From our CEO Lucy Franklin, “As a global company focused on the full scope of VAT compliance needs, Sovos represents an opportunity for our clients, with a single partner for tax compliance everywhere they do business.”
To learn more about today’s announcement, read Sovos’ press release below.
Sovos Acquires UK-Based VAT Managed Services Company Accordance
Global tax software provider Sovos today announced it has acquired Accordance, a U.K.-based value-added tax (VAT) managed services company. Accordance has been a Sovos partner since 2018 and has implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients. The acquisition comes at a critical moment for VAT countries, where businesses face a range of new regulatory mandates, from changes in periodic reporting to continuous transaction controls (CTCs). Companies need to stay flexible during this global, digital transformation of tax, making both managed services and software essential. Sovos’ third acquisition of 2020 will help customers doing business in Europe easily navigate the transition ahead.
Technology is creating opportunities to streamline the integration and analysis of transaction data, enabling both business optimization and government tax control. Technology-enabled managed services give companies the agility to pivot resources as needed in response to these changing tax compliance demands. By combining both companies’ managed services, Sovos can accelerate the introduction of intelligent data integration and data quality dashboards coupled with cloud interfaces for customers to more easily manage any VAT compliance model as regulations evolve.
“Accordance adds a leading service provider with a robust customer base and unique VAT expertise to our growing European organization, strengthening the foundation for future global expansion,” said Andy Hovancik, CEO, Sovos. “With this acquisition, Sovos substantially increases our operations in Europe, where we already enjoy significant scale with more than 2,000 customers being served in the region.”