Earlier today, Sovos announced the acquisition of Ecuador-based Stupendo, which provides automated e-invoicing services and processes that are regulated by the Internal Revenue Service (SRI) of Ecuador. While this news should be of particular interest to businesses headquartered or doing business in Ecuador, it also re-emphasizes something important to all our customers about the way Sovos is growing, right alongside the growing, accelerating demands of the digital transformation of tax.
With each company we acquire, Sovos is prioritizing in-country expertise. It’s a global strategy that is rooted in our belief that tax is, ultimately, local. And our customers need the support of local teams, building solutions in response to local regulations, to help businesses prosper wherever they operate.
Today’s announcement follows recent Sovos acquisitions in Chile, Mexico and Brazil, countries with some of the world’s most complex and mature digital tax compliance regulations.
Stupendo automates the billing, linking and collection processes on the client side, and the invoice reception, contracting and payment processes on the supplier side. Through its platforms, more than 20 million documents and transactions travel per month from large companies located in Colombia, Ecuador and Peru, thus becoming the main actor in the Andean region.
Stupendo focuses on innovating around customer needs, fostering team development in order to provide great customer service, and creating products that are simple to integrate into any ERP. The company’s team includes experienced specialists who guarantee compliance with local tax authorities, as well as interaction with the leading banking platforms in the markets where it operates.
2,000+ Tax Compliance Experts on a Mission
Ecuador has been gradually implementing e-invoicing requirements for years, starting with large companies as early as 2014 and medium-sized companies in 2018. By 2024, all companies in the country will be required to issue e-invoices. Helping them do so compliantly fits into our mission to Solve Tax for GoodⓇ.
While there’s plenty of work still to be done to reach that audacious goal, we’re moving forward. Today, Sovos is composed of more than 2,000 employees working in 12+ countries, serving more than 16,000 customers who are doing business in more than 70 nations. Whether those customers operate in one location or in dozens, we’re ready to provide them with the most complete solutions for modern tax, including tax determination, continuous transaction control (CTC) compliance, tax reporting and more.
Learn more about Sovos here.