Sovos Makes Back-to-Back Statutory Reporting Acquisitions with Purchase of Booke

Andy Hovancik
February 4, 2020

In 2019, Sovos acquired Eagle Technology Management (ETM) for its history of innovation in statutory reporting and other key compliance solutions for U.S.-based insurance companies. Today, Sovos announced the acquisition of Booke, which provides critically important educational seminars to employees of American insurance companies and the Internal Revenue Service (IRS) on topics across property, casualty, life and health insurance sectors.

U.S. law requires insurance companies to submit a series of statutory reports, state compliance forms and premium tax forms to individual state insurance departments and the National Association of Insurance Commissioners (NAIC). Significant state-by-state variation and complexity drives demand for software to support insurance companies in meeting reporting requirements, and professionals from insurance companies and the IRS alike need frequent training to stay up to date on changing regulations.            

With ETM, Sovos acquired the industry’s leading statutory reporting technology to meet these needs. Booke brings additional software capabilities for federal income tax (FIT) filing and compliance, the industry’s most trusted educational resources, and customers that include many of the top insurance companies operating in the United States. Booke’s professional education programs, combined with Sovos software solutions, promise to be a powerful driver in alleviating the burden of compliance on American insurance companies.

Solving the insurance market’s toughest compliance challenges

This acquisition is another milestone moment in the Sovos journey to solve customers’ toughest challenges for good. With the Booke acquisition:

  • Sovos becomes the leading provider of statutory reporting solutions and educational services. Booke brings a respected and essential educational component to our Tax and Regulatory Reporting business.
  • Sovos solves the full spectrum of tax and regulatory compliance challenges for the vast majority of U.S. insurance companies. More than 7,000 customers, including half the Fortune 500, trust Sovos. We’re the largest private filer of IRS tax information forms, and we translate tax compliance and reporting into stable, reliable, high-performance cloud software.
  •  Sovos supports customers through their busy seasons and all year long. Many Sovos and Booke customers are entering the busy first-quarter filing season. Neither group will feel any disruption to their solutions, resources or support as Booke joins Sovos.

Sovos made a promise to customers and future customers that we would Solve Tax for GoodTM. Because we’re committed to that mission, we continue to expand both organically and through acquisition around the world. We help thousands of companies ease the risk and burden of modern tax and regulatory compliance, and we look forward to extending that support to our growing customer base.

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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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