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Vertex Spurred by Cloud Growth

Monday, Nov 15 2021
Tax
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 A 45.6-percent increase in revenue from cloud-based products helped Vertex to cut its loss by more than half for the third quarter ended September. The indirect tax software company also so revenue rise 16 percent year-over-year for the recently reported quarter.

Vertex lost $9.6 million for the most recently ended period, down from $21.3 million a year ago.  Revenue rose to $110.7 million, up from $94.6 million in last year’s corresponding period.

In a recent earnings call, the company noted cloud-based revenue reached $33.3 million. Growth was also impacted by the acquisition of Taxamo and LCR-Dixon

Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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