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) 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.
Vertex, Inc. (NASDAQ:VERX) announced that its Vertex Indirect Tax O Series 9.0 solution has received certification from SAP as built on the SAP Business Technology Platform (BTP). This enhancement aims to support the complex tax requirements for companies in Brazil, ensuring that Vertex solutions meet SAP standards. The certification allows businesses using SAP technologies to automate intricate tax scenarios confidently. Vertex is a leading provider of indirect tax software, helping organizations navigate over 19,000 tax jurisdictions worldwide.
Vertex, Inc. (NASDAQ: VERX) reported a third-quarter 2021 revenue of $110.7 million, marking a 17.0% increase year-over-year. Software subscription revenues grew to $92.3 million (up 15.7%), while cloud revenue surged 45.6% to $33.3 million. The company posted a net loss of $(3.9) million, less than the $(21.0) million loss from the previous year. For Q4 2021, Vertex expects revenues between $108 million and $110 million, and a decrease in adjusted EBITDA. Full-year guidance predicts $422 million to $424 million in revenues, reflecting 12.6% to 13.2% growth.
Vertex, Inc. (NASDAQ:VERX) announced it will release its third quarter 2021 earnings on November 10, 2021, before market opens, followed by a conference call at 8:30 a.m. Eastern Time. The company will also participate in the Needham Virtual Growth Conference on November 18, 2021, featuring CEO David DeStefano and CFO John Schwab. Vertex specializes in tax technology solutions, aiming to enable global businesses to comply and grow confidently.
Vertex, Inc. (NASDAQ: VERX) has announced its acquisition of LCR-Dixon Corporation, a leader in SAP tax intelligence solutions, enhancing its tax technology offerings. This strategic move aims to simplify tax complexities for customers using SAP systems. LCR-Dixon's PLUS tools will integrate with Vertex's tax determination software, promising improved functionality for indirect tax processes. Vertex's CEO, David DeStefano, emphasized the long-standing partnership and shared vision between the two companies, which positions Vertex to deliver enhanced value to its global customer base.
Vertex, Inc. (NASDAQ: VERX) recently announced that its Vertex® Cloud Indirect Tax solution has achieved the status of Fulfilled by Acumatica and Certified Application from Acumatica. This milestone enables Vertex to provide enhanced tax compliance solutions integrated with Acumatica’s cloud-based ERP, streamlining compliance reporting for global clients. The designation ensures the software’s compatibility with Acumatica’s current ERP release, enhancing accuracy and operational efficiency for users. Vertex is the first tax technology provider to receive this dual certification.
Vertex, Inc. (NASDAQ:VERX) released its Mid-Year Rates and Rules Report indicating a significant rise in new district sales taxes for the first half of 2021. A total of 127 new district taxes were enacted by June 30, up from 88 the previous year. In July alone, 36 new district taxes were introduced, alongside 22 new city sales taxes. Notably, city rate changes increased sharply, with 54 changes reported in July. The report highlights ongoing tax policy realignment due to pandemic-induced budget gaps, and a push towards digital taxation is anticipated.
Oracle has announced a significant boost in customer adoption of Vertex, Inc. solutions on Oracle Cloud Infrastructure (OCI), with a 35% performance increase reported. Joint customers have processed over 150 million transactions monthly, totaling over one billion transactions in 2021. This integration enhances compliance and business performance by enabling rapid tax calculations. Vertex's offerings are backed by OCI's security and scalability, promoting operational efficiency. Oracle and Vertex plan to jointly market solutions to expand their global footprint and enhance customer service.
Vertex, Inc. (VERX) reported Q2 2021 results, showing total revenues of $104.9 million, up 15% year-over-year. Cloud revenues surged by 59.5% to $32.1 million. The company achieved a net income of $0.8 million, reversing a loss of $(29.1 million) a year prior. ARR rose by 14.1% to $336.2 million, with a net revenue retention rate of 106%. However, adjusted EBITDA declined to $19.2 million from $21.5 million year-over-year. For Q3 2021, Vertex expects revenues between $104 million to $106 million, with adjusted EBITDA between $15 million to $17 million.
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