Vertex, Inc. Stock Price, News & Analysis

Vertex, a global provider of tax technology solutions, announces the appointment of Sal Visca as the new Chief Technology Officer (CTO). With over 30 years of experience in technology management, Visca will spearhead Vertex's technology strategy and innovation roadmap. His prior roles include CTO at Elastic Path Software and senior positions at SAP, where he contributed to the development of the HANA analytics engine. Visca expressed enthusiasm about shaping the future of global commerce through Vertex's trusted tax technology solutions.

Vertex, Inc. (NASDAQ:VERX) released its annual report on sales tax rates and rules changes, highlighting unique challenges for businesses as jurisdictions seek to recover lost revenues from the COVID-19 pandemic. Key findings include that 70% of new tax rates were enacted at the district level, with 65% of changes originating from cities. The report also notes the highest number of new taxing cities (69) and district taxes (177) in a decade, with the combined average U.S. sales tax rate reaching a 10-year high of 10.12%.

Vertex (Nasdaq: VERX), a leader in tax automation, has selected Auth0 as its authentication provider to enhance security and manage user access for its platform. The decision follows Vertex's recent IPO and aims to replace its in-house identity management with Auth0's solutions to support digital transformation efforts. With over 4,000 clients globally, Vertex offers integrated tax technology solutions, serving many Fortune 500 companies. Auth0's platform will secure authentication processes crucial for managing end-to-end tax operations efficiently.

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.

Vertex, Inc. (NASDAQ:VERX) has strengthened its partnership with Adobe as a Premier Partner in the Adobe Exchange Program. The collaboration aims to provide integrated tax calculation functionality for Magento Commerce, part of Adobe Experience Cloud. Vertex's automated tax technology simplifies sales tax collection and compliance amid evolving regulations. This partnership enhances the customer experience for merchants using Magento by ensuring accurate and timely tax compliance, allowing them to focus on strategic business initiatives.

Vertex, Inc. (Nasdaq: VERX) reported strong Q3 2020 results, with total revenue of $94.6 million, up 14.8% year-over-year. Software subscription revenue grew by 12.3% to $79.8 million. The Annual Recurring Revenue (ARR) increased by 15.4% to $306.5 million. Despite a GAAP operating loss of $50.0 million compared to a profit last year, non-GAAP operating income rose to $19.8 million. Free cash flow improved significantly to $15.8 million. For Q4 2020, Vertex anticipates revenue of $93 million to $95 million.

Vertex, a provider of tax technology and services, announced its third quarter 2020 earnings release scheduled for November 11, 2020, before market opening. Following this, a conference call will occur at 8:30 a.m. Eastern Time. Additionally, Vertex's CEO and CFO will present at the Stifel Midwest 1x1 Growth Virtual Conference on November 12, 2020. Vertex aims to offer tailored tax solutions for various industries, supporting compliance and growth globally.

Vertex, Inc. (NASDAQ: VERX) has observed significant trends in city-level taxes amid COVID-19's economic impact. In the first half of 2020, there were no changes to state tax rates, a rare occurrence, while 75% of new tax rates emerged at the city level. With projected state budget shortfalls totaling $555 billion from 2020-2022, municipalities may increase sales taxes to recover lost revenue. Vertex indicated that 2020 could see the second highest number of sales tax changes in over a decade, prompting increased compliance burdens for businesses. Global tax adjustments are also taking place in response to the pandemic.

Vertex, Inc. (Nasdaq: VERX) reported strong second-quarter results for 2020, with total revenue increasing by 16.5% year-over-year to $91.3 million. Software subscription revenue rose by 14.9% to $77.3 million and annual recurring revenue grew by 16.4% to $294.6 million. Adjusted net income surged 47.4% to $18.9 million, while adjusted EBITDA margin improved by 380 basis points to 23.6%. The company expects third-quarter revenue between $89 million to $91 million and full-year revenue between $362 million to $365 million.