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CLOUD DRIVES VERTEX REVS UP 10.1 PERCENT Featured

Vertex rode a 42-percent increase in cloud-based sales to a first-quarter 10.1-percent rise in revenue for the first quarter ended March 31. The indirect sales tax company also reported net income of $1.3 million for the most recently ended period,,compared to a loss of slightly more than $32 million a year earlier.

During this week’s earnings webcast, CEO David DeStefano noted,  “As previously mentioned, we expect our cloud revenue base to exceed over $100 million for the full year of 2021 and are targeting an annual growth rate of approximately 35 percent.” Against that back drop, were first-quarter revenues of $98.2 million, up from $75.7 million in last year’s corresponding period. Subscription revenue increased to $83.3 million, growing 9.9 percent from $75.8 million in last year’s corresponding period. The bottom line benefited from a 24.2-percent drop in expenses to $59.2 million slightly more than $78 million, driven be pandemic-induced reductions. However, currency losses took a bit of $977,000 out of earnings. Several times, DeStefano pointed to the company’s strength in the SAP and Oracle customers. DeStefano singled out the SAP, S/4 Hana platform which he said is “beginning to gain more traction, and we're in a much more pipeline discussions there than ever before.”

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