Sovos Buys Foriba

sovosSovos, a Boston, MA-based global tax software provider, is to acquire Foriba, an Istanbul, Turkey-based provider of e-invoicing, e-delivery notes, e-receipts and periodic value-added tax (VAT) reporting solutions in Turkey and beyond.

The amount of the deal was not disclosed.

Following Sovos’ recent acquisitions of other real-time tax compliance leaders Invoiceware, Paperless and TrustWeaver, Foriba will further strengthen the company’s global tax solution.
Sovos will integrate Foriba solutions into the Sovos S1 platform, which enables companies with multi-country operations to centralize compliance to meet all global indirect tax requirements.

Founded in 1999 as an SAP systems integrator by Koray Gultekin Bahar, CEO, Foriba is a regulatory technologies company allowing enterprises to transfer their accounting and finance-based business processes to a digital platform.
The company delivers 25 different solutions and services in more than 10 countries with regulatory compliance requirements, and its customers include more than 450 multinational companies. Solutions include e-Invoice, e-Ledger, e-Archive, e-Delivery note, e-Ticket and e-Signature. As a compliance service provider for electronic invoicing, Foriba creates, signs and stores more than 30 million electronic documents per month.
Its investors include Revo Capital, Endeavor Catalyst and IFC.

Led by Andy Hovancik, CEO, Sovos is a global provider of software for businesses to manage tax determination, e-invoicing compliance and tax reporting.
Owned by London-based Hg, the company supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications.
Sovos has offices throughout North America, Latin America and Europe.



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