Sovos Foriba is Acquired by Global Tax Compliance Leader Sovos
Today, global tax software leader Sovos announced it will acquire Sovos Foriba. Combined, Sovos Foriba and Sovos will expand the first global tax solution built for a digital world, adding market and technology strength to Sovos’ unique combination of global tax determination, e-invoicing compliance and tax reporting in one continuously updated solution to Solve Tax for Good™ everywhere companies do business.
Both Sovos 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.
The Future of Digital Tax
In this digital age, there is a global e-Transformation as companies are looking for solutions to support compliance, time management, security, reduce cost with maximum efficiency, and avoid unfair competition.
In the past years, European countries have invested heavily in the introduction of real-time and near-real-time transaction control requirements. Spain, Hungary, Portugal, the U.K., and Italy are among the countries where companies face requirements that are similar to Turkey and countries in Latin America.
Sovos has built an organization that bundles the talent of the key entrepreneurs and experts that have helped thousands of companies worldwide address the challenges of continuous compliance. With expert teams in Latin America, North America, Western Europe and now Turkey, Sovos have the global capability to address such challenges as governments worldwide pivot to similar tax mandates.
Sovos Foriba’s catchphrase has always been to deliver e-Transformation solutions for enterprises to transfer their accounting and finance-based business processes to a digital platform with minimum effort.
In this case, we shaped the development of corporate software and integration services such as e-Invoice, e-Ledger, e-Archive, e-Delivery note, e-Ticket, e-Signature, Supplier Financing, e-Backup, e-Audit, e-Reconciliation, IFRS and VAT Return in our R&D center.
Today, we provide solutions in more than ten countries with global regulatory compliance solitons for SAP, and create more than 30 million electronic documents per month, sign and store them electronically for ten years. We serve more than 450+ multinational and 12K+ clients in the world.
As Sovos Foriba joins Sovos, we’ll become part of a leading global provider of software that safeguards businesses from the burden and risk of modern tax. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-Invoicing compliance, and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications.
Andy Hovancik, CEO, Sovos said, “Sovos’ acquisition of Sovos Foriba, along with other recent investments, helps us safeguard customers as countries around the world adopt e-invoicing, e-archiving and e-receipt regulations for B2B and B2C transactions.”
Joining forces with Sovos, as passionate about modern tax and compliance as us, is what takes us into the next chapter in our storybook. We consider this acquisition an opportunity to serve customers even better.
We thank all our customers, team-mates, business partners, investors, and stakeholders who have contributed to this success today!