Companies can proactively move to ensure compliance for tax and transactions between parties
BOSTON – August 24, 2022 – Global tax software provider Sovos today announced it has acquired Santiago, Chile-based TOC Biometrics, a leading provider of identity verification and electronic signature solutions throughout South and Latin America. TOC Biometrics designs flexible solutions that are adaptable to customers’ needs and help to speed up a company’s digitalization process. This acquisition will enhance Sovos’ solutions portfolio so that customers can ensure compliance with a growing range of legal and fiscal requirements for robust user identities in rapidly digitizing economies globally.
TOC significantly strengthens Sovos’ current capabilities in the field of biometrics – to date they have been credited with 200+ million ID verifications and 50+ million electronic signatures – specifically in the areas of electronic signature, where customers can now legally sign documents of any type digitally with full confidence that the user has been verified. TOC solutions enable seamless identity verification by measuring physical attributes to verify that a person is who they say they are. This greatly reduces the risk of impersonation, thus generating faster, safer and more efficient processes.
“Most companies are looking to stay ahead of digitalization trends and the minimum required by governments to create a higher standard of compliance and legal certainty for their organization. The TOC Biometrics acquisition builds upon the impressive portfolio of solutions Sovos already has in place, allowing our customers to transact anywhere in the world knowing they will be compliant and dealing with an authorized user,” said Alvaro Gonzalez, managing director, Latin America.
TOC Biometrics has already established itself as an innovator in South and Latin America. Driving change and developing new technologies and solutions that make it safer and easier for companies to conduct business digitally across a number of markets including banking, insurance and financial services among many others. With its flexible architecture, TOC solutions will complement Sovos’ existing portfolio well, providing the tools necessary to operate in even the most highly regulated areas while helping to eliminate fraud.
“We eliminate doubt about the validity of transactions for our customers by using biometric technology to confirm that an online user is the authorized person they are claiming to be. This is critical for the legitimacy of global commerce. Together with Sovos, we will be able to expand the usage of our best-in-class technology to a much larger user base across a broader geographic footprint,” said Ricardo Navarro, founder, TOC Biometrics.
Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates. The terms of the deal were not disclosed. Landmark Alantra served as financial advisor to TOC Biometrics and Letelier Nuñez Abogados provided legal counsel.
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About Sovos
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 sovos.com and follow us on LinkedIn and Twitter.
About TOC Biometrics
TOC Biometrics provides software and hardware for a multitude of applications requiring secure identity verification. Since our beginnings, TOC has had a significant presence in highly regulated industries due to the high level of security granted by our identity verification service without enrollment. We do not store information of any kind we just make the biometric match between the person and user identity on file. TOC digital signatures of documents deliver substantial administrative benefits. Read more: www.tocbiometrics.com
