Tax software provider Sovos completes two acquisitions
Global tax software provider Sovos has acquired e-invoicing solution Foriba and tax solution Eagle Technology Management (ETM).
ETM delivers statutory financial reporting and insurance premium tax software to insurers and unclaimed property reporting solutions and services to financial institutions, corporations and insurers in the US.
Following the close of the deal, ETMs technology stack will strengthen Sovos’ compliance capabilities including high-volume statutory reporting filings and diverse state requirements for unclaimed property reporting. These are growing sources of revenue for states and have become a popular target for audits.
Its other acquisition was of Foriba, a provider of e-invoicing, e-delivery, e-receipts and periodic VAT reporting in Turkey. This acquisition comes hot off the heels of Sovos’ acquisition of fellow real-time tax compliance solutions Invoiceware, Paperless and TrustWeaver, and will further enhance its global tax offering.
The addition of Foriba gives Sovos a tool kit capable of serving tax determination, e-invoicing compliance and tax reporting to multinational companies. It has teams in Latin America, North America, Western Europe and Turkey and other countries. As part of the deal, Sovos will integrate the Foriba solutions to give companies with multi-country operations to centralise their tax compliance requirements.
Sovos is also looking to leverage Foriba to support customers in Spain, Hungary, Portugal, the U.K., Italy and other countries where real-time and near-real-time transaction control requirements are developing.
ETM supports more than 1,500 insurance companies in the US, giving them SaaS applications to automate the administration and filing of information needed for various regulatory requirements.
Eagle Technology Management CEO Layton Olson said, “With this acquisition, ETM joins a company known for its expertise in translating tax compliance and reporting into high-performance software, which will benefit the customers we have long served. Sovos is the largest private filer of the 10-Series IRS forms so important in the insurance and financial markets we serve, and it has the trust of thousands of customers, including more than half the Fortune 500.”
Foriba, founded in 1999, helps enterprises transfer their accounting and finance-based business processes to a digital platform. Its technology creates, signs and stores over 30 million electronic documents each month.
“Sovos has amassed the talent of entrepreneurs and regulatory experts to deliver a leading scalable, end-to-end solution capable of ensuring e-invoicing compliance in more than 60 countries,” said Koray Gultekin Bahar, co-founder and CEO of Foriba. “Both Foriba and Sovos have enthusiastic teams focused on product quality, customer experience and competitive differentiation, and together we’re the clear choice in a global market poised for growth.”
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