Global Tax and Regulatory Compliance Leader Sovos Increases Customer Base by 164% in First Quarter of Fiscal Year
Summary
Today, global tax software provider Sovos announced it has expanded its customer base 164% through acquisitions and organic growth since the beginning of its fiscal year in July. While the digitization of tax and continuous transaction controls (CTCs), like e-invoicing, have affected large enterprises for years, those compliance burdens are increasingly felt by small and medium-sized businesses (SMBs), as well as local subsidiaries of global companies. • Sovos launched its new Advanced Periodic Reporting platform which automates, centralizes and streamlines indirect tax compliance processes for businesses operating across Europe, the Middle East, Africa, Latin America and Asia. • With the acquisition of 1099 Pro, Sovos extended its software offerings for SMBs, as the tax information reporting landscape undergoes rapid regulatory changes that affect every business operating in the United States. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes.
