Vertex, Inc. Stock Price, News & Analysis

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.

Vertex, Inc. (NASDAQ:VERX) announced the launch of its Cloud VAT Compliance solution, designed to facilitate compliance in a complex tax environment. This solution addresses the digitalization of value-added tax (VAT) and goods and services tax (GST) across Europe and other regions. It includes features like customizable data validation tools and workflow automation, improving accuracy and reducing liability risks. Vertex aims to support multinational companies in meeting evolving VAT regulations, enhancing global coverage and scalability.

Vertex, Inc. (NASDAQ:VERX) has announced the release date for its second quarter 2021 earnings, set for August 11, 2021, before the market opens. A conference call will follow at 8:30 a.m. ET to discuss the results. Vertex will also participate in the Citi Global Technology Virtual Conference on September 13, 2021, and the Jefferies Software Virtual Conference on September 14, 2021. The company specializes in tax technology solutions, providing cloud-based and tailored services for indirect taxes globally.

Vertex, Inc. (NASDAQ:VERX) has launched its Taxamo Assure by Vertex solution, designed for e-commerce sellers to comply with new EU VAT regulations effective July 1, 2021. This innovative pay-as-you-go product automates VAT calculations and reporting for sales of €150 or less, relieving merchants of compliance burdens. The solution integrates seamlessly into existing e-commerce platforms, allowing sellers to focus on enhancing customer experience. Vertex aims to streamline the VAT process, offering a comprehensive solution from calculation to remittance.

Vertex, Inc. (NASDAQ:VERX) has announced its new Vertex Tax Links integration for Mirakl, enhancing compliance with the European Union's new VAT regulations effective July 1, 2021. This integration enables seamless global VAT determination for e-commerce businesses, reducing audit risks. The partnership addresses increasing tax complexities faced by companies operating in the EU, allowing them to focus on marketplace growth. The integration is expected to provide a significant advantage to businesses navigating new VAT challenges.

Vertex, Inc. (NASDAQ:VERX) announced the launch of Vertex® Indirect Tax O Series® for Coupa Software (NASDAQ:COUP), enhancing its integration with the Coupa Business Spend Management platform. This solution simplifies procurement and compliance by automating tax calculations and invoice validation. By achieving CoupaLink certification, Vertex allows users to improve visibility and control over spending while reducing integration costs. This integration addresses the growing demand for accurate tax management amidst evolving regulations.