Sovos has purchased TrustWeaver, a company that helps businesses authenticate and centrally archive electronic documents for VAT audit purposes.
Sovos, a global provider of tax software, said the acquisition will extend its e-invoicing coverage to 60 countries in Europe, the Middle East, Africa and Asia Pacific. It also adds support for “post-audit” compliance, including e-signatures in compliance with the eIDAS Regulation, an onerous set of standards for electronic trust and identification in Europe.
The deal comes just weeks after the European Commission granted Italy permission to mandate electronic invoicing (e-invoicing), making it the first country in the European Union to do so.
“TrustWeaver has become a seal of approval for the world’s largest financial systems, which is a testament not only to the effectiveness of its software and integrations, but also to its ability to monitor and interpret regulatory change in the European region and beyond,” said Andy Hovancik, president and CEO of Sovos. “We’ve built Sovos to reduce the costly friction between businesses and governments around the world, and it was immediately obvious to us that TrustWeaver provides an important part of that solution.”
Headquartered in Stockholm, Sweden, TrustWeaver provides a cloud-based compliance service for electronic invoicing and other legally critical documents for more than 55 countries.
From a single technical interface and through its Compliance Map concept, more than 60 world-leading B2B integration brokerage vendors in TrustWeaver’s partner network automatically provide interoperable legal certainty to trading partners that use their solutions, regardless of changes in legislation.
Founded in 2001, the company claims its ‘unique blend of legal and technical components’ allows organisations to execute their ERP, workflow, archiving and B2B consolidation strategies with guaranteed adherence to the multiple national and sectoral laws governing such transactions, document retention and auditability.
Christaan van der Valk, president of TrustWeaver, added: “Sovos has built exactly what our clients and partners have been looking for. We can now automate every compliance step in purchasing and billing processes from tax determination to electronic invoice compliance to tax reporting. By adding Sovos’ market-leading solution for clearance e-invoicing to ours, we create something truly unique. It’s a perfect fit, and we’re looking forward to expanding our solution and extending our global reach.”
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