We’re excited to announce the acquisition of Paperless, which expands our real-time government reporting capabilities with electronic receipts and consumer point-of-sale tax reporting – and extends our presence in Latin America.
Paperless, which is based in Santiago, Chile, is the world’s largest eReceipts and eDocuments company, processing more than two billion transactions last year across more than 40,000 third-party systems. Its solution supports more than 250 of the world’s largest retailers and manufacturers, including HP, InBev and Cencosud, the second largest retailer in South America.
The acquisition builds on the value of the Intelligent Compliance Cloud, providing two big advantages to our clients and to the market:
1. The First Global Solution for Real-Time Government Reporting
The addition of Paperless makes Sovos the first software provider to offer a global solution for real-time, transaction-level reporting, a highly disruptive form of regulatory compliance that has now spread to more than 60 countries.
Paperless adds support for real-time compliance on high-volume consumer transactions, adding to Sovos’ existing business-to-government reporting solutions for transactions with businesses and with the government.
2. Expanded Presence in the Most Complex Regulatory Environment
With the acquisition of Paperless, Sovos expands its reach in Latin America, giving our clients access to the relationships and regional expertise needed to thrive in the region — and to stay ahead of disruptive regulatory change in every region of the world.
Latin America has been a global proving ground for innovative tax collection and enforcement for more than a decade. Our acquisition of Paperless, together with our recent acquisition of Invoiceware, sets Sovos up to lead the way forward for tax compliance and business-to-government reporting as real-time reporting becomes the norm on every continent.
Building on our existing operations in Brazil and Argentina, this acquisition both expands our presence in Brazil and extends our reach into Colombia, Chile and Peru.
Sovos CEO Andy Hovancik had this to say about the acquisition:
“Over the last several years, we’ve helped our clients deal with a wave of disruptive tax reporting regulations across Latin America and Europe, and eReceipts, which has quickly become a significant burden for businesses that sell directly to consumers, is the latest example of that. Paperless is the clear leader in the eReceipts space and the only solution capable of handling these high-volume transaction scenarios globally. That makes it the perfect solution to enhance our Intelligent Compliance Cloud – and a critical solution for enabling our clients to stay ahead of eReceipts regulations as they spread around the world.”
Governments Have Gone Digital. We’ve Built Sovos to Keep You Ahead.
With the rapid pace of globalization, governments all over the world 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, we’re fortifying our approach to helping more than 4,500 companies, including more than half the Fortune 500, 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 eInvoicing in 10 Latin American countries and, most recently, SII reporting for businesses operating in Spain. The addition of Paperless expands those capabilities to business-to-consumer transactions for the first time.
Stay tuned in the coming months for more news on the addition to Paperless and its eReceipts and eDocuments solutions to the Intelligent Compliance Cloud.
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 -