Vertex and CPA.com Expand Partnership to Launch AI-Driven Sales Tax Compliance Solution
Vertex and CPA.com announced an expansion of their partnership to include an AI-driven solution in collaboration with Kintsugi. The application helps accounting firms of all sizes and tax expertise deliver automated, accurate, and scalable sales tax compliance for clients. Vertex and CPA.com are bringing advanced artificial intelligence and automation to the forefront of sales tax compliance. This enhanced solution enables Client Advisory Services and State and Local Tax teams to assess exposure, automate registration and filing, and manage ongoing compliance with confidence and efficiency.
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Hyperion Capital Establishes $13.39M Position in Vertex (VERX)
- New Investment Position: Hyperion Capital has established a new position in Vertex by acquiring 540,000 shares valued at approximately $13.39 million, increasing its reportable positions to 62, which indicates confidence in the company's potential.
- Asset Allocation Increase: This new stake represents 7.16% of Hyperion's reported U.S. equity assets as of September 30, reflecting a strategic intent to diversify investments, particularly in the current market climate.
- Market Performance Comparison: Despite Vertex's stock price plummeting 63% over the past year, the latest quarter saw a 12.7% year-over-year revenue increase to $192.1 million, demonstrating resilience in the company's fundamentals.
- Share Repurchase Program Initiation: Vertex has authorized its first-ever $150 million share repurchase program and ended the quarter with over $313 million in cash, providing the company with the flexibility to navigate market volatility effectively.
Vertex Stock: Reasons Behind One Fund Increasing Its $94.3 Million Stake Despite Declining Shares
Tensile Capital Management's Stake in Vertex: Tensile Capital Management increased its position in Vertex by 160,559 shares in Q3, bringing its total to 3.8 million shares valued at $94.3 million, making it the fund's largest holding.
Market Value Decline: Despite the increase in shares, the market value of Tensile's position fell by approximately $34.4 million, with Vertex shares trading 65% lower than in January.
Vertex's Financial Performance: Vertex reported double-digit revenue growth, including a 12.7% increase in overall revenue and a 29.6% rise in cloud revenue, alongside a new $150 million share-repurchase program.
Investment Outlook: The significant drop in Vertex's stock price presents a contrarian investment opportunity, as the company maintains strong fundamentals, including $648 million in annual recurring revenue and a 107% net revenue retention rate.
