When Sovos acquired Istanbul-based Foriba two years ago, we saw it as a key piece to the global puzzle we promised to complete on behalf of our customers. Following our previous acquisitions of Paperless in Chile and Trustweaver in Sweden, the Foriba acquisition represented the bringing together of the global pioneers of e-invoicing compliance. Since entering Turkey in 2019, Sovos has established a software development center of excellence in Istanbul that is building technology solutions for customers doing business in Turkey and throughout Europe and Asia.
Sovos to Acquire Istanbul-Based e-Transformation Compliance Company Digital Planet
Today, with the announcement of our intent to make a second acquisition in Istanbul, Sovos is strengthening its investment not only in Turkey, but in the product innovation that will support our customers and future customers as real-time regulatory mandates take hold across the region and around the world. Istanbul-based Digital Planet delivers cloud solutions for a range of e-transformation mandates, including e-invoicing, e-receipts, e-delivery note and e-ledger. Upon completion of the acquisition, Digital Planet will add a strong partner channel and a significant customer base of large enterprises and small-to-medium businesses.
Turkey is one of only a few countries outside of Latin America with mature e-invoicing and other wholly digital tax and regulatory mandates. Digital Planet has 20 years’ experience supporting businesses of all types and sizes with solutions to ease digital transformation challenges. It also delivers customer communication management for banks, telecommunications firms and insurance companies, which use Digital Planet solutions to provide telephone bills, bank receipts, credit card statements, insurance policies and other personalized documents.
Upon completion of the acquisition, the talented Digital Planet team will join our employees in Istanbul, who have recently developed solutions for continuous transaction control (CTC) mandates in Greece, India and Saudi Arabia. The Sovos software development and management teams in Turkey also led the recent modernization of Sovos Advanced Periodic Reporting, which centralizes and streamlines indirect tax compliance processes for businesses operating across Europe, the Middle East, Africa, Latin America and Asia.
Strategic Acquisition Reflects Sovos Commitment to Solve Tax for Good®
We see today’s announcement as good news for companies of every size, which are required to keep up with the digital transformation governments are compelling them to make. Tax, regulatory and other authorities want more transparency into business transactions, and that presents complex compliance challenges. Sovos intends to be businesses’ best partner for meeting those challenges, and our growth strategy is key to that commitment.
We expect to close the Digital Planet acquisition by the end of the calendar year, pending regulatory approval and other customary closing conditions. When Digital Planet joins Sovos, our combined organization will deliver secure, stable and scalable technology products, services and support to meet the complete needs of customers. It will also mark our eighth acquisition in 2021, a milestone made possible by more than 2,000 Sovos employees working diligently in 13 countries to fulfill our mission to Solve Tax for Good.
Learn more about Sovos here.