Vertex Dips as Morgan Stanley Sees Competition From Avalara

Vertex Inc. shares fell as much as 3.4% on Tuesday, following Avalara’s acquisition of Transaction Tax Resources, which Morgan Stanley says creates “potential incremental challenges to Vertex’s core offering.”

• TTR already works with “numerous Vertex customers, and as those customers begin their considerations for migration from on-premise to Cloud, we see this acquisition positioning Avalara to compete for that transition business, over time,” analyst Stan Zlotsky wrote
  • NOTE: TTR is a provider of tax content subscriptions, certificate management solutions and tax consulting services for large companies
• Rates VERX equal-weight, PT $23
• VERX has 4 buys, 3 holds, 0 sells; avg ...