Marketscape Report

Sovos Named a Leader in “IDC MarketScape for Worldwide SaaS and Cloud VAT Software”

Marketscape Report

Sovos Named a Leader in “IDC MarketScape for Worldwide SaaS and Cloud VAT Software”

The IDC MarketScape: Worldwide SaaS and Cloud VAT Automation Software 2021 Vendor Assessment has been released and Sovos has been recognized as a leader.

IDC MarketScape is the premier vendor assessment tool for the information and communications technology (ICT) industry. The report provides in-depth technology market assessments of ICT vendors for a wide range of markets. The comprehensive assessment of market competitors offers critical information needed to evaluate technology solutions.

As noted by Kevin Permenter, IDC research director, financial applications, “Sovos combines local expertise with a global customer experience across its full suite of compliance solutions. They are a strong choice for companies of any size looking for cloud tax software and services to meet compliance and regulatory demands anywhere they do business.”

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Download The IDC MarketScape For Value Added Tax

The report identifies a number of Sovos strengths, including:

Cloud platform: Sovos provides users with a strong cloud software platform that gives the user access to tools and data in a consistent user experience. The cloud platform is supported by a multiple physical datacenter approach. In addition, Sovos APIs are compatible and optimized to work with additional SaaS, on-premises, and customer-built financial systems and workflows.

Globalization: With recent acquisitions, Sovos is a global solution with local expertise, supporting customers operating in more than 70 countries with aggressive growth plans for further geographic expansion. Sovos has a growing roster of multinational, enterprise, and SMB customers around the world.

e-Invoicing compliance: Multiple customer references cited Sovos’ capability with e-invoicing and continuous transaction control (CTC) compliance as one of the major benefits of choosing their solution. e-Invoicing compliance is particularly important for larger enterprises with
complex tax processes and regulatory demands

Sovos is the only scalable, end-to-end solutions for VAT and sales and use tax compliance

Governments across the globe – from Chile to India – are enacting complex new policies to enforce VAT mandates, obtain unprecedented insight into economic data and close revenue gaps – but every country writes its regulations differently. As a result, companies – from small and medium businesses to multinational corporations – are challenged to ensure compliance despite diverse VAT enforcement approaches.

The IDC MarketScape highlights Sovos’ use of automation and advanced technology to provide continuous and real-time e-invoicing compliance. According to the report, “multiple customer references cited Sovos’ capability with e-invoicing as one of the major benefits of choosing their solution.”

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