Tax software provider Vertex sets terms for $317 million IPO
Vertex, which provides comprehensive tax software for businesses, announced terms for its IPO on Monday.
The King of Prussia, PA-based company plans to raise $317 million by offering 21.2 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Vertex would command a fully diluted market value of $2.3 billion.
Vertex delivers comprehensive tax solutions and derives its revenue from software subscriptions and services. It automates its clients end-to-end indirect tax processes, which includes sales tax, seller's use tax, consumer use tax, and value-added tax, among others. The company has more than 4,000 customers, including over half of the Fortune 500, in over 130 countries.
Vertex was founded in 1978 and booked $336 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol VERX. Goldman Sachs, Morgan Stanley, BofA Securities, Citi and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2020.
The article Tax software provider Vertex sets terms for $317 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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