5 unchanged sentences
The rapid changes taking place in today's global business, technology and regulatory environments are having a compounding effect on the complexity of indirect tax management.
−Removed: As companies expand their business models, enter new geographies, and extend their distribution channels, they widen the aperture of their indirect tax obligations.
+Added: As companies expand their business models through eCommerce and other digital transformation, enter new geographies, and extend their distribution channels, they widen the aperture of their indirect tax obligations.
Additionally, as they expand their core offerings to incorporate new digital products and services, they are increasingly impacted by new tax regulations being pursued by jurisdictions.
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Today, we have over 4,200 customers, including over half of the Fortune 500, and provide our customers with tax support in over 130 countries.
−Removed: Today, our software enables tax determination, compliance and reporting, tax data management and document management with powerful pre-built integrations to core business applications used by most companies, particularly those applications that have a significant impact on global commerce.
+Added: Today, our software enables tax determination, compliance and reporting, tax data management and document management and analytics and insights with powerful pre-built integrations to core business applications used by most companies, particularly those applications that have a significant impact on global commerce transactions.
Our software is fueled by over 500 million data-driven effective tax rules and supports indirect tax compliance in more than 19,000 jurisdictions worldwide.
−Removed: Our solutions can be deployed in the cloud, on-premise, or both, with implementation services available to enable optimal customer outcomes and satisfy unique business requirements.
+Added: Our solutions can be deployed in the cloud, on-premise environments, or at the network edge, all with implementation services available to enable optimal customer outcomes and satisfy unique business requirements.
Our Solutions
−Removed: Our solutions automate the end-to-end indirect tax processes for enterprises with complex tax operations and audit risk.
−Removed: Our software includes tax determination, compliance and reporting, tax data management and document management tools, as well as pre-built integrations to major business applications.
−Removed: Customers can license these solutions individually or as part of a broader suite and can choose the delivery model that best aligns to their enterprise technology environments.
+Added: Our Vertex solutions can automate the end-to-end indirect tax processes for all companies with complex tax operations and audit risk.
+Added: Our software includes tax determination, compliance and reporting, tax data management and document management tools, analytics and insights, as well as pre-built integrations to major business applications.
+Added: Customers can utilize these solutions individually or as part of a broader suite and can choose the delivery model that best aligns to their enterprise technology environments.
● Tax Determination.
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Our compliance and reporting solutions enable the automation of signature-ready returns and remittance of indirect tax to appropriate jurisdictions.
−Removed: These solutions leverage tax data files imported from Vertex or third-party applications to establish visible audit trails of tax determinations and user-made adjustments.
+Added: Companies use these solutions leverage tax data files imported from Vertex or third-party applications to establish visible audit trails of tax determinations and user-made adjustments.
Our solutions also include workflow management tools, such as calendar and document management, and role-based security and event logging, which supports our customers' internal control over financial reporting and compliance with the Sarbanes-Oxley Act.
−Removed: We support e-filing and print formats for returns, schedules, worksheets, tax reports and payment requests and also provide archiving and retrieval of all filings.
+Added: We support e-filing and print formats for returns, schedules, worksheets, tax reports and payment requests, and provide archiving and retrieval of all filings.
● Tax Data Management.
3 unchanged sentences
Our document management solutions automate the validation of, storage of, and tax audit support for sales tax exemptions and reseller certificates, enabling enterprises to manage large quantities of documents, such as tax exemption certificates.
+Added: ● Analytics and Insights .
+Added: Our analytics and insights tools improve data quality and provide data intelligence to optimize the end-to-end tax process and improve business outcomes.
● Pre-Built Integrations .
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We have pre-built integrations specific to the leading providers of business applications used by these industries.
+Added: ● Technology Specific Solutions – Chain Flow Accelerator, LCR .
+Added: We offer a number of technology solutions that offer tools and enhancements to certain eco systems, like SAP or Oracle, that are deeply integrated into their technology stack.
+Added: For example, our Chain Flow Accelerator tool allows configuration of tax specific flows within the SAP stack.
+Added: In addition, through the acquisition of LCR Dixon in 2021, we acquired an SAP specific tool set that provides customers the ability to maintain, analyze and validate tax data in procure-to-pay as well as sales and billing systems that enhance its usefulness for indirect taxes as well as other business applications.
+Added: ● Implementation Services.
Due to the ubiquitous nature of our software in our customers' technology environments, we also offer implementation services to enable our customers to realize the full benefit of our solution at initial deployment.
These software implementation services include configuration, data migration and implementation, and premium support and training.
+Added: ● Managed Services .
Customers can also license indirect tax returns outsourcing as a managed service for compliance in the U.S.
1 unchanged sentence
Our Tax Content
−Removed: All of our software and solutions are underpinned by our proprietary content database, which currently supports over 300 million effective tax rules.
−Removed: Our content is a key component of our software subscriptions.
+Added: All our software and solutions are underpinned by our proprietary content database, which currently supports over 500 million effective tax rules.
+Added: Our content quality and accuracy are a key component to our software subscriptions revenue and customer value.
Its quality and accuracy are critical to the longevity of our customer subscriptions.
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Our robust technology and deep tax content differentiate us in our ability to serve the indirect tax needs of 7 of the top 10 marketplace providers in North America by revenue.
−Removed: These customers support tens of thousands of merchants who rely on their platform for their e-commerce transaction processing.
