The Sovos acquisition of TrustWeaver is another step on our path to creating the world’s first complete tax compliance service
Today we announced that Sovos, a leading global provider of software that safeguards businesses from the burden and risk of modern tax, will acquire TrustWeaver.
The founding members of TrustWeaver and our entire team are excited to continue our adventure as part of an expanded global organization that has much to offer to our partners and customers.
And I know what you’re thinking. It’s pretty standard in an announcement like this to talk about the synergy of the two companies – why else would an acquisition happen? But, let me convince you that this is different. The synergies behind this acquisition are exceptional.
TrustWeaver fits into Sovos like a missing puzzle piece
First of all, this acquisition gives our team, who have been so committed to Trustweaver over the past 17 years, the chance to see the organization they love thrive in a new environment that is dazzling with opportunity. But, the principal beneficiaries of this acquisition will be those who work in corporate tax, accounting and business processes.
Over the past decade, whenever I have given talks or ran workshops, I have heard initially timid complaints about incomplete, fragmented tax compliance services grow into an outcry of frustration towards the vendor community. It’s been equally frustrating for us to agree with this dissatisfaction. The compliance vendor community has been out-paced and out-innovated by the unrelenting stream of technological requirements from tax administrations across the globe.
That ends today
Here’s how Sovos, with its acquisition of TrustWeaver, will fix that by delivering:
- True end-to-end compliance: Just enumerating the different functional components that are being brought together here cannot do justice to the potential added value of the future integrated whole. But this acquisition paves the way for the first complete solution for global VAT compliance through which you will soon be to source tax determination, tax reporting, e-invoicing compliance, compliant e-archiving and much more from a single vendor. Reliably decoupling business and tax functionality will for the first time become a realistic option.
- Truly versatile integration: Enterprises will be able to consume this comprehensive service portfolio either because it’s already embedded into in the worlds leading purchasing, EDI and AP systems, or by using Sovos’s rich ERP and other enterprise software integration options. It doesn’t matter what tools you choose to optimize your business processes: you can get compliance inside.
- A truly global service: The combined Sovos and TrustWeaver service portfolio automates complex compliance decisions in 60 countries. Naturally, Sovos will be working to keep this lead over its competitors, and we’re already working to get ready for additional counties that are planning real-time control mandates in the coming months and years.
- A future–proof solution: behind the scenes at Sovos and Trustweaver, our teams of legal, process and technical experts have decades of experience working to ensure continuous compliance for our customers, regardless of legal changes across all supported territories. Our teams are exceptionally successful. Just imagine the raw expert power we are unleashing by combining their expertise!
We’re thrilled that TrustWeaver, as part of Sovos, will be continuing our mission to support our clients and partners as the global leader in modern tax software.
For more information on the acquisition please click here
Christiaan van der Valk, TrustWeaver’s co-founder, and President