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. 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%.
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.