BOSTON, Jan. 28, 2019 /PRNewswire-PRWeb/ -- Sovos, a leading global provider of tax software, today announced it is recognized as a Leader in the inaugural "IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019 Vendor Assessment." According to the newly released report, Sovos is ideal for "businesses in search of a sophisticated cloud tax software capable of supporting large, multinational tax and e-invoicing regulatory demands."¹ The IDC MarketScape report details Sovos' depth and breadth of experience in e-invoicing compliance and also notes the company's cloud infrastructure and support for customers in more than 60 countries as core strengths.
"Multinational companies are struggling with the shifting tax regulatory landscape," said Kevin Permenter, senior analyst at IDC. "Sovos offers these organizations tremendous value by providing coverage for every form of transaction-level tax compliance in one solution. As a result of this differentiator, we expect Sovos to continue to expand its market presence."
A complete solution on a reliable, scalable and secure cloud platform
The report highlights Sovos' strong cloud software solution, the Sovos Intelligent Compliance Cloud, which is the world's first complete solution for modern tax. It combines traditional tax determination and reporting tools for sales and use tax, VAT and other transactional taxes with modern, digital reporting and e-invoicing compliance software. The solution is supported by the company's S1 cloud platform, which enables Sovos to do the hard work for businesses, handling their compliance across all financial systems, while supporting them with highly reliable, scalable and secure cloud infrastructure.
The world's first global e-invoicing compliance solution
As governments around the world – from Brazil to Italy – race to close value-added tax (VAT) gaps, they are implementing various e-invoicing compliance models, a tax modernization system that requires companies to comply with indirect tax laws at the invoice level. These new requirements, which are often real-time, are pushing the digital transformation of every financial system.
According to the IDC MarketScape report, "multiple customers cited Sovos' capability with e-invoicing compliance as one of the major benefits of choosing their solution."¹ Today, Sovos eInvoice provides coverage to countries in Europe, Latin America, the Middle East, Africa and Asia Pacific.
Global reach
As the report mentions, Sovos has aggressive growth plans. Over the past five years, the company has made eight acquisitions, which have propelled its footprint and coverage into 60 countries. With 12 offices spread across three continents, Sovos now safeguards more than 5,000 global customers that do business in the world's most complex regulatory environments.
"Traditional tax software wasn't built for today's era of digital tax enforcement. In response, we've built a complete, modern cloud software solution that prepares businesses for a world where tax is part of every transaction," said Andy Hovancik, president and CEO at Sovos. "We're committed to helping our customers build tax into the digital financial core of their business where it belongs, so they can Solve Tax for Good and focus more time on growing their businesses."
IDC MarketScape is the premier vendor assessment tool for the information and communications technology (ICT) industry. The report provides in-depth technology market assessments of ICT vendors for a wide range of markets. The comprehensive assessment of market competitors offers critical information needed to evaluate technology solutions.
Read the IDC MarketScape report brief.
About 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 IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor'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 IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
1. doc #US43263718, January 2019
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