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. “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.”
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.” Source www.cpapracticeadvisor.com
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.
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.” 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.
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