Oracle Acquires NetSuite

Sovos
July 28, 2016

While many others were out enjoying summer, a major acquisition has taken place that affects the enterprise sales tax reporting industry. Oracle has acquired the e-commerce software company NetSuite. In a deal worth $9.3 billion, NetSuite was one of the first “cloud” companies. Larry Ellison, the chairman of Oracle chairman, was an early investor and many had speculated that this unification was inevitable. “Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, Chief Executive Officer, Oracle. “We intend to invest heavily in both products – engineering and distribution.” Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. NetSuite provides a suite of cloud-based financials/Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organizations, and subsidiaries in more than 100 countries. Sovos partners with both Oracle and NetSuite, offering integrations for both. Our SaaS and On Premises Sales Tax offerings are designed to help businesses streamline your sales tax determination, calculation and filing needs. At Sovos, we excel at business-to-government compliance and we will continue to partner with both to offer solutions to businesses that will meet their needs. Our solutions integrate with ERPs to help retailers of all sizes in all types of industries.

Want to Read More about the NetSuite Acquisition?

To read more about this acquisition, please see these articles in Forbes and Internet Retailer as well as Bloomberg.

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Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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