Sovos, which is backed by Hg and TA Associates, has acquired Ecuador-based Stupendo, a provider of automated e-invoicing services and processes. No financial terms were disclosed.
BOSTON (PRWEB) JUNE 29, 2021
Global tax software provider Sovos today announced it has acquired Ecuador-based Stupendo, which provides automated e-invoicing services and processes that are regulated by the Internal Revenue Service (SRI) of Ecuador. With this acquisition, Sovos adds hundreds of customers in large, local corporations, as well as multinational companies operating in Ecuador, and continues a global growth strategy that prioritizes local expertise. Following recent acquisitions in Chile, Mexico and Brazil, Stupendo represents Sovos’ continued prioritization of Latin America, a region with some of the world’s most complex and mature digital tax compliance regulations.
Through organic innovation and strategic acquisitions, Sovos has built the most complete solution for modern tax, including tax determination, continuous transaction control (CTC) compliance, tax reporting and more. The acquisition of Stupendo extends Sovos’ existing e-invoicing compliance offerings in Latin America, where digital tax compliance innovation serves as a global benchmark.
“Stupendo’s products are complementary to Sovos’ offerings, and the combination will provide immediate value to customers in Ecuador, where the government is focused on digital transformation,” said Steve Sprague, general manager, Global Value-Added Tax, Sovos. “Ecuador has been gradually implementing e-invoicing since 2013, starting with large and mid-size businesses, and moving to smaller companies over the next few years. Sovos offers customers doing business in Ecuador and in more than 70 other countries the technology and services to help local teams execute on local priorities.”
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 Stupendo and Carey Abogados provided legal counsel.
John Gledhill, vice president of corporate development for Sovos, said, “Stupendo is the seventh acquisition for Sovos in the past 12 months, and the third in South America during that time. With a 250% increase in M&A activity over the prior 12 months, Sovos continues to prioritize growth that helps businesses prosper and communities thrive amid the accelerating digitization of tax and regulatory compliance.”
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more. The company supports more than 16,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.
Stupendo automates the billing, linking and collection processes on the client side, and the invoice reception, contracting and payment processes on the supplier side. Through its platforms, more than 20 million documents and transactions travel per month from large companies located in the main cities of Colombia, Ecuador and Peru, thus becoming the main actor in the Andean region. Stupendo focuses on innovating around customer needs, fostering team development in order to provide great customer service, and creating products that are simple to integrate into any ERP, infallible and easy to use. The company’s team is specialist and mature, with invaluable experience that guarantees the compliance of its platforms with the tax authorities of each country, as well as interaction with the leading banking platforms in the markets where it operates.