The IPOX® Watch: Vertex Inc (VERX US)
Company Description
Founded in 1978, Vertex, Inc is a tax technology software provider, headquartered in King of Prussia, PA. Vertex develops tax solutions that automate end-to-end indirect tax processes for enterprises and mid-market companies. The software provides a comprehensive suite of offers including tax determination, compliance and reporting, tax data management and document management.
Business Model
Vertex generates revenue from the sale of its software subscription. The company also generates revenue from services such as software configuration, support and training, as well as outsource services.
IPO History
On 07/29/2020, Vertex, Inc began trading on the Nasdaq Global Market led by Goldman Sachs. The family-controlled indirect tax software and services provider offered 21.15 million shares, at $19.00 per share, above its expected price range ($14-$16). Vertex was valued at ca. $2.78 billion at offer with the 15% over-allotment option fully exercised. The shares opened at $25.56 and closed the first day at $23.93 (+25.95%).
Vertex, Inc was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 12/19/2022 and has gained +35.02% since addition to the indexes.
