Sovos was formed under the Vista ownership when three companies were melded together: Convey Compliance Systems, Taxware, and VAT Resource The convergence of the businesses began in December 2012 when Vista Equity Partners purchased Taxware and brought in Andy Hovancik as CEO. Taxware purchased VAT Resource early in 2014 and then merged Convey and Taxware during the summer of that year. The combination brought together business that offer 1099 reporting, sales and use tax and value-added tax determination and compliance.
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SOVOS GETS INVESTMENT Featured
Sovos, which markets indirect tax products, says it has received an investment from European-based private equity firm, HG Capital. The investing firm described its action as buying a majority stake in Sovos, taking over that role from Vista Equity Partners, which will retain what was described as "a significant minority stake in Sovos." The actual size of the investment was not disclosed.
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