+Added: These customers support tens of thousands of merchants who rely on their platform for their eCommerce transaction processing.
We also support service providers such as outsourcing and accounting firms who use our technology to calculate tax and file tax returns for their end-customers.
While we include these marketplaces and service providers in our customer counts, the tens of thousands of their end-user customers are not included in our customer counts.
−Removed: As of December 31, 2020, we had over 4,000 customers and our ARR per customer was over $78,000.
+Added: As of December 31, 2021, we had 4,272 customers and our Annual Recurring Revenue (“ARR”) per customer was over $86,700.
While most of our revenue is currently generated by customers domiciled in the U.S., many of our customers are multinational organizations with global business operations.
We also provide tax software solutions outside the U.S., primarily in Europe.
−Removed: No single customer represented more than 10% of our total revenue for the years ended December 31, 2020, 2019 and 2018.
+Added: No single customer represented more than 10% of our total revenue for the years ended December 31, 2021, 2020 or 2019.
Our Growth Strategies
14 unchanged sentences
These increases in business complexity necessitate advanced tax solutions for a broader number of companies.
−Removed: We plan to continue to invest in our sales and marketing teams and our solution development in order to capture this demand increase and acquire new customers.
+Added: We plan to continue to invest in our direct sales, indirect sales and our partnerships’ marketing teams and our solution development in order to capture this demand increase and acquire new customers.
● Broaden and deepen our partner ecosystem.
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Our approach to innovation is driven by our relationships with our customers and partners, with whom we create new solutions, align product roadmaps, and embed our software within their applications and platforms.
−Removed: We have also created and invested in an innovation lab where we design, test, and incubate next-generation tax solutions and adjacent market opportunities.
+Added: We have also created and invested in an innovation lab where we design, test,
+Added: and incubate next generation tax solutions and adjacent market opportunities.
Over time, we expect such investment will bring additional value to existing customers and help us acquire new customers.
Sales and Marketing
−Removed: We license our software and solutions primarily through our direct sales organization, with a focus on enterprise and mid-market businesses that have complex tax operations.
+Added: We license our software and solutions primarily through our direct and indirect sales organization, with a focus on enterprise and midmarket businesses that have complex tax operations.
Our direct sales team is comprised of inside sales and field sales, supported by our technical pre-sales and services teams.
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These deep partnerships allow us to expand the frontier of tax technology innovation and market opportunity.
+Added: ● Channel and Resellers .
+Added: We continue to expand our indirect go-to-market reach to capitalize on the significant mid-market growth opportunities.
+Added: These partners include value-added resellers, service providers and OEM relationships with technology firms, system integrators, tax consultants and industry groups such as Avanade, Acumatica and CPA.com.
+Added: These investments enable certification, training, and enablement to deliver rapid time-to-value and scale.
Research and Development
−Removed: Our research and development team consists of our architecture, software engineering, user experience, infrastructure automation and technical production support teams.
+Added: Our research and development team consists of our architecture, software engineering, user experience, infrastructure DevOps automation and technical production support teams.
This organization is responsible for the design, development, testing and delivery of new technologies, features and integrations of our tax software and solutions, as well as the continued improvement of our existing solutions.
It is also responsible for operating and scaling our software and solutions and infrastructure that run in the cloud.
−Removed: We continue to invest in our research and development capabilities to extend our solutions further into the cloud and partner ecosystems to continuously deliver more value.
+Added: We continue to invest in our research and development capabilities with significant focus on Emerging Technologies such as Edge Computing, Artificial Intelligence/Machine Learning, Data Fabric/Mesh platforms, Blockchain, Application Programming Interface/Microservices, and Containerization to extend our solutions further into the cloud and partner ecosystems to continuously deliver more value.
Our industry is highly competitive and fragmented.
1 unchanged sentence
● in-house practices and spreadsheets that result in custom transaction-specific research, manual determination, static tax tables or rate calculator services, as well as manual filing and remittance activities;
−Removed: ● businesses utilizing native ERP capabilities with rudimentary tax determination capabilities, which are typically not designed for complex tax support and lack tax rates, rules and complex calculation functionality and require the user to manually track, input, maintain and update all tax law changes that occur;
+Added: ● businesses utilizing native Enterprise Resource Planning (“ERP”) capabilities with rudimentary tax determination capabilities, which are typically not designed for complex tax support and lack tax rates, rules and complex calculation functionality and require the user to manually track, input, maintain and update all tax law changes that occur;
● outsourced transaction tax compliance services offered by accounting and specialized consulting firms;
9 unchanged sentences
Depending on the importance and complexity associated with these factors for each customer we maintain varying competitive advantages.
−Removed: We continually monitor these factors and adjust our functionalities, service offerings, pricing structures and overall solution delivery approach to continually strengthen our position.
+Added: We monitor these factors and adjust our functionalities, service offerings, pricing structures and overall solution delivery approach to continually strengthen our position.
Intellectual Property
8 unchanged sentences
We strive to be a values-driven employer of choice who attracts, retains, and inspires talented professionals to achieve their full potential.
−Removed: We have been recognized as one of the best places to work in Philadelphia for the past six years according to The Philadelphia Inquirer.
+Added: We have been recognized as one of the best places to work in Philadelphia for the past seven years according to The Philadelphia Inquirer.
We create and nurture an engaging work environment that embodies our core values of collaboration, performance, integrity, innovation, and fun, and we actively support our employees' participation in community service and philanthropy.
14 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.