Wednesday 8th September, 2021
Global tax software provider Sovos has announced it has acquired 1099 Pro based in California, a leading provider of software and services for tax information reporting.
The acquisition brings together these two long-standing providers and broadens Sovos’ offerings for small and medium-sized businesses as the tax information reporting landscape in the United States undergoes rapid regulatory changes that affect businesses operating.
“With disparate reporting obligations at the federal and state levels, as well as lower thresholds for reporting requirements, companies of all sizes need expert-backed software and services to stay compliant,” said Andy Hovancik, CEO, Sovos. “The acquisition of 1099 Pro dramatically expands the Sovos customer base with tens of thousands of customers, as well as enterprise users in higher education; oil and gas; gaming; local, state and federal government agencies; and other industries.”
1099 Pro CEO Ray Stewart said, “After more than three decades in business, 1099 Pro will join Sovos’ qualified team of regulatory and technology experts, all for the benefit of our 30,000+ customers. This comes at a critical time for businesses, and Sovos’ broad suite of solutions will further equip 1099 Pro customers to meet the growing challenges of tax and regulatory reporting.”
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, and TA Associates.