Tuesday 14th December, 2021
Sovos has announced it has acquired Germany-based TLI Consulting GmBH. The move will help advance Sovos’ value-added tax (VAT) determination capabilities. The terms of the deal were not disclosed.
VAT determination is one of three pillars of modern tax compliance, and often the first that multinational companies tackle before addressing digital reporting and complex continuous tax controls (CTCs), like e-invoicing.
TLI Consulting is the ninth acquisition for Sovos in the past 12 months. This also included the acquisition and development of global CTC, VAT reporting and SAF-T solutions, and Connect Once API.
TLI Consulting software solution extends native SAP VAT determination functionality, and its consultants have the integration and implementation expertise to ensure that SAP ECC or SAP S/4 HANA enterprise resource planning systems can seamlessly determine the right VAT decisions and tax codes for any outbound or inbound transaction.
“Today’s announcement represents a key building block toward a Sovos tax determination portfolio that now helps customers meet modern indirect tax compliance challenges globally, including in Europe, the United States, Brazil and elsewhere,” said Steve Sprague, general manager, global value-added tax, Sovos. “Together, we’re creating the technology solutions that speed simpler tax determination for every transaction, in every jurisdiction, for every tax regime.”
Sovos is owned by private equity investor Hg and TA Associates. EY served as financial advisor to Sovos and Rödl & Partner advised TLI Consulting.