CEO David DeStefano did not provide numbers to quantify the improvement but pointed to results with specific product lines. “We are starting to improve execution in Microsoft, NetSuite and Workday,” he said. The result is a diversification of wins beyond its historical strength in the SAP market. For the most recently ended quarter, Vertex lost $3.4 million, compared to a loss of $1.1 million a year ago. Non-GAAP net income for the third quarter was $16.6 million. Revenue rose to $145 million, up 14.9 percent a $126.3 million in last year’s corresponding period. Vertex reported a sharp increase in its still small base of direct customers. The company ended the quarter with 373 indirect customers, up 39.1 percent from 268 a year ago. Direct customers rose to 4,303 from 4,230 year-over-year.
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VERTEX IMPROVES IN MID-MARKET Featured
Vertex has experienced better results in its mid-market business, the company said during a webcast for earnings for the third quarter ended September 30.