Vertex makes software that automates indirect tax compliance for large enterprises. Indirect taxes — sales tax, use tax, and VAT — vary across more than 20,000 jurisdictions in the U.S. alone, with rates and rules that change constantly. Vertex's core product is a tax determination engine that integrates directly into a customer's ERP or commerce system (SAP, Oracle, Salesforce, Shopify, etc.) and calculates the correct tax on each transaction in real time. Beyond calculation, Vertex also handles compliance filing and returns, exemption certificate management, e-invoicing, and tax data analytics. The foundation of the product is Vertex's proprietary content database, containing over 1 billion tax rates and rules maintained by an in-house research team. Vertex has over 4,800 direct customers, including the majority of the Fortune 500, and sells through a direct sales force and a partner ecosystem that includes SAP, Oracle, and the big four accounting firms. Revenue is primarily subscription-based (~85% of total), priced on a revenue-band model tied to customers' own transaction volumes — meaning Vertex's revenue grows automatically as customers grow. This model generates high recurring revenue, with gross revenue retention running 94-96%. Cloud revenue represents roughly 47% of total revenue and is growing faster than the overall business as customers migrate from legacy deployments. Vertex is investing in e-invoicing (via its 2024 acquisition of ecosio) and AI-driven products as growth catalysts, while the ongoing SAP S/4HANA migration cycle continues to drive new customer wins.