Last week, Sovos purchased the unclaimed property consulting services and reporting technology of Keane. This acquisition boosts our SaaS and services offerings for unclaimed property compliance — just as states are hungry for revenue streams to offset their budgetary gaps.
This is a critical time for insurers, financial institutions and other companies facing compliance regulations related to abandoned property. As states grapple with revenue shortfalls magnified by COVID-induced slowdowns, they are expanding their definitions of the kind of property included, beyond traditional cash assets. Many states are also reducing dormancy periods. These changes present additional unclaimed property compliance challenges for businesses, particularly those operating, managing property and reporting in multiple states.
The potential revenue for states is so significant that in recent years, there have been several high-profile lawsuits between states fighting over unclaimed property funds, including the ongoing Delaware v. Wisconsin & Pennsylvania case before the United States Supreme Court. These court battles are raising awareness for companies that previously paid scant attention to their unclaimed compliance responsibilities — an estimated 80% of companies doing business in the United States remain out of compliance.
Complete SaaS and services for unclaimed property compliance
Keane’s consulting practice assists clients with increasingly frequent state audits, as well as penalty abatement, voluntary disclosures and escheated fund remission. The company’s enterprise-level unclaimed property solutions complement Sovos SaaS offerings, giving customers the full spectrum of software and services they need to comply with tightening state regulations.
That flexibility is also timely. Companies need SaaS and services support in unclaimed property compliance more than ever. On-premise software and paper-based processes are inaccessible to teams working from home during pandemic shutdowns, and more companies are looking to harness the cost benefits of remote work over the long term.
The Sovos promise to customers
Whether companies choose to outsource their unclaimed property reporting, a decision often triggered by audits, or use SaaS solutions to manage reporting in house, Sovos is uniquely positioned to deliver the market-leading option. As the largest private filer of 10-Series IRS forms, we work with insurers and financial institutions who trust us for complete, connected solutions with capabilities not only for unclaimed property compliance, but also for tax information and statutory reporting.
Following our acquisition of ETM in 2019, Booke earlier this year and now Keane, Sovos delivers a broad range of tax and regulatory reporting solutions supported by deep expertise. As always, our promise to customers is to deliver the most complete solution for modern tax and compliance everywhere companies do business, and we remain fully committed to keeping that promise.
Learn more about Sovos here.