Press Release: Sovos Acquires Largest eReceipt Compliance Solution, Paperless, Creating First Global Solution for Business-to-Government Reporting

Sovos
August 2, 2017

With the acquisition, Sovos adds eReceipts to its real-time tax reporting solution, expands its presence in Brazil and extends Latin American operations to Chile, Colombia and Peru.

Wilmington, Mass. – Global tax compliance and reporting software leader Sovos announced today that it has acquired Chile-based Paperless to expand its real-time government reporting capabilities with electronic receipts and consumer point-of-sale tax reporting. With the acquisition, Sovos will expand its presence in Brazil and extend Latin American operations into Chile, Colombia and Peru.

 

Paperless is the world’s largest eReceipts and eDocuments company, processing more than two billion transactions across more than 40,000 third-party systems in 2016. Its solutions support global retailers and manufacturers like HP, InBev and Cencosud, the second largest retailer in South America.

 

The addition of Paperless makes Sovos the first software provider to offer a global solution for real-time business-to-government reporting, a highly disruptive form of regulatory compliance that has now spread to more than 60 countries.

 

“Over the last several years, we’ve helped our clients deal with a wave of disruptive tax reporting regulations across Latin America and Europe, and eReceipts, which has quickly become a significant burden for businesses that sell directly to consumers, is the latest example of that,” said Andy Hovancik, president and CEO of Sovos. “Paperless is the clear leader in the eReceipts space and the only solution capable of handling these high-volume transaction scenarios globally. That makes it the perfect solution to enhance our Intelligent Compliance Cloud – and a critical solution for enabling our clients to stay ahead of eReceipts regulations as they spread around the world.”

 

With the rapid pace of globalization, governments across the globe are leveraging technology to close tax loopholes. Though each country differs in specific requirements, the shift toward real-time, detailed tax reporting is transforming business-to-government compliance at every point in the supply chain – and leaving businesses scrambling to replace outdated tax compliance processes and systems.

 

By acquiring Paperless, Sovos builds on the value of its Intelligent Compliance Cloud, a unique global compliance platform that helps more than 4,500 companies, including more than half the Fortune 500, reduce the burden and risk of tax compliance and business-to-government reporting.

 

The Sovos Intelligent Compliance Cloud currently supports a wide range of business-to-government reporting requirements, including eInvoicing in 10 Latin American countries and, most recently, SII reporting for businesses operating in Spain. The addition of Paperless expands those capabilities to business-to-consumer transactions for the first time.

 

“For more than 14 years we have been expanding our eReceipts solutions over Latin America,” said Alfredo Guardiola, CEO of Paperless, “We are delighted to join Sovos as it gives us the opportunity to expand worldwide and merge our best practices in a holistic solution for our customer base.”

 

This is Sovos’ second major acquisition within the past year in Latin America, known as the most challenging regulatory environment in the world. In 2016, Sovos acquired Invoiceware International, a regional eInvoicing and eAccounting compliance solution, to support its more than 500 multi-national clients that are facing increasingly complex requirements in the region where eInvoicing requirements are predicted to hit 98 percent adoption by 2024.

 

“Latin America has been a global proving ground for innovative methods by governments to enforce and collect tax from the companies operating within their borders. What starts there, spreads around the world,” said John Gledhill, vice president of corporate development at Sovos. “Our acquisition of Paperless, together with our recent acquisition of Invoiceware, sets Sovos up to lead the way forward for tax compliance and business-to-government reporting software in the region – and across the globe.”

 

Sovos is owned by London-based HgCapital and Vista Equity Partners. EY Chile served as financial advisor to Sovos, and Skadden provided legal counsel. ALTIS served as financial advisor to Paperless and Dalgalarrando, Romero & Cia provided legal counsel.

 

About Sovos

Sovos is a global leader in tax compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance around the world. As governments go digital, businesses face increased risk and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with a cloud software platform to create an adaptable, connected and global compliance solution that keeps businesses ahead of the ever-changing regulatory environment. Sovos supports 4,500 companies, including half of the Fortune 500, and integrates with a wide variety of business applications. Based in Boston, Sovos has offices throughout North America, Latin America and Europe. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.

 

About Paperless

Paperless is the leading electronic receipts and electronic document management company in Latin America, processing over two billion documents per year for global enterprise businesses. For more than 14 years, Paperless has provided long term, scalable solutions that are easily implemented into over 40,000 systems. As a comprehensive Clean Technologies solutions provider, Paperless offers eInvoicing, eReceipts, eContracts, eBookkeeping, eFactoring, and advanced electronic signature solutions including biometry.

Sign up for Email Updates

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

Author

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.
Share this post

North America Tax Information Reporting
March 22, 2024
Market Conduct Annual Statement Reminders and More

On the second Wednesday of each month, Sovos experts host a 30-minute webinar, Water Cooler Wednesday, to share the latest updates on statutory filings. In March, Sarah Stubbs shared information about the many filings due after March 1, from Market Conduct Annual Statements to health supplements for P&C and life insurers writing A&H businesses and […]

North America ShipCompliant
March 21, 2024
How Producers Can Build a DtC Shipping Market

Direct-to-consumer (DtC) shipping has become one of the leading sales models for businesses of all sizes and in all markets. The idea of connecting directly with consumers is notably attractive, as it helps brands develop a personal relationship and avoid costly distribution chains. Yet, for all its popularity, DtC is often a hard concept to […]

North America ShipCompliant
March 20, 2024
Key Findings from the 2024 DtC Beer Shipping Report

This March, Sovos ShipCompliant released the fourth annual Direct-to-Consumer Beer Shipping Report in partnership with the Brewers Association. The DtC beer shipping report features exclusive insights on the regulatory state of the direct-to-consumer (DtC) channel, Brewers Association’s perspective and key data from a consumer preferences survey. Let’s take a deeper dive into some of the […]

March 20, 2024
As the World Gets Smaller, Think Bigger About Global Tax Compliance

For the past few weeks back, my colleagues and I have been talking a lot about the importance of a global strategy when it comes to addressing today’s modern tax environments. On the heels of Sovos introducing the Sovos Compliance Cloud, many in our company’s leadership team have blogged about related topics and the critical […]

North America ShipCompliant
March 12, 2024
Florida HR 583 Set to Uncork Larger Format Wine Bottles

Florida wine lovers could soon enjoy a bigger selection of bottles based on a recent bill passed by the state’s legislature (HR 583) that would remove the existing cap on wine bottle sizes. What is Florida’s HR 583 bill? Currently, Florida law prohibits the sale of wine in bottles larger than one gallon (a little […]