Vertex, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 29, 2024 at 07:34 am
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Vertex, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 154.91 million compared to USD 131.13 million a year ago. Net income was USD 15.33 million compared to net loss of USD 5.31 million a year ago.
For the full year, the company reported revenue was USD 572.39 million compared to USD 491.62 million a year ago. Net loss was USD 13.09 million compared to USD 12.3 million a year ago.
Vertex, Inc. is a global provider of indirect tax software and solutions. The Company operates as a solution provider of state, local and value-added tax calculation, compliance and analytics, offering software products which are sold through software license and software as a service (cloud) subscription. It also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing and other tax-related services. The Company offers a range of solutions, including tax determination, compliance and reporting, tax data management, document management, analytics and insights, industry-specific solutions, pre-built integrations, implementation services, and managed services. Its artificial intelligence (AI) capabilities leverage proprietary and private large language models (LLM) to deliver generative pre-trained transformer (GPT) capabilities to maintain a framework that increases the accuracy for tax compliance.