Strategic acquisition strengthens Sovos’ global Continuous Transaction Control (CTC) and Goods & Services Tax (GST) footprint with established customer base in critical growth market
ATLANTA, GA – August 12 – Sovos, the always-on tax compliance company, today announced it has entered into a definitive agreement to acquire the Tax Technology ASP business unit from APAC-based IRIS Business Services, a global regtech company providing compliance solutions to regulators, enterprises and financial institutions worldwide.
“Every compliant enterprise must have a global strategy for e-invoicing mandates and VAT compliance,” said Kevin Akeroyd, CEO, Sovos. “We are the only provider with a truly global tax compliance platform. With the IRIS GST acquisition, we just extended our leadership and dramatically enhanced the immediate value for customers and partners worldwide.”
The acquisition strengthens Sovos’ competitive position in the global marketplace by expanding its coverage capabilities into key Asia Pacific and Middle East countries. This strategic addition not only broadens Sovos’ immediate market presence but also accelerates the company’s ability to quickly establish compliance solutions in new jurisdictions worldwide. In addition, IRIS’ taxtech product portfolio brings complementary capabilities to the Sovos Indirect Tax Suite for enterprises, including modules for notice and litigation management, tax analytics as well as e-way bill (electric transport) compliance.
“Establishing a strong Asia Pacific footprint has been a key strategic priority for Sovos,” said Alex Pavel, Managing Director APAC, at Sovos. ” This move positions Sovos to serve the rapidly growing Asia Pacific market more effectively for both businesses based here and conducting operations in this region.”
Countries in APAC and Middle East represent some of the world’s most complex and dynamic tax environments, with their comprehensive Continuous Transaction Controls (CTC) and GST systems requiring sophisticated compliance solutions. Combining these capabilities with Sovos’ Global Tax Compliance Cloud provides a true one-stop experience for multinational businesses trying to navigate the complexities of global compliance.
Sovos and IRIS have enjoyed a long and successful partnership that will ensure a seamless transition. With thousands of established relationships supported by teams of local experts, customers will quickly experience the benefits of this transaction.
“We are excited about the synergies this business combination brings. We believe it will unlock opportunities to add value more rapidly to our customers in APAC and globally,” said Gautam Mahanti, Business Head of IRIS’ Tax Tech business.
Sovos was advised during this acquisition by Khaitan & Co and Burness Paull.
About Sovos
Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos Tax Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries.
More than 100,000 customers – including half the Fortune 500 – trust Sovos’ tax and regulatory expertise and unparalleled integration with their business applications. Learn more at sovos.com.
About IRIS Business Services
IRIS Business Services is Mumbai headquartered, listed on BSE and NSE, a global RegTech company providing solutions to regulators, enterprises and financial institutions around the world. The company’s flagship product IRIS iFile is used by over 30 financial regulators in 20+ countries as a data collection platform for regulatory compliance. IRIS Carbon, a SaaS based platform for Disclosure Management, including collaborative Financial, Sustainability and other Regulatory reporting, is used by 4200 enterprises in over 30 countries across Europe, UK, Africa, India and the Americas.
