Sovos acquires Accordance
Global tax software provider Sovos today announced it has acquired Accordance, a U.K.-based value-added tax (VAT) managed services company. Accordance has been a Sovos partner since 2018 and has implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients
“Accordance adds a leading service provider with a robust customer base and unique VAT expertise to our growing European organisation, strengthening the foundation for future global expansion,” said Andy Hovancik, CEO, Sovos. “With this acquisition, Sovos substantially increases our operations in Europe, where we already enjoy significant scale with more than 2,000 customers being served in the region.”
Lucy Franklin, CEO of Accordance, said, “VAT legislation is complex and constantly changing, and businesses need the support of both managed services and technology to trade confidently across Europe. As a global company focused on the full scope of VAT compliance needs, Sovos represents an opportunity for our clients, with a single partner for tax compliance everywhere they do business.”
“European countries are eager to increase revenue collection on the rapidly growing value of cross-border e-commerce purchases, leading to significant changes in the way VAT and customs duties will be enforced,” said James Buckley, managing director, Europe, Sovos. “With a broad portfolio of complete, connected software-and-service offerings, Sovos offers unmatched value for a growing number of organisations around the world.”
John Gledhill, vice president of corporate development for Sovos, said, “With an API strategy bolstered by the acquisition of TrustWeaver in 2018, an SAP centre of excellence reinforced by the acquisition of Foriba in 2019, and now an expansive managed services team multiplied by the acquisition of Accordance, Sovos continues to advance in its strategic plan to help companies Solve Tax for Good.”
Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more. The company supports more than 7,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout North America, Latin America and Europe, and is owned by London-based Hg.
Accordance is an international VAT consultancy and compliance firm, enabling businesses to trade confidently through the provision of expert-led, tech-enabled compliance. Accordance eases the burden that VAT creates by delivering clarity from complexity and ensuring clients are fully compliant. Accordance obtains VAT registrations and handles all the VAT reporting on behalf of their clients, while offering expert advice at every step of the client journey. Its VAT consultants specialize in cross-border transactions and advise companies across the EU and beyond. Accordance is based in Brighton, U.K. and has an office in Amsterdam. It was founded in 2006 in response to Europe’s rapidly changing VAT environment.