KOP-based tax software company Vertex sets terms for IPO

Tax technology and services platform Vertex, which is based in King of Prussia and has offices in South America and Europe, announced its terms for the launch of its initial public offering Monday.

The company, which employs about 1,100 people across multiple continents, makes cloud-based and on-premise tax tools that can be customized by industry. (Fret not — former CEO Jeff Westphal knows tax software isn’t sexy.)

Vertex plans to raise $317 million by offering 21.15 million shares between $14 and $16 per share, before underwriting discounts and commissions, the company said in a statement. It plans to trade on the Nasdaq Global Market under the ticker symbol “VERX” and is expected to price during the week of July 27.

Nine financial institutions, including Goldman Sachs and Morgan Stanley, are underwriting the offering. The terms come about three weeks after the company filed its registration statement on Form S-1 with the U.S. Securities and Exchange Commission.

Vertex is currently hiring for a number of roles, including a KOP-based innovation portfolio director and test engineering manager. The company launched an innovation lab in January 2019 that’s researching taxation and regulation in cryptocurrencies, regulatory content aggregation and how AI and machine learning can be applied to the tax industry.

Connected healthcare company Accolade, with headquarters in Plymouth Meeting and Seattle, also set terms for its IPO recently and officially went public at the beginning of July.