This blog was last updated on June 14, 2024
With the acquisition of Eagle Technology Management (ETM) and Booke Seminars, Sovos has united the very best in statutory reporting solutions, technology and expertise. Below is an overview of our strategy following these acquisitions:
Sovos’s SaaS and Security Strategy
Sovos at its core is a Software as a Service (SaaS) and cloud-first company. This means that as Sovos continues to expand our technology and service offerings we will always prioritize operating in the cloud before any other means. Sovos has a long history of operating our products in our private cloud infrastructure giving us the granular control necessary to serve the largest financial institutions and insurers in the world while meeting the rigorous security requirements to do so. More recently Sovos has been adopting public cloud infrastructure, where practical, to meet the needs of our customers and the global markets we serve. Sovos certifies to the ISO27001 Information Security Management Standard and is SOC 2 certified to ensure data security, availability, and confidentiality requirements are met. Sovos also utilizes SSAE 16 audited data centers.
Wings Takes Flight with TCP Enhancements
As Sovos evaluates the companies we acquire, we closely review the technology behind the solutions we’re acquiring. Sovos’ SaaS and cloud-first strategy became even more apparent through the acquisitions of statutory reporting market leaders Eagle Technology Management (ETM) and Booke. In Wings, we found a powerful technology solution that meets the complex needs of the statutory reporting space while being a great technology fit for the overall Sovos cloud ecosystem. By acquiring Booke, Sovos added the deep knowledge and expertise of Booke educators providing educational services to all insurers. While Booke offered an Annual/Quarterly Statement solution (TCP), this solution did not support Sovos’ SaaS and cloud-first strategy through its on-premise only deployment option. Because of this, Wings will be the solution being enhanced and built upon moving forward. The legacy ETM and Booke teams are collaborating to ensure the best parts of TCP influence the investment decisions we make in Wings over the coming years.
Sovos’s Expertise and Technology Investment
Today, Wings is a thin client SaaS offering which requires a small piece of software to be downloaded. There are several ways to seamlessly automate this download and Sovos has been able to accommodate thousands of organizations’ internal infrastructure and software deployment policies to date. However, the download will not be required much longer. In the near future, Sovos is releasing a browser-based offering that is being built from the same foundation as the market leading Wings solution, with all the current power and tools behind it. As soon as early fall 2020, we will have early adopter clients accessing the browser based offering to provide feedback enhancing the end user experience before general release to all Wings customers. With both acquisitions, Sovos not only has the ability to build out our education, regulatory, support and account management teams to provide a full compliance offering, but also has the ability to evolve these products as industry needs change using the latest and greatest technology available. What does this mean to our clients? State of the art technology, marrying two powerhouse solutions in the industry backed by educators and experts who can support your statutory compliance and reporting needs far into the future.
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