex's 25+ year collaboration with SAP, focusing on providing indirect tax solutions integrated with SAP Business Technology Platform. Vertex's offerings, including Indirect Tax O Series 9.0 and Chain Flow Accelerator, are certified for integration with SAP S/4HANA. The awards celebrate partners' innovation and customer support, reflecting Vertex's commitment to enhancing customer success.
Vertex, Inc. (NASDAQ: VERX) reported Q1 2022 revenues of $115.0 million, a 17% increase year-over-year. Software subscription revenues rose 16.6% to $97.1 million, while cloud revenues soared 42.1% to $38.3 million. Annual Recurring Revenue (ARR) reached $380.6 million, up 18.9% year-over-year. Despite strong revenue growth, the company reported a net loss of $0.3 million, and Adjusted EBITDA decreased to $19.1 million. For Q2 2022, Vertex expects revenues between $116.0 million and $117.5 million.
Vertex, Inc. (NASDAQ:VERX), a leading provider of indirect tax solutions, has announced its first quarter 2022 earnings release scheduled for May 10, 2022, before the market opens. A conference call will follow at 8:30 a.m. ET. Additionally, CEO David DeStefano and CFO John Schwab will present at several upcoming investor conferences in June 2022, including the Jefferies Software Conference and the William Blair Growth Stock Conference. The company continues to expand its reach, providing tailored tax solutions to global businesses.
Vertex, Inc. (NASDAQ:VERX) highlights key tax trends for 2022, indicating a shift towards transaction-based revenue streams as states seek to replace income tax for stability. The company notes that 197 new district taxes were enacted in the U.S. in the past year, with ongoing increases in sales tax rates. Globally, jurisdictions are digitizing tax compliance, while U.S. states are considering electronic invoicing and data taxation. Vertex aims to support businesses in navigating these evolving tax environments.
Vertex, Inc. (NASDAQ: VERX) reported its Q4 and full-year 2021 financial results, showing a 12.2% year-over-year revenue growth to $111.7 million in Q4 and 13.6% growth to $425.5 million for the full year. Cloud revenues surged by 38.9% in Q4 and 46.0% for the year. The company experienced a net loss of $0.6 million in Q4, but Non-GAAP net income was $12.0 million. Vertex anticipates Q1 2022 revenues between $112.5 million and $113.5 million, and full-year revenues of $479 million to $483 million, indicating continued growth despite expected decreases in Adjusted EBITDA.
Vertex, Inc. (NASDAQ:VERX) will announce its fourth quarter and full-year 2021 earnings on March 9, 2022, prior to market opening. A conference call will follow at 8:30 a.m. ET to discuss the results. Investors can join via the Company's Investor Relations website or by phone. Vertex provides indirect tax software and solutions globally, helping businesses comply with tax regulations. With over 1,300 professionals, Vertex specializes in tailored solutions for sales, value-added, and payroll tax compliance.
Vertex, Inc. (NASDAQ:VERX) recently announced the certification of its Vertex Indirect Tax Chain Flow Accelerator by SAP for integration with SAP S/4HANA®. This integration allows businesses to automate value-added tax (VAT) treatment in their SAP systems. Vertex's long-standing partnership with SAP, spanning over 20 years, emphasizes their commitment to enhancing customer experience. The certified solution complements Vertex® Indirect Tax O Series 9.0, also certified for the Brazilian market, showcasing Vertex's comprehensive offerings tailored for diverse business needs.
Dooap has integrated its Accounts Payable (AP) automation solution with Vertex, Inc. to enhance tax compliance within Microsoft Dynamics 365 Finance. This integration allows companies to automate tax management, improving efficiency and customer experience. The seamless technology ensures consistent and accurate tax updates, complying with regulatory changes without manual tracking. Vertex's tax engine will assist users in managing complex tax landscapes within their ERP systems, benefiting Dynamics 365 Finance customers.
Vertex, Inc. (NASDAQ:VERX) has launched its new Vertex Indirect Tax O Series Edge cloud solution, enhancing tax management for global retailers. This solution allows omnichannel retailers to automate and deploy tax engines in real-time during transactions, boosting performance and scalability. Vertex O Series Edge aims to meet the growing demand for efficient tax compliance amid changing regulations. The technology facilitates local tax calculations, ensuring efficient customer experiences during transactions.
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