What the Sovos Acquisition of ETM Will Mean for Insurers, Financial Institutions

Andy Hovancik
May 29, 2019

It’s been quite a week at Sovos.

Hours after announcing Sovos’ intent to acquire Foriba, expanding our geographic footprint into Turkey and bringing together the pioneers of e-invoicing compliance, we shared our plan to expand into new and existing markets in the U.S. with the acquisition of Eagle Technology Management (ETM).

Eagle Technology Management (ETM) has a history of innovation in the insurance space, and its management team helped create the core markets the company now leads: U.S. insurance premium tax, statutory reporting and unclaimed property compliance.

Today, Sovos announced it will acquire ETM, adding to our breadth of technology and services solutions in areas our customers have requested.

With the acquisition of ETM, Sovos will:

  • Bring together two highly complementary organizations to solve some of the toughest tax and regulatory challenges our customers face.
  • Lead the U.S. market for tax information and regulatory reporting, insurance premium tax, and unclaimed property compliance.
  • Build on ETM’s strong reputation and its passionate team to accelerate growth.

ETM’s statutory reporting product is the de facto standard for the complex reporting burden U.S. insurance companies face on an ongoing basis, with more than 1,500 insurance company customers in the U.S. Nearly 5,000 customers have adopted ETM’s unclaimed property platform in just the past few years.

The company has long been a first-mover, bringing data transformation technology to insurers and other industries. ETM launched its Wings platform for integrated financial and regulatory reporting in 2003, followed several years later by the launch of its pure-play cloud computing portfolio of unclaimed property reporting products. UPExchange and UPExpress launched with the exclusive endorsement of the National Association of Unclaimed Property Administrators, and ETM’s proprietary online reporting network now connects businesses to state treasuries in 36 states – and growing.

The acquisition of ETM means Sovos can help customers manage more of their critical tax and regulatory demands. It represents one more step forward in our journey to Solve Tax for GoodTM. Together with ETM, we’ll help thousands more companies ease the risk and burden of high-volume, complex tax information and regulatory reporting.

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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.
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