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SOVOS INTRODUCES COMPLIANCE CLOUD TO HELP BUSINESSES NAVIGATE GLOBAL TAX AND
REGULATORY ENVIRONMENTS

The First and Only Solution to Unify Tax Compliance and Regulatory Reporting
Software and Data in One Platform


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February 20, 2024 06:00 AM Eastern Standard Time

ATLANTA--(BUSINESS WIRE)--Sovos, the always-on compliance company, today
announced the launch of the Sovos Compliance Cloud, the industry’s first and
only solution that unifies tax compliance and regulatory reporting software in
one platform and provides a holistic data system of record for global
compliance. The Sovos Compliance Cloud represents the culmination of more than
eight years and hundreds of millions of dollars of investments in native
engineering. That investment is combined with integrations into most ERP, P2P
and eCommerce technology ecosystems and incorporates several billions of dollars
of acquired, best-of-breed products from around the globe.

> “It’s time to transform tax compliance from a business requirement to a force
> for growth”
> 
> Post this

“It’s time to transform tax compliance from a business requirement to a force
for growth,” said Sovos CEO Kevin Akeroyd. “Sovos recognized this need almost a
decade ago and invested in building the industry’s only truly integrated,
complete compliance solution. Just as enterprise resource planning (ERP),
customer relationship management (CRM), and human capital management (HCM) all
shifted from disparate point solutions to holistic system of record platforms
that unlocked tremendous business value, the Sovos Compliance Cloud does the
same for tax and compliance.”

The launch of the Sovos Compliance Cloud comes amid a period of increased risk
and inefficiencies for businesses trying to address compliance with individual
point solutions. In fact, 82% of companies believe they’re more exposed to
tax-related compliance risk than they were five years ago (source: Bloomberg),
and 90% expect their compliance-related costs to keep climbing (source:
Accenture). The move to a unified cloud empowers companies with greater
visibility and more economies of scale into their technology infrastructure
across the enterprise – saving time, money, and reducing risk.

The Sovos Compliance Cloud also helps CFOs and CIOs maximize their existing
investments by embedding itself into a rich ecosystem of partners and technology
providers. To date, the company features more than 75 embedded integrations into
key enterprise resource planning (ERP), accounts payable (AP), and accounts
receivable (AR) systems, as well as over 425 Connectors in the Sovos App
Marketplace. This means that companies do not need to replace or modify costly
infrastructure to deliver more accurate tax compliance and reporting.

Sovos’ Compliance Cloud will facilitate more than six billion tax and
e-invoicing transactions across 80-plus countries this year; whereas the next
largest provider will facilitate less than 100 million. The Sovos Compliance
Cloud represents the most scalable and secure global compliance solution ever
introduced for the modern enterprise.

“Compliance is now inside the transaction, elevating its importance and driving
businesses to look beyond just meeting a minimum threshold. Now, the goal is a
global view of compliance with a single source of data that allows them to
generate actionable business intelligence,” says Kevin Permenter, Research
Director, Financial Applications, IDC.

A New Platform for Modern Compliance

The Sovos Compliance Cloud is the only platform solution to address the five
fundamentals for modern compliance, enabling companies to:

 * Connect to pertinent internal and external data and systems, including every
   government tax authority via the Sovos Compliance Network.
 * Identify each party to a transaction or obligation and verify they are who
   they purport to be via the Sovos Identity solution.
 * Determine every transaction is accurate and compliant via the Sovos Tax
   Determination for VAT & SUT, Sovos Tax Withholding, Sovos eInvoice and Sovos
   Shipping.
 * Report every transaction or tax obligation and file it correctly while
   ensuring fidelity between business records and the tax agencies via the Sovos
   Tax Information Reporting and Sovos Filing.
 * Analyze and derive data from all transactions and taxes to gain a single
   source of truth, mitigate risk and find key patterns that show business
   changes via Sovos Intelligence solutions.

The Sovos Compliance Cloud provides comprehensive capabilities that address the
full breadth of a global business’s needs, ensuring companies file accurately on
employee, vendor and partner income. Its Tax Determination, Filing, and
Reporting for Value Added Tax (VAT), Continuous Tax Control (CTC), and Sales Use
Tax (SUT) produce accurate calculations across more than 19,000 tax
jurisdictions globally. Sovos Tax Information Reporting already handles more
1099s than any company in the world.

About Sovos

Sovos is a global provider of tax, compliance and trust solutions and services
that enable businesses to navigate an increasingly regulated world with true
confidence. Purpose-built for always-on compliance capabilities, our scalable
IT-driven solutions meet the demands of an evolving and complex global
regulatory landscape. Sovos’ cloud-based software platform provides an
unparalleled level of integration with business applications and government
compliance processes.

More than 100,000 customers in 100+ countries – including half the Fortune 500 –
trust Sovos for their compliance needs. Sovos annually processes more than three
billion transactions across 19,000 global tax jurisdictions. Bolstered by a
robust partner program more than 400 strong, Sovos brings to bear an unrivaled
global network for companies across industries and geographies. Founded in 1979,
Sovos has operations across the Americas and Europe, and is owned by Hg and TA
Associates. For more information visit https://sovos.com and follow us on
LinkedIn and Twitter.


CONTACTS

Zeno Group for Sovos
Sovos@Zenogroup.com


SOVOS


RELEASE VERSIONS

 * English
 * French
 * Portuguese
 * German
 * Spanish


MORE NEWS

 * February 08, 2024
   Sovos Announces New Executive Leadership for Global Sales and Marketing
 * January 31, 2024
   Sovos Announces New Sales Leadership for EMEA and LATAM Regions
 * January 30, 2024
   Sovos’ Annual DtC Wine Shipping Report Indicates a Volume Decline While Value
   Remains Flat


CONTACTS

Zeno Group for Sovos
Sovos@Zenogroup.com




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