Sovos Closes Foriba Acquisition, Advancing Mission to Solve Tax for Good™
Sovos officially closed the acquisition of Istanbul-based Foriba. This acquisition represents another significant milestone in our mission and makes it easier for businesses to overcome one of the greatest challenges they face: the digital transformation of tax.
Across the globe, governments are mandating their own digital transformation, giving businesses two choices. The first is to overhaul their tax processes. The second is to pay huge penalties. Sovos’ acquisition of Foriba is a strategic addition to our global compliance offerings, which help businesses easily adapt to new mandates and solve their global tax obligations with a unified approach, rather than separately in every country in which they operate.
With expert teams across Latin America, North America, Europe and now Turkey, Sovos customers can overcome the challenges of electronic invoicing compliance, VAT reporting and the digital transformation of tax anywhere in the world.
Sovos estimates that by 2025, companies in VAT economies will exchange more than 75 percent of all invoices electronically and in real time, or very shortly after the invoice-exchange process. This is why the acquisition of Foriba is so crucial to safeguarding customers as countries around the world adopt e-invoicing, e-archiving and e-receipt regulations for B2B and B2C transactions.
Founded in 1999 as an SAP systems integrator, Foriba remains rooted in the market through its SAP OEM agreements and blue-chip clients. This acquisition further solidifies the Sovos SAP strategy–simplifying global tax compliance for multinational corporations.
Sovos stretches global reach into new geographies
Since 2014, Turkey has had complex and mandatory digital VAT controls, making it one of the few countries outside of Latin America with a mature e-invoicing mandate.
As one of the country’s leading providers of e-invoicing compliance solutions, Foriba has continued to provide its customers with services for Turkish mandates on electronic customer receipt reporting, the mandatory transfer of accounting ledgers, e-delivery notes and more. With Spain, Hungary, Portugal, the U.K., Italy and many other countries investing in real-time or near-real-time transaction control requirements, Foriba, now part of Sovos, is helping businesses prepare for this new wave of digital taxation.
With the world’s foremost tax and technology experts at Sovos and Foriba working as one, customers will benefit from expanded operational capabilities for professional services, support, and large-scale SAP projects, not to mention ensured e-invoicing compliance coverage in more than 60 countries. Together, Sovos and Foriba are uniquely positioned to fulfill a shared mission to Solve Tax for Good™.
To learn more about tax regulation solutions, please feel free to get in contact with us!