V
Vertex
👤 Ray Westphal (Ray Westphal founded Vertex in 1978; his family owned and expanded its tax-content library for four decades before 2020's IPO.)🌐 site
One 2018 Supreme Court ruling turned Vertex's 40-year tax-rate database into mandatory infrastructure.
Will it work? · our read
Content endures. A regulation nobody can simplify, embedded in ERP systems companies rarely replace. Growth cooled and SMBs defect to Avalara, yet 60%+ of the Fortune 500 run on Vertex's tax data.
01How the money moves
Company sells across 195+ countries, owes tax on every sale
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Vertex prices each transaction correctly inside SAP and Oracle
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Customer pays annual subscription + per-transaction fees
02The numbers
$748.4MStatedFY2025 revenue, +12% YoY
FY2025 (ended Dec 31, 2025)
Revenue recurs by law: tax is filed every period, so demand renews as long as the rules exist. Vertex FY2025 results
Nasdaq: VERX. ARR $671M, 105% net retention, 5,382 customers.
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Vertex FY2025 results: revenue $748.4M (+12.2%), ARR $671.0M, NRR 105%, GRR 94%, 5,382 customersVertex about: >60% of the Fortune 500, 195+ countries, 1B+ tax rates & rules, 45+ yearsstockanalysis: VERX revenue history ($491.6M FY22, $572.4M FY23, $666.8M FY24)Wikipedia: Vertex history (founded 1978 by Ray Westphal; Nasdaq IPO July 29, 2020; CEO Chris Young)
Revenue is STATED, taken from Vertex's own FY2025 earnings release on GlobeNewswire, which I opened and which prints full-year revenue of $748.4M (+12.2%), ARR $671.0M, NRR 105%, GRR 94%, and 5,382 customers (4,867 direct + 515 indirect) at Dec 31, 2025. The same full-year figure also sits in Vertex's audited SEC 10-K (Nasdaq: VERX), so it is effectively FILED, but I graded by the page I actually read (the press release); I could not open SEC EDGAR (403), so I did not cite it directly. Operating stats (>60% of the Fortune 500, 195+ countries, 1B+ tax rates, 45+ years) are first-party from vertexinc.com. Founder Ray Westphal (1978), King of Prussia HQ, the July 2020 Nasdaq IPO, and CEO Chris Young are from Wikipedia and Vertex's own story page. FY2022-24 revenue is from stockanalysis.com (derived from SEC filings) and cross-checks the release ($666.8M FY24 x 1.122 = $748M). The South Dakota v. Wayfair (2018) demand link and the commoditization 'dies' thesis are [our read], not company statements. We never score you.