Vertex Snaps Up LCR-Dixon, Enhances Global SAP Tax Offerings

Vertex announced the acquisition of LCR-Dixon Corporation, an expert in SAP technologies and provider of transaction tax automation services and solutions. Shares spiked 2% on the news before closing the day flat at $19.02 on September 24.

LCR-Dixon offers SAP tax reporting solutions, SAP data management tools, and pre-developed ABAP solutions to optimize the integration between clients’ SAP and tax systems. These tools simplify tax complexities in the SAP environment and help clients maintain, analyze, and validate tax data in procure-to-pay as well as order-to-cash.

Vertex and LCR-Dixon were already working together as partners, integrating LCR-Dixon’s PLUS tools into Vertex’s tax determination software, which improved the performance of the SAP indirect tax processes.

Commenting on the deal, David DeStefano, CEO of Vertex, said, “We believe the addition of LCR-Dixon’s unique suite of solutions with Vertex tax technology delivers an incomparable value to our customers who need to manage complex global compliance requirements… Vertex and LCR-Dixon have enjoyed a long-standing partnership and together have delivered best-in-class solutions to some of the world’s largest companies running SAP.”

In response to acquisition news, Needham analyst Joshua Reilly maintained a Buy rating on the stock with a price target of $30, implying 57.7% upside potential to current levels. Stating that the acquisition was not material from a financial perspective, the analyst believes that the deal adds value to Vertex’s competitive position in the SAP ecosystem.

About Vertex

Vertex is a leading global provider of indirect tax software and solutions. The company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,200 professionals and serves companies across the globe.

For more information, visit www.vertexinc.com or follow on Twitter and LinkedIn.

Copyright © 2021 Vertex, Inc. All rights reserved. The information contained herein is intended for information purposes only, may change at any time in the future, and is not legal or tax advice. The product direction and potential roadmap information is not a guarantee, may not be incorporated into any contract, and is not a commitment to deliver any material, code, or functionality. This information should not be relied upon in making purchasing, legal, or tax decisions. The development, release, and timing of any features or functionality described for Vertex’s products remains at the sole discretion of Vertex, Inc. Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in Vertex’s filings with the US Securities and Exchange Commission (“SEC”) that could cause actual results to differ materially from expectations. Vertex cautions readers not to place undue reliance on these forward-looking statements which Vertex has no obligation to update and which speak only as of their dates.

###

Company Contact

Tricia Schafer-Petrecz
Vertex, Inc.
tricia.schafer-petrecz@vertexinc.com
484.595.6142

Investor Relations Contact

Ankit Hira or Ed Yuen
Solebury Trout for Vertex, Inc.
ir@vertexinc.com
610.312.2890