Zuora Becomes a Sovos Certified Compliance Partner
REDWOOD CITY, Calif. and PARIS, October 19, 2023 – Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern businesses, today at Subscribed Connect Paris announced a partnership with Sovos, a global compliance technology solutions and services provider, to help global businesses meet electronic invoicing (e-invoicing) mandates directly through Zuora.
As tax reform becomes more extensive around the world, numerous countries have adopted or are planning adoption of global e-invoicing mandates. But companies often struggle to comply with fast-approaching standards, as requirements vary by country and mandate timelines differ. Those that fail to meet government requirements can face regulatory fees and consequences, including potential lost revenue if they lose approval or licensure to conduct business in certain regions.
Without the right solution, e-invoicing compliance often makes the invoicing process manual, and building custom connections to e-invoicing networks requires substantial IT resources and infrastructure. In partnership with Sovos, Zuora now provides a pre-integrated, automated e-invoicing solution that works directly with its recurring billing.
As part of this partnership, Zuora also joins the Sovos Certified Compliance Program, an innovative program that enables transaction management platforms providers to leverage Sovos’ industry-leading e-invoicing compliance portfolio through certified integrations to solve critical customer compliance requirements wherever they are.
“By streamlining the process to meet e-invoicing mandates, Zuora’s partnership with Sovos will enable companies to focus on global expansion and driving recurring growth,” said Balaji Subramanian, Vice President, Global Partner Ecosystem at Zuora. “Now with Zuora, modern businesses can leverage critical data already available in their modern billing system to reduce complexity and meet e-invoicing mandates with one solution.”
The new partnership with Sovos enables Zuora customers to:
- Leverage an out-of-the-box solution to address local e-invoicing regulations
- Meet compliance through country-specific templates, tax management reports and e-invoice archiving capabilities
- Simplify operations by automatically passing billing information from Zuora to Sovos to generate e-invoices
- Easily expand into new markets with a pre-integrated e-invoicing solution, and leverage Zuora’s existing 40+ pre-integrated payment gateways and multi-currency support
“As a strategic Sovos Certified Compliance Program partner, Zuora is the first in the transaction management category to provide its customers with access to a global, 360° compliance solution,” said Alice Katwan, President of Revenue at Sovos. “With the compliance capabilities and coverage provided through our partnership, Zuora’s customers are set to meet today’s international tax requirements, as well any changing regulations in the future.”
In addition to the Sovos partnership, Zuora also provides out-of-the-box PEPPOL data export, which can be used to submit e-invoices through a Zuora workflow to the PEPPOL e-invoicing network.
To learn more about e-invoicing through Zuora and Sovos, please visit here.
Sovos provides businesses with the confidence needed to navigate an increasingly regulated world. Offering a modern, IT driven response to compliance, Sovos’ solutions are scalable, reliable and secure and provide a great user experience. Sovos has more than 100,000 customers, including half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s cloud-based solutions 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 http://www.sovos.com and follow us on LinkedIn and Twitter.
About Zuora, Inc.
Zuora provides a leading monetization suite for modern businesses across all industries, enabling companies to unlock and grow customer-centric business models. Zuora serves as an intelligent hub that monetizes and orchestrates the complete quote to cash and revenue recognition process at scale. Through its industry leading technology and expertise, Zuora helps more than 1,000 companies around the world, including BMC Software, Box, Caterpillar, General Motors, Penske Media Corporation, Schneider Electric, Siemens and Zoom nurture and monetize direct, digital customer relationships. Headquartered in Silicon Valley, Zuora operates offices around the world in the Americas, EMEA and APAC. To learn more about the Zuora monetization suite, please visit www.zuora.com.
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This press release contains forward-looking statements that involve a number of risks, uncertainties and assumptions, including but not limited to statements regarding the expected benefits and releases of the automated e-invoicing solution. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the “Risk Factors” section of Zuora’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on June 1, 2023, as well as other documents that Zuora may file from time to time with the SEC. The forward-looking statements in this press release are based on current expectations as of the date of this press release and Zuora undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. To the extent this press release also includes market data and certain other statistical information That information that is based on estimates, forecasts, projections, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information.
SOURCE: ZUORA FINANCIAL