Summary
- Vertex has filed to raise $100 million in an IPO, but the final figure may differ.
- The firm provides enterprises with indirect tax management software.
- VERX has grown revenue and will use some of the IPO proceeds to pay down debt.
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Quick Take
Vertex (VERX) has filed to raise $100 million in an IPO of its Class A stock, according to an S-1 registration statement.
The firm provides software to companies wishing to automate the computation of their indirect tax operations.
VERX has produced strong growth results but may be temporarily negatively impacted by the Covid-19 pandemic in Q2 and beyond.
I’ll provide a final opinion when we learn more about the IPO from management.
Company & Technology
King of Prussia, Pennsylvania-based Vertex was founded to create hybrid software solutions for sales tax, seller's use tax, consumer use tax and value added taxes, among others.
Management is headed by president and Chief Executive Officer Mr. David DeStefano, who has been with the firm since 2015 and was previously Principal and Vice President at The Mid Atlantic Companies.
Below is a brief overview video of the firm's cloud product:
