Sovos Acquires Eagle Technology Management (ETM), Adding Unclaimed Property Reporting, Insurance Premium Tax, Statutory Reporting Solutions

May 29, 2019

Extended offerings will help solve toughest tax and regulatory compliance challenges for insurers, financial institutions and corporations

BOSTON (PRWEB) MAY 29, 2019

Global tax software provider Sovos today announced it will acquire Eagle Technology Management (ETM), which provides statutory financial reporting and insurance premium tax software to insurers, and unclaimed property reporting solutions and services to financial institutions, corporations and insurers in the United States. ETM’s technology will further strengthen Sovos offerings to help customers solve some of their greatest compliance challenges, including high-volume statutory reporting filings and diverse state requirements for unclaimed property reporting – an increasingly significant source of revenue for states and therefore a popular audit target for states.

ETM customers include more than 1,500 insurance companies in the U.S., and it is a leading provider in each of its core markets. The company’s statutory reporting product has become the de facto standard for the complex reporting burden U.S. insurance companies face on an ongoing basis. Additionally, nearly 5,000 customers have adopted ETM’s unclaimed property platform in just a few years, as businesses in the United States are subject to unclaimed property audits by 53 reporting jurisdictions. While the ETM solutions expand Sovos’ software coverage to meet additional customer needs, Sovos’ tax information reporting solutions will help ETM’s insurance, financial institution and corporate customers Solve Tax for Good™.

“ETM has a history of innovation in the insurance space, and its management team helped create the core markets the company now leads,” said Andy Hovancik, CEO, Sovos. “ETM’s technology and its passionate staff extend our ability to help customers manage more of their critical tax and regulatory demands, safeguarding their businesses from burden and risk.”

ETM has long been a first-mover, bringing data transformation technology to insurers and other industries. The company launched its Wings platform for integrated financial and regulatory reporting in 2003, followed several years later by the launch of its pure-play cloud computing portfolio of unclaimed property reporting products. UPExchange and UPExpress launched with the exclusive endorsement of the National Association of Unclaimed Property Administrators, and ETM’s proprietary online reporting network now connects businesses to state treasuries in 36 states, and growing.

“With this acquisition, ETM joins a company known for its expertise in translating tax compliance and reporting into high-performance software, which will benefit the customers we have long served,” said Layton Olson, CEO of Eagle Technology Management. “Sovos is the largest private filer of the 10-Series IRS forms so important in the insurance and financial markets we serve, and it has the trust of thousands of customers, including more than half the Fortune 500.”

Paul Banker, vice president and general manager of the Tax Information Reporting line of business at Sovos, said, “ETM adds to our breadth of technology and services solutions in areas our customers have requested, including statutory reporting and unclaimed property compliance, as well as insurance premium tax in the U.S. Our two companies complement each other, and together, we serve many of the largest U.S. insurance companies and financial institutions.”

The terms of the deal were not disclosed. Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses. EY served as financial advisor to Sovos, and Morris, Manning & Martin provided legal counsel. Shuttleworth & Ingersoll provided legal counsel to ETM.

“Sovos and ETM are built to lead the U.S. for high-volume, complex regulatory reporting to the clients we serve in the insurance and financial services markets, and we look forward to bringing this advantage to the broader industry,” said John Gledhill, vice president of corporate development for Sovos.

About Sovos 
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.

About Eagle Technology Management 
Founded in 2001, Eagle Technology Management (ETM) is the leading provider of software automating the administration and filing of financial information to meet numerous regulated reporting requirements. ETM developed a SaaS application for statutory financial reporting and has pioneered the development of electronic filing specifications and electronic payment to state regulatory departments. In 2009, ETM began providing unclaimed property reporting solutions and services. In 2017, the company became SOC 2 type 2 certified for software products and has served nearly 50,000 companies. For more information, visit http://www.byetm.com.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Additional Press Releases

ShipCompliant United States
September 19, 2019
N.Y. Liquor Authority Partners with ShipCompliant by Sovos to Expedite Alcohol Product Registrations Online

BOSTON, SEPTEMBER 19, 2019 Global tax software provider Sovos today announced that the New York State Liquor Authority (NYSLA) has selected ShipCompliant Product Registration Online (PRO), an online submission and approval system for state alcohol agencies, to digitize its brand registration and renewal process for the sale of beer, wine and spirits. The NYSLA is one of […]

Read More
E-Invoicing Compliance EMEA
May 28, 2019
Sovos Acquires Foriba, Bringing Together Worldwide Pioneers of E-Invoicing Compliance

Acquisition strengthens Sovos’ position as a leading global solution for modern tax amid worldwide acceleration of continuous compliance mandates BOSTON (PRWEB) MAY 28, 2019 Global tax software provider Sovos today announced it will acquire Istanbul-based Foriba, a leading player in e-invoicing, e-delivery notes, e-receipts and periodic value-added tax (VAT) reporting in Turkey and beyond. Following Sovos’ recent acquisitions […]

Read More
Tax Information Reporting United States
May 8, 2019
Paxos Chooses Sovos for High-Volume Tax Reporting

Crypto-asset platforms and exchanges move to solve tax challenges ahead of IRS regulation BOSTON (PRWEB) MAY 08, 2019 Global tax software leader Sovos today announced that Paxos, America’s first regulated crypto-asset platform, has chosen Sovos for its tax information reporting needs. Sovos’ Tax Information Reporting Solution will automate Paxos’ 1099-B forms and filings, eliminating errors and delivering automatic regulatory updates in […]

Read More
E-Invoicing Compliance EMEA Italy VAT & Fiscal Reporting
April 2, 2019
Sovos Extends Global Indirect Tax Solution to Simplify P2P Challenges

Embedded e-invoicing compliance, e-archiving and global tax determination will make procure-to-pay (P2P) platforms one-stop shop for the digital future of tax April 2, 2019 – AUSTIN – SAP Ariba Live – Global tax software leader Sovos today announced it has extended its embedded tax compliance solution for cloud-based procurement platform users. For more than a […]

Read More
Tax Information Reporting United States
March 12, 2019
New Sovos Tax Information Reporting Solution Solves Escalating Tax Challenges for Accounts Payable Leaders

Already regarded as the best 1099 reporting tool on the market, the recently upgraded Sovos Tax Information Reporting signed 150 new corporate and financial institution clients in just three months Sovos’ new TIR solution is the only product able to perform real-time taxpayer identification number (TIN) checks and offers a simplified data import, consolidating information […]

Read More