Sovos, a leading provider of tax compliance and reporting software, announced today that it has appointed Peter Russell-Smith to the newly created role of Managing Director, EMEA. In his role, Russell-Smith will lead Sovos operations across the region, where the introduction of transaction-level reporting and tax transparency mandates have sparked a new wave of demand for modern tax compliance and reporting software solutions – including the Sovos Intelligent Compliance Cloud.
As countries throughout the European Union, APAC and Middle East introduce electronic invoicing and reporting measures at a rapid pace, businesses operating in this area of the world are challenged with ensuring compliance with new requirements. Following the global trend of technology-driven government regulations, many of these countries are now requiring electronic submissions of VAT records and transaction-level data from businesses. Businesses impacted by these regulations face challenges with updating technology infrastructures, managing increased volumes of data and ensuring accuracy of data submitted electronically to avoid risk.
“Peter’s appointment strengthens our ability to help our clients and partners navigate an increasingly rapid-response regulatory environment in Europe and the Middle East,” said Sovos president and CEO Andy Hovancik. “Peter has proven that he can lead high-growth software businesses in the region, and he’s exactly the guy we need to guide us through our next phase of growth.”
Russell-Smith, who will split his time between Sovos’ European offices in London and Amsterdam, comes to Sovos after driving double-digit revenue and profitability growth as President and CEO of McLaren software and Managing Director and Senior Vice President Asia Pacific for Intergraph Corporation. He has also held senior positions with PWC and Hewlett-Packard. An Australian national, he holds an MBA from Monash University.
Businesses across EMEA are facing a new wave of arduous regulatory reporting mandates, including electronic reporting and audit requirements for value-added-tax (VAT) and the newest tax transparency mandate, Common Reporting Standards (CRS) that requires financial institutions to report taxpayer information in more than 90 countries.
Sovos recently announced its Intelligent Compliance Cloud, the world’s first global platform for tax compliance and business-to-government reporting, which pairs world-class regulatory analysis with cloud software to safeguard businesses from the burden and risk of compliance around the globe.
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