Vertex Acquires LCR-Dixon to Expand Global Tax Automation Portfolio 

Rhea-AI Summary

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.

Positive

• Acquisition of LCR-Dixon enhances Vertex's tax technology solutions.
• Integration of LCR-Dixon's PLUS tools improves SAP indirect tax processes.
• Strengthens Vertex's market position as a leading end-to-end tax solution provider for SAP customers.

Negative

• None.

KING OF PRUSSIA, Pa., Sept. 24, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) and its subsidiaries, (“Vertex” or the “Company”), a global provider of tax technology solutions, today announced that it has acquired LCR-Dixon Corporation, a specialized expert in SAP technologies and leading provider of tax intelligence solutions.

LCR-Dixon’s tools enhance a customer’s ability to maintain, analyze and validate tax data in procure-to-pay as well as order-to-cash. LCR-Dixon’s solutions are purpose-built to simplify tax complexity in SAP environments.

“We believe the addition of LCR-Dixon’s unique suite of solutions with Vertex tax technology delivers an incomparable value to our customers who need to manage complex global compliance requirements,” said Vertex CEO David DeStefano. “We share a common vision and principles based upon loyalty, consideration and respect. Vertex and LCR-Dixon have enjoyed a long-standing partnership and together have delivered best-in-class solutions to some of the world’s largest companies running SAP.”

LCR-Dixon’s PLUS tools were specifically developed to improve functionality and performance for SAP indirect tax processes and are seamlessly integrated into Vertex’s tax determination software. This combination will enable Vertex to deliver advanced capabilities across the global SAP ecosystem.

“When we founded LCR-Dixon we had a vision for building tax solutions to solve complex problems in a simple way,” said LCR-Dixon co-founder and CEO Suzy Soo. “This acquisition is a natural evolution of our relationship and a shared vision to simplify tax complexity. We are excited to unite our offerings into a single platform offered exclusively by Vertex and serve as the leading end-to-end solution provider in tax for SAP customers.”

Learn more about Vertex.

About Vertex
Vertex 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.

Copyright © 2021 Vertex, Inc. All rights reserved. The information contained herein is intended for information purposes only, may change at any time in the future, and is not legal or tax advice.   The product direction and potential roadmap information is not a guarantee, may not be incorporated into any contract, and is not a commitment to deliver any material, code, or functionality.   This information should not be relied upon in making purchasing, legal, or tax decisions. The development, release, and timing of any features or functionality described for Vertex’s products remains at the sole discretion of Vertex, Inc.   Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in Vertex’s filings with the US Securities and Exchange Commission (“SEC”) that could cause actual results to differ materially from expectations.   Vertex cautions readers not to place undue reliance on these forward-looking statements which Vertex has no obligation to update and which speak only as of their dates.

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 acquiring LCR-Dixon?

The acquisition enhances Vertex's tax technology solutions and simplifies tax complexities for SAP users.

How will the acquisition impact Vertex's offerings?

Vertex will integrate LCR-Dixon's PLUS tools into its tax determination software, improving indirect tax process functionalities.

When was the acquisition of LCR-Dixon by Vertex announced?

The acquisition was announced on September 24, 2021.

What is Vertex's stock symbol?

Vertex's stock symbol is VERX.

Who are the key executives involved in the acquisition announcement?

David DeStefano, CEO of Vertex, and Suzy Soo, co-founder and CEO of LCR-Dixon, discussed the acquisition.