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. reports developments in enterprise tax and compliance technology for global commerce, with recurring updates on indirect tax solutions, financial results, cloud revenue, and product innovation. The company provides tax determination, e-invoicing, compliance and reporting, tax data management, and related software for sales and consumer use tax, value-added tax, payroll, and other indirect tax workflows.
Company news also covers AI-driven capabilities within Vertex Cloud, availability of Vertex O Series Tax Engine and Indirect Tax Accelerator through Oracle Marketplace, acquisition activity such as Brinta in Latin America, and Vertex research on sales tax rates and rules changes across U.S. jurisdictions.
Vertex, Inc. (NASDAQ: VERX) reported Q1 2021 revenues of $98.2 million, a 10.1% increase year-over-year. Software subscription revenues were $83.3 million, up 9.9%. Operating income surged to $2.1 million from a loss of $28.2 million in the prior year. Net income was $2.3 million compared to a loss of $29.1 million. The company announced the acquisition of Taxamo for $200 million to enhance its e-commerce solutions. Looking ahead, Vertex expects Q2 revenues between $99.0 million and $100.0 million. Full-year revenue guidance is set at $410 million to $414 million.
Vertex (NASDAQ: VERX) has announced its acquisition of Taxamo, a cloud-based tax automation provider for e-commerce, in a cash transaction valued at approximately $200 million. This strategic move aims to enhance Vertex's offerings and drive growth in indirect tax compliance solutions across Europe and North America. With Taxamo's capabilities, Vertex expects to expand its market presence and improve its service to existing clients, while also integrating Taxamo's solutions into its cloud portfolio.
Vertex, Inc. (NASDAQ:VERX) has announced its first quarter 2021 earnings release scheduled for May 13, 2021, before market opening. A conference call will follow at 8:30 a.m. ET the same day. Vertex's executives will also present at several upcoming investor conferences, including the Needham Technology & Media Conference on May 17 and the William Blair Growth Stock Conference on June 1. Vertex, a leader in indirect tax technology, aims to support global businesses with tax compliance through its innovative solutions.
Vertex, Inc. (NASDAQ:VERX) announces the appointment of Yvette C. Burton, Ph.D., as its first Chief People Innovation Officer, effective immediately. Burton will lead the company's global workforce strategy, focusing on inclusion and diversity. She brings over 20 years of experience in human capital strategies from esteemed institutions like Columbia University and major corporations such as Deloitte and IBM. Concurrently, Barb Dyson, the current Chief Human Resources Officer, will retire in May 2021 after a 14-year tenure, significantly contributing to Vertex's growth and transition during the pandemic.
Vertex, Inc. announced the launch of the Vertex Indirect Tax Accelerator for Oracle Cloud ERP, aimed at enhancing global tax management for its customers. This solution, hosted on Oracle Cloud Infrastructure, streamlines tax configuration adjustments, providing greater accuracy in determining U.S. sales, use tax, and VAT. The Oracle partnership emphasizes enterprise-grade performance and security, supporting customer growth and the transition to cloud technologies. Available on the Oracle Cloud Marketplace, the accelerator is set to improve operational efficiencies for businesses expanding internationally.
Vertex, Inc. (NASDAQ:VERX) has announced a strategic partnership with BigCommerce to automate sales and use tax compliance within the BigCommerce Apps Marketplace.
This partnership will enhance Vertex's integration capabilities, allowing retailers in over 150 countries to efficiently calculate taxes across various transactions. The Vertex tax solution will provide continuous updates and ensure compliance with over 19,000 global sales tax jurisdictions, helping businesses scale globally.
Vertex, Inc. (Nasdaq: VERX) announced its financial results for Q4 and full-year 2020, reporting total revenues of $99.5 million for Q4, up 15.7% year-over-year, and $374.7 million for the full year, reflecting a 16.5% increase. Software subscription revenues reached $83.9 million in Q4, while Annual Recurring Revenue stood at $316.4 million. However, net income was $0.2 million, down from $4.7 million in the prior year. The company projects Q1 2021 revenues of $94.5 million to $96.5 million and a full-year revenue forecast of $401 million to $405 million.
Vertex, Inc. (NASDAQ:VERX) will announce its fourth quarter and full-year 2020 earnings on March 10, 2021, prior to the market opening. A conference call is scheduled for the same day at 8:30 a.m. ET, where executives will discuss the results. Investors can join the call via webcast at the Company's Investor Relations website or by telephone. Vertex is known for its indirect tax software solutions, serving a global clientele from its North American headquarters.
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%.