Vertex Acquires Edge Computing Company Tellutax to Extend its Global Leadership in Tax Technology

Rhea-AI Summary

Vertex (NASDAQ:VERX) has acquired Tellutax, a Portland-based edge computing technology startup, enhancing its tax technology services. The financial details of the acquisition remain undisclosed. Tellutax specializes in utilizing edge computing technology to optimize tax solutions at the point of need, improving scalability and management. Vertex aims to leverage this acquisition to extend its leadership in the enterprise market, integrating Tellutax’s capabilities into its hybrid cloud strategy and catering to next-generation payment and IoT platforms.

Positive

• Acquisition of Tellutax enhances Vertex's tax technology capabilities.
• Tellutax offers edge computing technology, boosting scalability and performance.
• Strategic move to expand into next-generation payment and IoT platforms.

Negative

• None.

KING OF PRUSSIA, Pa., Jan. 25, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a leading provider of tax technology and services, announced that it has acquired Tellutax, a Portland-based edge computing technology startup. Financial terms of the transaction were not disclosed.

Tellutax designs edge-based technology utilizing a container architecture, which enables customers to deliver tax solutions seamlessly at the point of need with increased scalability and simplified management.

“We believe Tellutax edge technology will extend our leadership in the enterprise market and accelerate our ecosystem expansion into next generation payment and IoT platforms,” said Vertex president and CEO David DeStefano. “This acquisition furthers our technology roadmap and hybrid cloud strategy, enabling us to serve customers in an increasingly hyper-connected environment.”

Tellutax was founded in 2018 by two accomplished executives in tax automation software. Tellutax CEO Eric Ruud was formerly a managing director at Thomson Reuters, while Tellutax Chief Technology Officer (CTO) Eric Christian co-founded Sabrix and led the design and development of its indirect tax software platform. Sabrix was acquired by Thomson Reuters in 2009.

“Vertex is a global leader in indirect tax automation and has a proven track-record across multiple generations of technology,” commented Christian. “We believe edge computing will be the next generation of technology in our industry and we are thrilled to help Vertex accelerate this transformation.”

Tellutax edge technology enables companies in all industries to benefit from new levels of performance and scalability by allowing large amounts of transaction data to be processed where it is needed. The technology enables the optimization of tax content by limiting only data needed for specific locations, ultimately accelerating tax determination and reducing the footprint of the edge service.

“Both Ruud and Christian possess a deep knowledge of tax technology and a track record of innovation. We are excited to add the functionality of edge computing technology that Tellutax developed specifically for tax into our portfolio of solutions,” added DeStefano.

About Vertex

Vertex, Inc. is a leading global provider of indirect tax software and solutions. The company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,200 professionals and serves companies across the globe.

For more information, visit www.vertexinc.com or follow on Twitter and LinkedIn.

Source: Vertex, Inc.

Company contact:                        
Tricia Schafer-Petrecz
Vertex, Inc.
tricia.schafer-petrecz@vertexinc.com
484.595.6142

Investor Relations contact:
Ankit Hira or Ed Yuen
Solebury Trout for Vertex, Inc.
ir@vertexinc.com
610.312.2890

FAQ

What is the significance of Vertex's acquisition of Tellutax?

The acquisition enhances Vertex's tax technology offerings and supports its expansion into next-generation payment and IoT platforms.

What technology does Tellutax provide to Vertex?

Tellutax provides edge computing technology that optimizes tax solutions at the point of need, increasing scalability and simplifying management.

What is the expected impact of the Tellutax acquisition on Vertex's market position?

The acquisition is expected to strengthen Vertex's leadership in indirect tax automation and broaden its service capabilities in the enterprise market.

When was the acquisition of Tellutax by Vertex announced?

The acquisition was announced on January 25, 2021.

Does the press release disclose the financial terms of the Tellutax acquisition?

No, the financial terms of the transaction were not disclosed.