Sovos Compliance, a global leader in tax and business-to-government compliance software, recently announced that it plans to acquire Atlanta- and Sao Paulo-based Invoiceware International, expanding the company’s capabilities in Latin America and adding the industry’s only solution for handling electronic invoicing and fiscal reporting in multiple countries from a single platform.
Sovos, which is backed by London-based HgCapital and Vista Equity Partners, currently helps some of the world’s largest companies consolidate their compliance solutions for Latin America, EMEA and North America. Invoiceware successfully supports dozens of multi-national companies itself, including The Coca-Cola Company, Kellogg and Pfizer, and its solutions will be available immediately to Sovos clients.
Sovos plans to expand its presence in Latin America to better support its current and future multi-national clients, starting with Invoiceware’s Sao Paulo location.
Marks Baughan acted as exclusive financial advisor to Invoiceware International in its sale to Sovos Compliance, an HgCapital and Vista Equity portfolio company. The firm’s team consisted of Nick Baughan (Managing Member), Chris Rose (Director), Bill Takeuchi (Director) and Joe Loreto (Associate).
According to Nick Baughan, the transaction had a number of structural complexities and unique tax considerations. Invoiceware had legal entities in the US and Brazil, while Sovos is a US-based company backed by UK-based and US-based private equity funds. Regulatory requirements and tax implications across multiple geographies were taken into account as the final transaction structure was determined.