BOSTON, May 29, 2019 /PRNewswire-PRWeb/ -- Global tax software provider Sovos today announced it will acquire Eagle Technology Management (ETM), which provides statutory financial reporting and insurance premium tax software to insurers, and unclaimed property reporting solutions and services to financial institutions, corporations and insurers in the United States. ETM's technology will further strengthen Sovos offerings to help customers solve some of their greatest compliance challenges, including high-volume statutory reporting filings and diverse state requirements for unclaimed property reporting – an increasingly significant source of revenue for states and therefore a popular audit target for states.
ETM customers include more than 1,500 insurance companies in the U.S., and it is a leading provider in each of its core markets. The company's statutory reporting product has become the de facto standard for the complex reporting burden U.S. insurance companies face on an ongoing basis. Additionally, nearly 5,000 customers have adopted ETM's unclaimed property platform in just a few years, as businesses in the United States are subject to unclaimed property audits by 53 reporting jurisdictions. While the ETM solutions expand Sovos' software coverage to meet additional customer needs, Sovos' tax information reporting solutions will help ETM's insurance, financial institution and corporate customers Solve Tax for Good™.
"ETM has a history of innovation in the insurance space, and its management team helped create the core markets the company now leads," said Andy Hovancik, CEO, Sovos. "ETM's technology and its passionate staff extend our ability to help customers manage more of their critical tax and regulatory demands, safeguarding their businesses from burden and risk."
ETM has long been a first-mover, bringing data transformation technology to insurers and other industries. The company launched its Wings platform for integrated financial and regulatory reporting in 2003, followed several years later by the launch of its pure-play cloud computing portfolio of unclaimed property reporting products. UPExchange and UPExpress launched with the exclusive endorsement of the National Association of Unclaimed Property Administrators, and ETM's proprietary online reporting network now connects businesses to state treasuries in 36 states, and growing.
"With this acquisition, ETM joins a company known for its expertise in translating tax compliance and reporting into high-performance software, which will benefit the customers we have long served," said Layton Olson, CEO of Eagle Technology Management. "Sovos is the largest private filer of the 10-Series IRS forms so important in the insurance and financial markets we serve, and it has the trust of thousands of customers, including more than half the Fortune 500."
Paul Banker, vice president and general manager of the Tax Information Reporting line of business at Sovos, said, "ETM adds to our breadth of technology and services solutions in areas our customers have requested, including statutory reporting and unclaimed property compliance, as well as insurance premium tax in the U.S. Our two companies complement each other, and together, we serve many of the largest U.S. insurance companies and financial institutions."
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. Shuttleworth & Ingersoll provided legal counsel to ETM.
"Sovos and ETM are built to lead the U.S. for high-volume, complex regulatory reporting to the clients we serve in the insurance and financial services markets, and we look forward to bringing this advantage to the broader industry," said John Gledhill, vice president of corporate development for Sovos.
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.
About Eagle Technology Management
Founded in 2001, Eagle Technology Management (ETM) is the leading provider of software automating the administration and filing of financial information to meet numerous regulated reporting requirements. ETM developed a SaaS application for statutory financial reporting and has pioneered the development of electronic filing specifications and electronic payment to state regulatory departments. In 2009, ETM began providing unclaimed property reporting solutions and services. In 2017, the company became SOC 2 type 2 certified for software products and has served nearly 50,000 companies. For more information, visit http://www.byetm.com.