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July 2, 2020, 5:00 p.m. EDT

Tax software company Vertex files for initial public offering

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By Wallace Witkowski

Vertex Inc. /zigman2/quotes/219704171/composite VERX +3.27% said late Thursday it plans to go public after 40 years as a private company. The King of Prussia, Penn.-based tax software company said it plans to raise up to $100 million in the offering, although that amount is usually used as a placeholder and revised in later filings. Proceeds will be used to help pay down debt and for general corporate purposes, the company said. The company reported $173.8 million in debt as of March 31. The company reported $321.5 million in revenue and net income of $31.1 million in 2019, compared with $272.4 million in revenue and a loss of $67.1 million in 2018. Vertex plans to trade under the ticker "VERX" on the Nasdaq /zigman2/quotes/210598365/realtime COMP -0.12% . Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and Jefferies are listed among the underwriters.

/zigman2/quotes/219704171/composite
US : U.S.: Nasdaq
$ 24.27
+0.77 +3.27%
Volume: 520,037
Aug. 4, 2020 12:43p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.36 billion
Rev. per Employee
N/A
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,889.24
-13.55 -0.12%
Volume: 2.08M
Aug. 4, 2020 12:43p
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