VTEX is a SaaS digital commerce platform built for large enterprise brands and retailers. Customers use VTEX to build and run online stores, manage orders across channels, and launch marketplaces that connect them with third-party sellers. The platform covers the full commerce stack: storefront and content management, catalog and pricing, checkout, order management, and omnichannel fulfillment. VTEX serves roughly 2,200 customers operating 3,100 active online stores across 44 countries, including blue-chip names like Whirlpool, Walmart, Nike, and LG. VTEX charges a subscription with two components: a fixed fee based on the customer's tier, and a variable transaction-based fee — a take rate on GMV processed through the platform — which is the majority of subscription revenue. This model ties VTEX's revenue directly to its customers' GMV growth. Brazil is the largest market at roughly 58% of revenue, with Latin America overall representing about 89% of revenue. VTEX is also expanding in the U.S. and Europe, where revenues are growing roughly twice as fast as the company overall, though from a small base. Beyond its core platform, VTEX is investing in retail media (VTEX Ads), B2B commerce modules, and AI-powered tools embedded across the platform. VTEX's cost structure skews toward R&D and customer support, with recent AI-driven automation in customer support pushing non-GAAP subscription gross margins above 80%.