Sovos Buys Keane’s Unclaimed Property Consulting Services and Software

July 23, 2020

Global tax software provider Sovos today announced it has acquired Keane’s unclaimed property consulting services and reporting technology. The acquisition, Sovos’ fourth this year, makes 2020 the company’s most acquisitive year yet. The purchase of Keane’s software and consulting services deepens Sovos’ footprint in the unclaimed property compliance market, as states turn to these revenue streams to offset budgetary gaps that are widening amid COVID-sparked economic slowdowns.

Even before the pandemic, states increasingly viewed unclaimed property as a key revenue driver and audit target. High-profile lawsuits between states and an ongoing case before the United States Supreme Court have also raised awareness. At the same time, states have been expanding the types of abandoned property subject to regulation beyond traditional cash assets. States are also reducing dormancy periods and leveraging third parties to conduct multi-state audits that can last for years. These and other changing obligations present challenges for businesses, particularly those operating and reporting in multiple states.

“Unclaimed property is a growing concern of companies operating in the U.S., where it is estimated the vast majority – as many as 80% – are out of compliance,” said Andy Hovancik, CEO, Sovos. “By expanding our unclaimed property offerings, Sovos advances its long-range plan to deliver the most complete solutions and services for modern tax compliance and regulatory reporting, and safeguard our customers everywhere they do business.”

Keane’s consulting practice assists clients with state audits, penalty abatement, voluntary disclosures and escheated fund remission, and its enterprise-level solutions complement Sovos’ unclaimed property SaaS platform. Combining these resources solves a pressing need for insurers, financial institutions and other companies Sovos serves through its Tax and Regulatory Reporting business.

“Companies need SaaS and services support in unclaimed property compliance more than ever. On-premise software and paper-based processes are inaccessible to teams working from home during pandemic shutdowns, and more companies are looking to harness the cost benefits of remote work over the long term,” said Paul Banker, vice president and general manager of the Tax and Regulatory Reporting line of business at Sovos. “Whether companies choose to outsource reporting, a decision often triggered by audits, or use leading SaaS solutions to manage reporting in house, Sovos is uniquely positioned to deliver the best options for unclaimed property compliance.”

As the largest private filer of 10-Series IRS forms, Sovos works with the largest insurers and financial institutions operating in the United States. Many of these customers requested solutions with capabilities not only for tax information reporting, but also for unclaimed property compliance and statutory reporting. With the acquisitions of ETM in 2019Booke earlier this year and now Keane, Sovos delivers a broad regulatory reporting solution supported by deep expertise.

John Gledhill, vice president of corporate development for Sovos, said, “While its roots go back more than 40 years, Sovos has grown rapidly, both organically and through acquisition, since 2013. 2020 is an exceptional moment in that journey, as we mark our fourth acquisition of the year – a new company record.”

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. Clearsight Advisors served as financial advisor to Keane and Blank Rome provided legal counsel.

About Sovos
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more. The company supports more than 8,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout North America, Latin America and Europe, and is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.

About Keane
Since 1949, Keane has provided services to companies across all industries to address the intricacies of maintaining unclaimed property compliance. From unclaimed property compliance, consulting, and reporting services to customized owner communications programs, asset reunification and data analysis, Keane’s extensive knowledge and expertise help companies achieve compliance with state unclaimed property laws and regulations while identifying and mitigating the risks associated with noncompliance. Each of our services help clients retain customers, reduce costs, or protect account owners while successfully navigating the complexities of unclaimed property regulations.

Sign up for Email Updates

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

Additional Press Releases

October 16, 2020
Sovos Named a Leader by G2 for Sales Tax Compliance Software for Fall 2020

Sovos earns the coveted G2 ranking based on strong customer reviews BOSTON, October 16, 2020. Global tax software provider Sovos today announced it has been named a leader in the Sales Tax Compliance Software Category by G2.com, Inc. for Fall 2020. G2 is a software review platform where companies appraise business applications and performance. The Leader designation […]

Read More
August 20, 2020
Sovos to Gain New Investment by Hg Saturn and TA Associates, Fueling Continued Growth as Digital Transformation of Tax Accelerates Worldwide

BOSTON – August 20, 2020 – Global tax software provider Sovos today announced that Hg — a leading global software investor, partner and supporter of the expansion of Sovos for more than four years — will lead a further, majority investment in the company through the Hg Saturn 2 Fund. TA Associates, a leading global […]

Read More
July 27, 2020
Sovos Names Terry Melnik General Manager of Sales and Use Tax Line of Business

Global tax software provider Sovos today announced that Terry Melnik, formerly general manager at Oracle Netsuite’s OpenAir, has joined the company as GM of Sales and Use Tax. With 20 years’ experience in technology, management consulting and ecommerce, Melnik is charged with leading Sovos’ long-range plan in a market undergoing rapid change driven by the digital transformation […]

Read More
July 13, 2020
Cryptocurrency Exchange Platform Binance.US Selects Sovos for Tax Information Reporting

Global tax software leader Sovos today announced that cryptocurrency exchange platform Binance.US has selected Sovos for its 1099 crypto tax information reporting needs. The Sovos Tax Information Reporting solution will automate Binance.US’ 1099 forms and filings for crypto investors, reducing the potential for error and delivering automatic regulatory updates as the cryptocurrency compliance landscape continues to evolve. Founded in […]

Read More
July 7, 2020
Sovos Acquires U.K.-Based VAT Managed Services Company Accordance

Global tax software provider Sovos today announced it has acquired Accordance, a U.K.-based value-added tax (VAT) managed services company. Accordance has been a Sovos partner since 2018 and has implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients. The acquisition comes at a critical moment for VAT countries, where businesses face a range […]

Read More