Global tax compliance and reporting software leader Sovos announced that it has acquired Chile-based Paperless to expand its real-time government reporting capabilities with electronic receipts and consumer point-of-sale tax reporting. With the acquisition, Sovos will expand its presence in Brazil and extend Latin American operations into Chile, Colombia and Peru.
Paperless is the world’s largest eReceipts and eDocuments company, processing more than two billion transactions across more than 40,000 third-party systems in 2016. Its solutions support global retailers and manufacturers like HP, InBev and Cencosud, the second largest retailer in South America.
The addition of Paperless makes Sovos the first software provider to offer a global solution for real-time business-to-government reporting, a highly disruptive form of regulatory compliance that has now spread to more than 60 countries.
“Over the last several years, we’ve helped our clients deal with a wave of disruptive tax reporting regulations across Latin America and Europe, and eReceipts, which has quickly become a significant burden for businesses that sell directly to consumers, is the latest example of that,” said Andy Hovancik, president and CEO of Sovos. “Paperless is the clear leader in the eReceipts space and the only solution capable of handling these high-volume transaction scenarios globally. That makes it the perfect solution to enhance our Intelligent Compliance Cloud – and a critical solution for enabling our clients to stay ahead of eReceipts regulations as they spread around the world.”
By acquiring Paperless, Sovos builds on the value of its Intelligent Compliance Cloud, a unique global compliance platform that helps more than 4,500 companies, including more than half the Fortune 500, reduce the burden and risk of tax compliance and business-to-government reporting.
Sovos is owned by London-based HgCapital and Vista Equity Partners. EY Chile served as financial adviser to Sovos, and Skadden provided legal counsel. Altis served as financial adviser to Paperless and Dalgalarrando, Romero & Cia provided legal counsel.