Acquisition reinforces the Taxware sales, use and value-added tax compliance platform with exemption certificate management and regulated document management capabilities
Boston, MA. May 26, 2015 − Sovos Compliance, an industry leader in tax compliance and reporting, announced today the acquisition of Imaging Science and Services, a leading provider of cloud-based document management and compliance solutions.
Founded in 1994, Imaging Science and Services, a leading provider of document management solutions for regulated industries, is best known for its TEAMS cloud-hosted solutions, which help retailers, manufacturers and other businesses manage sales and use exemption and resale certificates. After partnering for several years, the combination allows Sovos to more tightly integrate the complementary TEAMS capability with its Taxware platform to help businesses better meet the demands of sales and use tax compliance.
“The TEAMS application efficiently addresses the regulatory and logistical challenges faced by businesses managing exemption certificates,” said Andy Hovancik, President and CEO of Sovos Compliance. “The capability is a great value-add for clients utilizing the Taxware platform for sales, use and value-added tax determination and filing and has application across the entire line of Sovos tax compliance and reporting products.”
Imaging Science and Services helps businesses automate regulated, paper-dominated business critical activities. The TEAMS solution automates the cumbersome process of maintaining accurate and complete exemption certificates and creates real-time access to these documents at time of transaction and during tax audits, saving businesses significant time and mitigating the risk associated with improper document management.
“Many businesses struggle to efficiently administer exemption and resale certificates, which is extremely costly and exposes the company to unnecessary audit risk,” said Mr. Hovancik. “The TEAMS cloud-hosted delivery model eliminates the need to install and maintain technology at potentially hundreds of physical, remote and virtual locations where our clients collect exemption certificates while maintaining a central, document management repository. We are excited to add the TEAMS technology and regulated document expertise to the reach and resources of Sovos Compliance to further simplify compliance for our clients.”
Sovos’ acquisition of TEAMS follows several acquisitions over the past 12 months designed to broaden the company’s range of tax compliance and reporting solutions and strengthen its leadership position with businesses confronting demanding tax reporting obligations. Last month, the company announced its acquisition of ShipCompliant, the leading compliance and tax solution provider for the beverage alcohol market. In 2014, the company acquired Convey Compliance and VAT Resource for their respective tax information reporting and VAT filing capabilities.
About Sovos Compliance
Sovos Compliance designs technology solutions to help businesses meet the demands of their unique tax compliance and reporting obligations. Combining the trusted industry expertise and global research capabilities of Convey, Taxware, and VAT Resource, the company enables over 3,000 clients to operate with the confidence to efficiently navigate today’s dynamic regulatory environment. Sovos Compliance utilizes a unique ability to turn knowledge into highly functional, scalable software that seamlessly integrates with a wide-array of applications and information technologies used by businesses today. Sovos Compliance gives clients peace of mind by simplifying tax compliance, providing greater control and visibility, and mitigating compliance risk.
For more information, please visit http://www.sovos.com.
About Imaging Science and Services
Imaging Science and Services delivers cloud-hosted document governance, risk management and compliance solutions. The company leverages its extensive knowledge to design scalable solutions that meet the needs of every size business, from the Fortune 500 to small and mid-size companies. The signature TEAMS product continuously collects and proactively manages documents from acquisition through audit defense for the retail, manufacturing, healthcare and financial services industries and wherever regulatory document compliance is an integral part of doing business. TEAMS reduces the risk and cost of document compliance wherever a business depends upon current, correct and complete management of regulated documents.
For more information, please visit http://www.issimage.com.
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About the Author
Sovos is a leader in global tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world.More Content by Sovos Compliance