Thursday 3rd May, 2018
Sovos has announced that it will acquire TrustWeaver a leading provider of cloud software that helps businesses authenticate and centrally archive electronic documents for VAT audit purposes.
The acquisition will extend Sovos’ e-invoicing coverage to 60 countries in Europe, the Middle East, Africa and Asia Pacific, building on its success in Latin America. It also adds support for post-audit compliance, including e-signatures in compliance with the eIDAS Regulation - a set of standards for electronic trust and identification in Europe.
In recent years, governments on six continents have mandated electronic signature rules, including proof of authenticity and proof of origin and required invoice archiving for audit purposes, where specific invoice details must be searchable for as many as 10 years.
TrustWeaver has led the way in safeguarding businesses from the risks and burdens of these measures, automating compliance with those rules within the most common procure-to-pay (P2P), EDI, business network, ERP and supply chain systems.
Andy Hovancik, president and CEO of Sovos, said, “TrustWeaver has become a seal of approval for the world’s largest financial systems, which is a testament not only to the effectiveness of its software and integrations, but also to its ability to monitor and interpret regulatory change in the European region and beyond.”
“We’ve built Sovos to reduce the costly friction between businesses and governments around the world, and it was immediately obvious to us that TrustWeaver provides an important part of that solution.”
Christiaan van der Valk, president of TrustWeaver, said, "Sovos has built exactly what our clients and partners have been looking for. We can now automate every compliance step in purchasing and billing processes from tax determination to electronic invoice compliance to tax reporting."
"By adding Sovos’ market-leading solution for clearance e-invoicing to ours, we create something truly unique. It’s a perfect fit, and we’re looking forward to expanding our solution and extending our global reach."