Friday 16th July, 2021
Sovos has announced the acquisition of Portugal-based companies PetaPilot, which delivers e-accounting solutions to tax authorities and businesses, and Saphety, which provides compliant e-invoicing services to governments and companies. The terms of the deals were not disclosed.
Together with existing Sovos capabilities, the acquisitions create a complete VAT, SAF-T and business-to-government (B2G) compliance solution for customers operating in Portugal, while adding compliant e-invoicing connectivity and extended digital accounting capabilities to meet current and upcoming mandates around the world.
PetaPilot and Saphety bring to Sovos technology and talent that will help customers meet the demands of the digital transformation of tax and public procurement, all with a single provider.
The acquisition of PetaPilot enables Sovos to significantly extend the capabilities of its new Advanced Periodic Reporting cloud platform, enhancing support for global Standard Audit File for Tax (SAF-T) requirements, which the Organisation for Economic Co-Operation and Development (OECD) designed to give tax administrations frequent, digital visibility into business accounting systems.