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E-invoicing, SCF & E-procurement

Sovos acquires electronic receipt compliance solution Paperless

Thursday 10 August 2017 | 12:04 PM CET

Global tax compliance and reporting software provider Sovos has acquired Paperless to expand its real-time government reporting functionalities 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 global e-receipts and e-documents company thatsupport global retailers and manufacturers like HP, InBev and Cencosud.
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.

With the rapid pace of globalization, governments across the globe are leveraging technology to close tax loopholes. Though each country differs in specific requirements, the shift toward real-time, detailed tax reporting is transforming business-to-government compliance at every point in the supply chain – and leaving businesses scrambling to replace outdated tax compliance processes and systems.

By acquiring Paperless, Sovos builds on the value of its Intelligent Compliance Cloud, a global compliance platform that helps companies to reduce the burden and risk of tax compliance and business-to-government reporting.

The Sovos Intelligent Compliance Cloud currently supports a wide range of business-to-government reporting requirements, including e-invoicing in 10 Latin American countries and, most recently, SII reporting for businesses operating in Spain.

In 2016, Sovos acquired Invoiceware International, a regional e-invoicing and e-accounting compliance solution, to support its more than 500 multi-national clients that are facing increasingly complex requirements in the region where e-invoicing requirements are predicted to hit 98% adoption by 2024.

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