Sovos Buys Keane’s Unclaimed Property Consulting Services & Software as States Accelerate Audits

Andy Hovancik
July 28, 2020

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.

Sign up for Email Updates

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


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

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 […]

August 12, 2020
Can IPT Drive Behavioural Change in the Population?

Unprecedented times. It’s a phrase that’s been used so much of late but the pandemic is certainly not the first incident that has adversely affected society on a global scale. Before coronavirus, there had been a strong focus on environmental issues and initiatives. With an increase in extreme weather incidents over the last decade, governments […]

E-Invoicing Compliance EMEA
August 12, 2020
Portugal: Details on the QR Code and UUID Expected

In February last year, the Portuguese government published the Law Decree 28/2019 rolling out changes affecting e-invoices. The goal of the Law Decree is to simplify and consolidate pieces of law that are scattered around the Portuguese legal framework. However, the effectiveness of many of those rules is still dependent on further regulation, such as […]

August 11, 2020
10 Steps to Expand Your Winery

Looking to enter a new market or bring new wines to the marketplace? Growing any business can be complicated, and the beverage alcohol industry is no exception. Not knowing how or where to begin can be the biggest hurdle. From market research and branding to strategic considerations and compliance, this 10-step guide will get you […]

August 10, 2020
Ask Alex: Your Bev Alc Compliance Questions Answered (August 2020)

Do you have questions about the rules, regulations, and compliance requirements of the beverage alcohol industry? This series, Ask Alex, is a perfect opportunity to get those pressing questions answered straight from one of the industry’s regulation and market experts, Alex Koral, Senior Regulation Counsel, Sovos ShipCompliant.  To take advantage of this opportunity and get […]

Tax Compliance
August 7, 2020
GAO Urges IRS to Overhaul 1099 Reporting for the Gig

A couple of weeks ago, the Government Accountability Office (GAO) released a report to the Senate Finance Committee describing the issues the IRS faces in enforcing income tax compliance for gig economy workers. The report highlighted long-standing issues the government has been grappling with in receiving tax information necessary to enforce compliance along with specific […]