Sovos has announced the acquisition of two new companies - PetaPilot and Saphety. Both based in Portugal, PetaPilot delivers e-accounting solutions to tax authorities and businesses and Saphety provides compliant e-invoicing services to governments and companies.
While migrations to ERPs such as SAP S/4 Hana are helping finance teams move to the cloud, many businesses are realizing the platform doesn’t have the right tax functionalities for complex, multinational enterprises.
Tax Technology company Vertex announced yesterday the acquisition of Taxamo, a cloud-based tax and payment solution provider for e-commerce and marketplaces. The purchase price was reported to be a $200 million all-cash transaction.
Yesterday, Avalara announced the acquisition of DAVO Technologies’ operational assets. DAVO’s technology supports over 4,000 small businesses in the US by connecting to POS systems to extract the amounts of tax owed, set sales tax funds aside, hold the funds, and then file and pay their sales tax for them when they are due to state and local tax authorities.
Earlier this week, Amazon announced that they would be passing the cost of the UK’s new digital services tax on to its sellers. The new tax regulations, which will ensure digital services being sold from offshore are taxed at the point of consumption rather than low-tax environments such as Ireland and Luxembourg, are expected to bring in around £500 million annually.
A recent survey of tax and AP professionals conducted by sharedserviceslink and Sovos found that only 27% were ‘very confident’ that they can keep up with the changing international tax and regulatory landscape.