Today, we announced Sovos will acquire Istanbul-based Foriba, bringing another global pioneer of e-invoicing compliance into the Sovos solution. The Foriba acquisition marks a milestone for Sovos and for our customers around the world, who face a monumental shift in digital taxation.
As tax administrations accelerate adoption of continuous compliance, businesses are dealing with the other digital transformation – the one countries are embarking on so they can tax companies in real time. Foriba is the market leader in e-invoicing, e-delivery notes, e-receipts and periodic VAT reporting in Turkey, and strengthens Sovos’ position as a leading global solution for this modern tax challenge. The acquisition underscores our promise to help organizations Solve Tax for GoodTM, no matter where they do business.
With this intent to acquire Foriba, we’re poised to do three important things:
- Expand the first global tax solution built for a digital world.
- Empower businesses to face new tax mandates in Europe and beyond.
- Further support large-scale SAP projects and help customers address tax compliance as they should – globally.
The digital transformation of taxation isn’t on the horizon – it’s already here
Turkey has had mandatory digital VAT controls for years – one of the few countries with a mature e-invoicing mandate outside of Latin America – and Foriba’s experience will be valuable as other countries continue to adopt e-invoicing, e-archiving and e-receipt regulations for B2B and B2C transactions.
By 2025, companies in industrialized and emerging economies are expected to exchange more than 75 percent of all invoices electronically with tax administrations in real time or very shortly after the invoice-exchange process, making e-invoicing compliance mission-critical.
Following our acquisitions of TrustWeaver, Paperless and Invoiceware in the past three years, the Foriba acquisition makes Sovos the clear choice in a global market poised for growth. We deliver a complete solution, with tax determination, e-invoicing compliance and tax reporting in one global offering.
As noted in the Forbes Insights report “Digital Taxation: How Businesses Are Responding To The New Wave In Global Tax Compliance” (sponsored by Sovos), the digital transformation of taxation isn’t on the horizon. It’s already here. Forbes surveyed more than 250 financial and IT executives to capture their perspectives and readiness for this shift. Eighty-seven percent of executives said the digital transformation of tax will have a dramatic impact on their industries.
Sovos is purpose-built to prepare companies for this moment.
Together, Foriba and Sovos look to move forward faster in our shared objective to help customers move tax where it belongs – into the digital financial core – so they can thrive in the new world of digital tax.
Read more about Sovos here.