Vertex, a family-owned King of Prussia company that tracks sales taxes for businesses around the world with its software, is planning to go public this year, writes Joseph N. DiStefano for The Philadelphia Inquirer.
Goldman Sachs is leading the group of banks that are tasked with selling 21.15 million Vertex common shares on the Nasdaq Global Market at an anticipated price of $14 to $16 a share. Once it goes public, the company will trade under the ticker VERX.
Proceeds are expected to be around $344 million – minus bankers’ fees – and will go in part towards paying down Vertex’s debt as well as for a portion of the $123 million special dividend to be paid to founding family members Amanda Westphal Radcliffe, Stefanie Westphal Thompson, and Jeffrey Westphal in May.
Some of the funds will also be used for “investments in our solutions, technology and sales force,” according to the company.
The Westphals, who are children of Ranier “Ray” Westphal, who founded the company more than four decades ago, will continue to control the majority of the company’s voting shares following the IPO.
Read more about Vertex at The Philadelphia Inquirer by clicking here.
You Might Also Like