Sovos’ Global Expertise Empowers Multinational Companies to Navigate Tax and Regulatory Challenges
LONDON – October 29, 2024 – Sovos, the always-on compliance company, has been named a Leader in the IDC MarketScape: European Compliant E-Invoicing 2024 Vendor Assessment (doc #EUR151806424, September 2024). The report noted, “Having intensified its investment efforts to building a solution that consists of capabilities in CTC, SUT filing, and tax determination, Sovos has emerged as a trusted advisor that provides advisory services for other vendors in the e-invoicing space, in addition to customers.”
As more governments across Europe introduce mandatory e-invoicing and e-reporting requirements, businesses operating across borders are under increased pressure to remain compliant. The report noted, “Sovos has its own compliance network that the vendor refers to as the “central nervous system” to its compliance cloud platform, the latter of which offers real-time reporting capabilities as a single and scalable solution.”
“We believe being named as a Leader by the IDC MarketScape is testament not only to the quality of products we provide, but also to the flexibility we offer businesses in what has become a highly complex and volatile industry,” said Kevin Akeroyd, CEO at Sovos. “What separates Sovos from everyone else when it comes to e-invoicing is the share volume of transactions we process each year. We are in the multiple billions while many other providers are topping out only in the tens of millions.”
Key differentiators of Sovos’ approach to e-invoicing include:
- Offers e-invoicing compliance as a core component of Sovos Indirect Tax Suite, the only complete, global tax technology solution for Value Added Tax (VAT) and Sales and Use Tax (SUT) determination, e-invoicing and filing.
- Enables businesses to navigate diverse B2B e-invoicing mandates with comprehensive support for e-invoicing compliance in over 60 countries.
- Equips teams with real-time operational data that goes beyond the scope of traditional e-invoicing and meets emerging transparency requirements, including Environmental, Social, and Governance (ESG) needs.
- Drives process automation and operational efficiency through integration with more than 60 business process platforms, including ERP and supply chain management systems.
- Provides an end-to-end compliance solution, enabling businesses to maintain a consolidated, consistent experience across teams and regions.
Sovos combines global reach with local expertise, offering support in navigating complex tax regulations across different markets. With a dedicated team of 100+ regulatory experts, Sovos delivers in-depth, region-specific guidance to ensure businesses remain compliant as regulations evolve.
“As the e-invoicing landscape rapidly evolves across Europe, organizations require solutions that can seamlessly scale across borders,” said Edyta Kosowska, Program Manager at IDC. “Sovos’ combination of a proprietary compliance network, deep regulatory expertise, and comprehensive country coverage contributed to their positions as a Leader in this dynamic market. Their solutions are particularly compelling for multinational organizations seeking end-to-end compliance through a single, self-contained platform.”
Read an excerpt of the IDC MarketScape 2024 report, which can be downloaded here.
About Sovos
Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos 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 IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’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 technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.
