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Indirect tax software vendor Vertex reported revenue of $119.3 million for the second quarter ended June 30, a 13.7-percent increase from $104.9 million a year ago. Cloud revenue drove results with subscription revenue increasing  to 40 percent of the total from 36 percent of the total a year ago.

Vertex lost $5.5 million compared to $800,000 net income in last year’s corresponding period. The operating loss grew to $4.3 million from $1.5 million a year ago. In addition, average revenue per direct customer rose to $93,850 in the second quarter up 4.6 percent from $89,700 in the first quarter. Moreover, the company does not see growth slowing. ”The great news is we're not seeing any elongation or slowdown in our pipeline across all our verticals,” CEO David Destefano said during a recent earnings webcast

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