Largest non-U.S. acquisition brings Sovos new capabilities to support tax compliance in digital economies; scales e-invoicing, e-receipt and e-document support for SMBs around the world
Global tax software provider Sovos today announced it has acquired the digital enablement business of Chile-based Acepta, one of the region’s leading providers of e-invoicing, e-receipts, e-documents and digital certificate solutions. As governments in Latin America and around the world digitize value-added tax (VAT) compliance, authorities are looking to expand mandates beyond the transaction level for the economic betterment of their societies. With this acquisition, Sovos gains new product capabilities to meet that need and advance its mission to Solve Tax for GoodⓇ globally. The acquisition is Sovos’ largest ever outside of the United States.
With Acepta, Sovos deepens its continuous transaction control (CTC) compliance offerings and expands its portfolio with e-document solutions, including management workflow with signature capabilities. These new products build on previous Sovos acquisitions, including the 2018 purchase of Sweden-based Trustweaver, whose technology ensured business document integrity, and the 2017 acquisition of Chile-based Paperless, which began as a certificate provider before building e-receipt solutions. In Mexico, Sovos has similar capabilities and is a certificate services provider (PSC) authorized by the Mexican Secretariat of Economy to certify e-signatures and other forms of identification under the country’s NOM 151 standard to preserve the integrity of data and digital documents.
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“The acquisition of Acepta furthers Sovos’ leadership in digital tax compliance and positions us to meet adjacent compliance needs as governments advance the digitization of their economies,” said Andy Hovancik, CEO, Sovos. “Today’s announcement reflects our long-held strategy to combine global reach with local execution, so we can meet the needs of our customers anywhere they do business, whether that is in 60 countries or in one.”
Acepta’s SMB platform is used by customers today in Chile, Peru and Colombia. With SMB customers in the U.S., Turkey, Mexico and other regions, Sovos will further leverage its expanded product portfolio to meet the growing, global demand for mid-market, in-country VAT compliance solutions. SMB customers will gain the tax compliance capabilities, security and ecosystem benefits enjoyed by Sovos’ multinational enterprise customers, which are centralizing compliance efforts to meet disparate tax mandates across borders.
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Alvaro Gonzalez, Sovos managing director of Spanish-speaking Americas and formerly Acepta CEO, said, “Acepta’s products are complementary to Sovos’ offerings, and the combination will provide immediate value to our shared customer base in Chile and Peru, with future benefits for customers in every economy with similar mandates, including those elsewhere in Latin America, and in Europe and Asia.”
With the acquisition announced today, Sovos adds more than three thousand companies in telecom, financial services, retail and other industries to its customer base; brings its global team to more than 2,000 employees; and extends its reach in Ecuador.
John Gledhill, vice president of corporate development for Sovos, said, “Sovos gains technology and talent in core and adjacent areas through this acquisition, expanding the industries, regions and customers we serve, and contributing to the continued global growth of the business.”
The terms of the deal were not disclosed. Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates. EY served as financial advisor to Sovos, and Skadden and Claro & Cia provided legal counsel. LarrainVial served as financial advisor to Acepta and Carey Abogados provided legal counsel.
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