Sovos Strengthens Complete, Connected Tax Compliance in Brazil with Latest Acquisition

Andy Hovancik
March 3, 2021

For businesses headquartered or operating in Brazil, the constantly shifting Nota Fiscal compliance regulations are a well-known pain point. The Sistema Público de Escrituração Digital (SPED) reporting rules debuted in 2008 to digitize paper invoices and records, and the rules continue to change frequently, creating complexity and risk. These difficulties are deepened for businesses that still rely on legacy on-premise compliance solutions, which is why cloud-first options are in heavy demand for Brazil.

Today, Sovos strengthened its support for customers doing business in Brazil with the acquisition of Fit Sistemas, a leading provider of cloud-based SPED reporting and e-invoicing solutions. Following our acquisition of São Paulo-based Taxweb in 2020, today’s announcement reflects our continued commitment to the region. We’ve created a uniquely complete cloud solution for Nota Fiscal compliance, with tax determination, continuous transaction control compliance (CTC) and SPED reporting – all three pillars critical for managing modern digital tax.

A 360-degree view of the Brazilian tax environment

Brazil has one of the most diverse and rapidly changing regulatory environments in the world. New tax laws are continuously being introduced, and existing laws are often amended without notice. Fit Sistemas has built 100% software-as-a-service (SaaS) solutions to address this challenge, and the company’s offerings complement Sovos’ existing solutions. Following this key milestone on our road to Solve Tax for Good, Sovos is the only vendor to provide a scalable, end-to-end solution capable of ensuring e-invoicing compliance in Brazil and more than 65 other countries.

Fit Sistemas brings reporting capabilities and cloud building blocks to Sovos customers in a variety of industries, including telecom, retail, agriculture, media and financial services. Its solutions are integrated with leading ERP systems, including SAP, Oracle NetSuite, Totvs, Sintel, CITEL and IFS. And the company’s APIs integrate data flow and process validation and authorization of outbound and inbound invoices related to the NFe (e-invoice), CTe (transport services document), NFCe (electronic consumer receipt), SAT (electronic tax coupons) and DFe (electronic fiscal document) mandates in Brazil.

Worldwide tax compliance fueled by local expertise

Sovos has acquired a half dozen companies in the past 12 months – a pace inspired by the rapid digital transformation of tax. Our customer base has grown, as well, to more than 12,000 companies operating in more than 70 countries. And our own global team now includes 1,700-plus committed employees working in more than 11 countries throughout the Americas and Europe.

As Sovos grows in response to accelerating tax and regulatory change around the world, we are guided by the principle that our global tax compliance strategy is fortified by our investments in local expertise. We welcome the Fit Sistemas team to Sovos and look forward to all we’ll deliver together.

 Learn more about Sovos here.

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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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