Sovos Compliance Wins Tekne Award for Innovation

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Minnesota High Tech Association honors compliance software provider for its fast innovation that helped thousands of businesses comply with Affordable Care Act reporting requirements.

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We’re happy that MHTA recognized how valuable it is to solve these ever-changing regulatory problems. And, we’re excited to see our solutions expanding to solve new and complex business problems.

The Minnesota High Tech Association (MHTA) announced this week that Sovos Compliance is this year’s Tekne Award winner for innovation in the Established Software Companies category. The award recognized the Minnetonka-based company, which safeguards businesses from the burden and risk of tax and compliance, for its innovative solution to the challenges businesses face with Affordable Care Act compliance reporting. Past Tekne Award recipients include technology industry leaders such as 3M, Boston Scientific, Delta Air, Ecolab, Honeywell, and Medtronic.

“We’re honored to be among such an elite list of Minnesota technology companies,” said Sovos CEO Andy Hovancik. “Like so many other regulatory mandates, ACA caught businesses off guard, and HR professionals were unprepared to deal with the burden. Our business-to-government reporting software is built for exactly that -- and our team was able to deliver a solution exactly when it was needed most.”

Building on its long history of success in tax information reporting, which includes being the world’s largest private filer of 1099 forms, Sovos delivered ACA automation in time to service nearly 20 million households and over 1,000 companies, including, ArcBest Corporation, Deseret Mutual, Goodman, Hawaii Medical Service Association and TriHealth.

“Like so many of the tax information reporting challenges our clients face, ACA emerged quickly and will continue to change and evolve quickly,” said Troy Thibodeau, Chief Product Officer for Sovos. “We’re happy that MHTA recognized how valuable it is to solve these ever-changing regulatory problems. And, we’re excited to see our solutions expanding to solve new and complex business problems.”

“Minnesota continues to be a national leader in technology and science, and this year’s Tekne Award recipients are clear evidence of that,” said Margaret Anderson Kelliher, president and CEO of MHTA. “We are honored to recognize Sovos Compliance for their innovations and achievements.”

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About Sovos
Sovos Compliance is a global leader in tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world. With a 35-year track record of accurate and complete regulatory analysis and a global suite of software solutions, Sovos helps finance, tax and HR professionals in 4,500 companies, including half of the Fortune 500, stay ahead of complex and fast-changing government regulations. The company’s compliance platform integrates with a wide variety of business applications, providing the control and visibility required to manage global tax compliance activities. Based in Boston, Sovos has offices throughout North America, Latin America and Europe. For more information visit http://www.sovos.com.

About Minnesota High Tech Association (MHTA)
MHTA is an innovation and technology association united in fueling Minnesota’s prosperity. We help bring together the people of Minnesota’s technology ecosystem and lead the charge in directing technology issues to Minnesota’s state capitol. MHTA is the only membership organization that represents Minnesota’s entire technology-based economy. MHTA members include organizations of every size − involved in virtually every aspect of technology creation, production, application and education in Minnesota. Find out more online at http://www.mhta.org or follow MHTA on Twitter at http://twitter.com/MHTA.

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