Why Our Acquisition of TrustWeaver is an Important Milestone in the Evolution of Modern Tax Software

Andy Hovancik
May 3, 2018

By Andy Hovancik – President & CEO

Today, we announced the acquisition of Stockholm-based TrustWeaver to create a clear leader in modern tax software.

TrustWeaver has become a seal of approval for the world’s largest procure-to-pay and AP systems. This is a testament not only to the effectiveness of its e-invoicing software and integrations, but also to its ability to monitor and interpret regulatory change around the world.

With the acquisition, we are poised to do three big things together:

  1. Create the first complete solution for global e-invoicing, handling both post-audit and clearance models in 60 countries.
  2. Combine the talented teams that pioneered e-invoicing software — and in the process, shape the future of digital tax compliance worldwide.
  3. Deliver a complete tax solution, including tax determination and reporting, in the world’s leading purchasing and AP systems, including SAP Ariba, IBM and Coupa.

We’ve reached a tipping point in modern taxation.

Governments are quickly adopting digital models to better collect every type of transactional tax, including VAT, GST and sales & use tax. As a result, businesses are faced with mounting complexity, rising costs and unparalleled risks.

Last month, the European Commission granted Italy permission to mandate e-invoicing, making it the first country in the European Union to do so. Italy’s move paves the way for rapid expansion of real-time, transaction-level reporting in Europe.

The game is changing.

Here at Sovos, we’ve assembled the only solution capable of dealing with the complexities of modern tax, a complete software platform with global tax determination, complete e-invoicing compliance and a full range of tax reporting solutions including e-accounting and e-ledger.

TrustWeaver is our third e-invoicing acquisition in two years, and it’s one of the most important acquisitions in our history.

TrustWeaver has built up coverage across Europe, the Middle East, Africa and Asia Pacific regions, complementing our strength in Latin America. And, it adds support for “post-audit” compliance, including e-signatures in compliance with the eIDAS Regulation, which is an onerous set of standards for electronic trust and identification in Europe.

With the addition of TrustWeaver, we’re one step closer to our mission, which is to reduce the friction between businesses and governments so commerce can grow faster and communities can thrive by simply collecting the tax they’re already owed.

Read the IDC Link: Sovos Acquires TrustWeaver, Strengthening its Market Position, May 17, 2018 by Kevin Permenter.

Sign up for Email Updates

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

Author

Andy Hovancik

As president and Chief Executive Officer, Andy guides Sovos’ mission to deliver peace of mind through intelligent compliance for the 4,500 clients that are met with demanding tax compliance and reporting obligations while growing their businesses. Andy joined the company in January 2013 at a time when the industry expertise, market leadership and experience of Taxware, VAT Resource, Convey and ShipCompliant solutions were combined under Sovos to resolve businesses’ most complex compliance challenges on a global scale. His leadership experience spans more than 25 years, during which time he has successfully grown technology companies with a forward-thinking approach to solving key challenges in the services and manufacturing industries. With 15 years of experience in regulatory and compliance software, Andy understands the challenges faced with business-to-government compliance and ensures Sovos serves as a proactive partner in compliance, rather than a reactive solution. Andy holds a B.A. in Business Management & Marketing from Cornell University and an M.B.A. from Tulane University.
Share This Post

Tax Compliance United States
November 14, 2019
The Top 5 Most Common Unclaimed Property Compliance Mistakes

Full compliance when it comes to unclaimed property requirements can be difficult to determine. For many businesses, it isn’t until they are audited and fined that they find out they made a mistake. Below are the most common mistakes businesses make when complying with unclaimed property requirements. 1. Reporting is mandatory Reporting unclaimed property is […]

EMEA Tax Compliance VAT & Fiscal Reporting
November 13, 2019
Revisiting the EU VAT “2020 Quick Fixes”

Part 3:  Chain Transactions This is the third in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes” that aim to standardise certain VAT rules throughout the EU. Part one of this series focussed on VAT Identification of the Customer, whilst part two provided guidance on the Exemptions of Intra-Community […]

E-Invoicing Compliance EMEA
November 12, 2019
Will the myDATA Project be Delayed in Greece and Mandatory E-Invoicing be Introduced?

Two months after closing the public consultation on the myDATA scheme, the Greek tax authority, IAPR, has yet to share the feedback received from the industry on the proposed scheme or make any official announcement in this regard. However, local discussions indicate that, the IAPR may reintroduce its initial agenda proposed back in August 2018, […]

Tax Information Reporting United States
November 7, 2019
IRS Tax Gap Data Previews the Future of 10-series Reporting Requirements

A recent fact sheet released by the IRS shows the latest tax gap estimates and overall taxpayer compliance and demonstrates why the IRS is likely to strengthen its tax reporting enforcement policies. The findings are based on data from tax years 2011, 2012 and 2013. The purpose of this document is to let the public […]

Sales & Use Tax United States
November 7, 2019
Improving Sales Tax Automation in Manufacturing

Managing manufacturing sales tax is complex for a number of reasons. You may have thousands of SKUs with taxability rules that differ across states, as well as hundreds, if not thousands, of exemption certificates to track and keep up to date for your customers. Additionally, tracking your own inventory for materials used internally that are […]