The IDC MarketScapes highlight Sovos as “dependable cloud tax software capable of supporting the compliance and regulatory demands on businesses of every size”
BOSTON – October 11, 2021 -Global tax software provider Sovos today announced it has been recognized as a Leader in both the “IDC MarketScape: Worldwide SaaS and Cloud VAT Software 2021 Vendor Assessment” and “IDC MarketScape: Worldwide Cloud-Enabled Sales and Use Tax Automation Software for Enterprise 2021 Vendor Assessment” reports. This marks the second time Sovos has been recognized as a Leader by the IDC MarketScape¹. According to the IDC MarketScape, Sovos is ideal for companies “looking for dependable cloud tax software capable of supporting critical tax compliance and regulatory demands.”
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.
“Sovos combines local expertise with a seamless, global customer experience across its full suite of compliance solutions,” said Kevin Permenter, IDC research director, financial applications. “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.”
The IDC MarketScape reports highlight Sovos’ strong cloud software platform, which is the world’s first complete solution for modern tax. It combines tax determination and reporting tools for sales and use tax, value-added tax (VAT) and other transactional taxes with modern, digital reporting and e-invoicing compliance software. The solution is supported by the proprietary Sovos S1 Platform, an architecture, development framework and cloud infrastructure built to deliver tax compliance software wherever and whenever businesses need it, without fail.
In addition, the report noted Sovos’ advanced APIs and its multiple physical data center approach, which recently achieved active-active status, delivering the security, reliability, scalability and flexibility businesses need to meet the escalating demands of modern tax.
“Digital tax compliance is a complex problem every business needs to solve. That’s why our mission is to Solve Tax for Good® and why we’ve built the most complete solution available for modern tax through organic innovation and strategic acquisitions,” said Andy Hovancik, President and CEO, Sovos. “Sovos’ positioning in the IDC MarketScape reports reflect our ongoing commitment to ensure frictionless commerce for our customers everywhere they conduct business.”
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 VAT report, “multiple customer references cited Sovos’ capability with e-invoicing as one of the major benefits of choosing their solution.”
For Sales and Use Tax for Enterprise, the report states, “Sovos’ Global Tax Determination Cloud scales horizontally to handle unlimited transaction volume. It delivers active-active clusters across globally distributed, secure data centers to enable differentiated reliability and no downtime, even in the event of a data center outage.”
Sovos was also named a leader in the “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales and Use Tax Automation Software for Small and Midsize Businesses 2021 Vendor Assessment.” This MarketScape report noted that “Sovos has flexible deployment options, with modern APIs, certified integrations, batch processing, and localized calculation.”
Sovos continues to expand its global footprint with expert teams around the world. In fiscal year 2021, Sovos completed nine acquisitions in six countries, an increase of more than 100% in mergers and acquisitions activity over the previous fiscal year. As a result, Sovos now has expert teams in 13 countries and supports customers operating in 70 countries.
Read the IDC MarketScape Reports:
¹IDC MarketScape Worldwide SaaS and Cloud-Enabled Sales Tax and Automation Applications. IDC# US43263718e. January 2019.
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Leah Cotton on behalf of Sovos