The former base of Invoiceware International in Atlanta is likely to benefit from its new owner’s continued expansion into South America.
Sovos Compliance acquired Invoiceware in June 2016, expanding the southward reach of its compliance software network. Invoiceware had carved out a niche serving multinationals with one software solution to handle electronic invoicing reporting requirements across multiple countries.
Sovos executives said at the time they’d expand the Latin American reach, starting with Invoiceware’s office in the Brazilian hub of Sao Paulo.
Sovos announced this week that it would buy a Chilean company, Paperless, which will expand its Brazilian operation and extend its real-time reporting capabilities into three new countries: Chile, Colombia and Peru.
“Atlanta is an important regional hub for the Americas,” said Andy Hovancik, Sovos chief executive officer, said in an email to Global Atlanta. “We expect the Atlanta office to grow more as the result of this acquisition.”
Mr. Hovancik said in a news release that the move aims to help customers get ahead of the rapid expansion in regulations around the world requiring electronic reporting of transactions. Sovos, which serves half the Fortune 500, is strong in business-to-government reporting — e-invoicing compliance — but Paperless provides similar capabilities for companies selling directly to consumers. Governments are increasingly requiring merchants to electronically submit receipts for tax collection purposes.
Based in Boston, Sovos is owned by London-based HgCapital and Vista Equity Partners.
Learn more about the Invoiceware in this story written about a year before the acquisition: Invoiceware Smooths Tax, Compliance Wrinkles in Latin America