Sovos Names Veteran FinTech Executive Ruth Fornell Chief Operations Officer

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Company Announces New Board of Directors Following 2020 Investment

Rith Forness is joining global tax software provider Sovos as Chief Operations Officer
Sovos is uniquely positioned to deliver a complete solution for modern tax -- including tax determination, continuous transaction control compliance and tax reporting -- to support companies doing business all over the world.

Global tax software provider Sovos today announced that Ruth Fornell has joined the company in the newly created role of chief operations officer. Fornell comes to Sovos with extensive experience leading global teams, most recently as a general manager at payment systems company ACI Worldwide. Previously, she held numerous leadership roles during more than 20 years with banking and commerce software provider NCR Corporation. As chief operations officer, Fornell will lead Sovos’ regional teams to ensure a consistent global customer experience fueled by local expertise as the company embarks on its next stage of growth.

Following new investments from Hg and TA Associates in 2020, Sovos is advancing its mission to Solve Tax for Good® amid the converging digital transformation of government, technology and business. The addition of the chief operations officer role augments the Sovos leadership team as the company pursues continued geographic expansion, an expanded partner ecosystem and rapid response to accelerating tax and regulatory change. Sovos also recently seated its new board, including previous and new members from Hg, which first invested in the company in 2016, and TA Associates, which joined as an investor last year.

“Sovos is uniquely positioned to deliver a complete solution for modern tax -- including tax determination, continuous transaction control compliance and tax reporting -- to support companies doing business all over the world,” said Andy Hovancik, CEO, Sovos. “Ruth’s experience in global operations and enterprise software combined with her passion for building high-performance teams are a great fit for Sovos and this moment in our growth.”

As executive vice president and general manager of retail/consumer payment solutions at ACI Worldwide, Fornell led a global team that defined, developed and brought to market innovative payment solutions for banking and financial intermediary customers. Earlier, she was senior vice president and general manager of professional services at NCR, where she led a $600 million business focused on digital services and channel transformation, as well as a team of 3,800 employees across 58 countries. In her new role, Fornell will provide strategic, operational and programmatic direction to Sovos’ worldwide sales, demand marketing, client operations and customer success teams.

“Throughout my career, I have thrived in situations where I can help cultivate and drive diverse teams toward strategic change and growth,” said Fornell. “At Sovos, I can already see I’ve joined a company that's focused on delivering results for our customers and fulfilling the clear global vision to remove the friction from tax compliance so businesses prosper and communities thrive.”

Sovos also announced today the seating of its new board, which includes:

  • Jonathan Boyes, partner, Hg
  • Tjada D’Oyen McKenna, CEO, Mercy Corps
  • Hythem El-Nazer, managing director, TA Associates
  • Dave Habiger, president and CEO, J.D. Power
  • Andy Hovancik, CEO, Sovos
  • Alexander Johnson, principal, Hg
  • Morgan Seigler, managing director, TA Associates
  • Mohit Talwar, senior principal, Ontario Teachers’ Pension Plan
  • Bob White, CFO, Sovos
  • Gero Wittemann, partner, Hg
  • Jonathan Wulkan, principal, Hg

Learn more about Sovos’ global leadership here.

About Sovos
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more. The company supports more than 8,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout North America, Latin America and Europe, and is owned by Hg and TA Associates. For more information visit and follow us on LinkedIn and Twitter.

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Christina Dela Cruz
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