Tax software vendor Sovos says it will acquire Istanbul, Turkey-based Foriba, and Hiawatha, Iowa-based Eagle Technology Management. Terms were not disclosed and the expected close of the two deals was not specified.

Foriba markets products for e-invoicing, e-delivery notes, e-receipts and periodic value-added tax reporting in what it terms “Turkey and beyond”. Turkey has had mandatory digital VAT Controls since 2014. Spain, Hungary, Portugal, the U.K., Italy and other countries investing in real-time and near-real-time transaction control requirements. Sovos intends to use Foriba’s experience to address regulations in other countries. Sovos will use Foriba’s experience to help customers address this new wave of digital taxation. “By 2025, companies in VAT economies are expected to exchange more than 75 percent of all invoices electronically with tax administrations in real time or very shortly after the invoice-exchange process,” Sovos CEO Andy Hovancik said in a prepared statement. Sovos will integrate Foriba technology into the Sovos S1 platform. Foriba was founded in 1999 as an SAP systems integrator. Eagle Technology Management), which provides statutory financial reporting and insurance premium tax software to insurers, and unclaimed property reporting solutions and services to financial institutions, corporations and insurers in the United States. Sovos reported ETM’s proprietary online reporting network connects businesses to state treasuries in 36 states. 

Last modified on Friday, 31 May 2019
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