Compliance and regulation software Sovos acquires FinTech firm Acepta

Boston-based tax compliance and regulatory software Sovos took over Chile-based Acepta’s digital enablement business.

The acquisition will further Sovos’ position in digital tax compliance and help the company to meet compliance needs. As governments in Latin America and around the world digitise VAT compliance, it’s key for authorities to expand mandates beyond the transaction level for the economic betterment of their societies.

Acepta provides e-invoicing, e-receipts, e-documents and digital certificate solutions with its SMB platform being used by customers in Chile, Peru and Colombia. With this procurement, Sovos will also gain new product capabilities to advance its mission to Solve Tax for Good globally. The acquisition is Sovos’ largest ever outside of the US, it claimed.

While the terms of the deal were not disclosed, Sovos will now be able to expand its portfolio with e-document solutions including management workflow with signature capabilities. Sovos’ SMB customers will gain the tax compliance capabilities, security and ecosystem benefits.

Commenting on the deal with Acepta, Sovos CEO Andy Hovancik said that the acquisition “reflects our long-held strategy to combine global reach with local execution, so we can meet the needs of our customers anywhere they do business, whether that is in 60 countries or in one.”

Echoing a similar sentiment, Sovos managing director of Spanish-speaking Americas and former Acepta CEO Alvaro Gonzalez added, “Acepta’s products are complementary to Sovos’ offerings and the combination will provide immediate value to our shared customer base in Chile and Peru, with future benefits for customers in every economy with similar mandates, including those elsewhere in Latin America and in Europe and Asia.”

With this acquisition, Sovos has added more than three thousand companies in telecom, financial services, retail and other industries to its customer base bringing its global team to more than 2,000 employees with its footprint reaching as far as Ecuador.

Highlighting the benefits of the deal, Sovos vice president of corporate development John Gledhill said, “Sovos gains technology and talent in core and adjacent areas through this acquisition, expanding the industries, regions and customers we serve and contributing to the continued global growth of the business.”

These new products build on previous Sovos acquisitions including the 2018 purchase of Sweden-based Trustweaver, whose technology ensured business document integrity and the 2017 acquisition of Chile-based Paperless, which began as a certificate provider before building e-receipt solutions.

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