Sovos Acquires Largest eReceipt Compliance Solution, Creating First Global Solution for Modern Business-to-Government Reporting

Sovos
August 1, 2017

We’re excited to announce the acquisition of Paperless, which expands our real-time government reporting capabilities with electronic receipts and consumer point-of-sale tax reporting – and extends our presence in Latin America.

Paperless, which is based in Santiago, Chile, is the world’s largest eReceipts and eDocuments company, processing more than two billion transactions last year across more than 40,000 third-party systems. Its solution supports more than 250 of the world’s largest retailers and manufacturers, including HP, InBev and Cencosud, the second largest retailer in South America.

The acquisition builds on the value of the Intelligent Compliance Cloud, providing two big advantages to our clients and to the market:

1. The First Global Solution for Real-Time Government Reporting

The addition of Paperless makes Sovos the first software provider to offer a global solution for real-time, transaction-level reporting, a highly disruptive form of regulatory compliance that has now spread to more than 60 countries.

Paperless adds support for real-time compliance on high-volume consumer transactions, adding to Sovos’ existing business-to-government reporting solutions for transactions with businesses and with the government.

2. Expanded Presence in the Most Complex Regulatory Environment

With the acquisition of Paperless, Sovos expands its reach in Latin America, giving our clients access to the relationships and regional expertise needed to thrive in the region — and to stay ahead of disruptive regulatory change in every region of the world.

Latin America has been a global proving ground for innovative tax collection and enforcement for more than a decade. Our acquisition of Paperless, together with our recent acquisition of Invoiceware, sets Sovos up to lead the way forward for tax compliance and business-to-government reporting as real-time reporting becomes the norm on every continent.

Building on our existing operations in Brazil and Argentina, this acquisition both expands our presence in Brazil and extends our reach into Colombia, Chile and Peru.

Sovos CEO Andy Hovancik had this to say about the acquisition:

“Over the last several years, we’ve helped our clients deal with a wave of disruptive tax reporting regulations across Latin America and Europe, and eReceipts, which has quickly become a significant burden for businesses that sell directly to consumers, is the latest example of that. Paperless is the clear leader in the eReceipts space and the only solution capable of handling these high-volume transaction scenarios globally. That makes it the perfect solution to enhance our Intelligent Compliance Cloud – and a critical solution for enabling our clients to stay ahead of eReceipts regulations as they spread around the world.”

Governments Have Gone Digital. We’ve Built Sovos to Keep You Ahead.

With the rapid pace of globalization, governments all over the world are leveraging technology to close tax loopholes. Though each country differs in specific requirements, the shift toward real-time, detailed tax reporting is transforming business-to-government compliance at every point in the supply chain – and leaving businesses scrambling to replace outdated tax compliance processes and systems.

By acquiring Paperless, we’re fortifying our approach to helping more than 4,500 companies, including more than half the Fortune 500, reduce the burden and risk of tax compliance and business-to-government reporting.

The Sovos Intelligent Compliance Cloud currently supports a wide range of business-to-government reporting requirements, including eInvoicing in 10 Latin American countries and, most recently, SII reporting for businesses operating in Spain. The addition of Paperless expands those capabilities to business-to-consumer transactions for the first time.

Stay tuned in the coming months for more news on the addition to Paperless and its eReceipts and eDocuments solutions to the Intelligent Compliance Cloud.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
Share This Post

LATAM VAT & Fiscal Reporting
May 20, 2020
Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

ShipCompliant United States
July 2, 2020
Direct Wine Shippers Have a New Tax Burden in Chicago

As of July 1, 2020, wineries making direct-to-consumer (DtC) shipments of wine into the city of Chicago will face an additional tax burden. Under Chicago ordinance O2020-801, the city’s Liquor Tax will now apply to all sales of alcohol to consumers in the city.  What Is The Chicago Liquor Tax? Chicago has long imposed an […]

Tax Compliance Tax Information Reporting United States
July 2, 2020
New Educational Course: Tax Compliance and Accounting for Captive Insurers

Finding relevant insurance accounting education has always been a challenge for insurance professionals. Insurance is a global industry. But, the financial reporting and tax rules for insurance transactions represent only a small niche within the extensive realm of statutory and GAAP guidance.  Captive insurance companies are yet another niche within that, which only narrows the […]

Sales & Use Tax United States
July 1, 2020
New Rules for Remote Sellers in Louisiana

Beginning July 1, remote sellers making sales into Louisiana must register with the Louisiana Sales and Use Tax Commission for Remote Sellers (“the Commission”) in order to be compliant with new requirements to collect, remit and report state and local sales tax. The information below is intended to explain what companies will be impacted, what […]

Sales & Use Tax United States
July 1, 2020
Back to Basics: Seven Things You Need to Know About CSPs & SST

Sales & Use Tax is complex and growing more so by the day. The number of jurisdictions, tax forms and rate changes makes managing these processes enough to deplete the resources of even the most experienced accounting and finance teams.  States have been working to alleviate the burden on companies by providing programs that allow […]

EMEA Tax Compliance VAT & Fiscal Reporting
July 1, 2020
Digital Services Tax Debate Intensifies

On 18 June 2020 European officials announced that an EU-wide digital services tax (DST) will be introduced if the US’s recent withdrawal from global tax negotiations stops international agreement. The US’s withdrawal follows the United States Trade Representative’s (USTR) initiation of Section 301 investigations into DSTs adopted or proposed in the EU and nine countries. […]