Sovos announced today it had acquired Fit Sistemas – a Brazilian based provider of cloud-based regulatory reporting and e-Invoicing solutions.
Sovos will leverage the reporting capabilities and cloud building blocks in the Fit Sistemas solutions across the region. With this most recent acquisition, Sovos expands its customer base to more than 12,000 companies and its global team to more than 1,700 employees working in more than 11 countries across the Americas and Europe.
Of the acquisition, Sovos CEO Andy Hovancik said “Building on previous cloud acquisitions, Fit Sistemas deepens Sovos’ commitment to Brazil and adds solutions for tax compliance challenges facing companies operating throughout Latin America and around the world.”
“Brazil’s tax administration rolled out the SPED reporting rules in 2008 to digitize paper invoices and records, but the rules change frequently and create complex obligations for businesses,” Paulo Castro, Brazil country manager at Sovos added. “Managing those shifting rules becomes even more difficult for businesses reliant on legacy on-premises solutions, and cloud-first options are increasingly in demand. Fit Sistemas’ 100% SaaS solutions deliver deep customer value and complement Sovos’ offerings for Brazil.”
This acquisition comes hot on the heels of a number of acquisitions last year in the US, the UK and Brazil.
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