Following Sovos’ recent acquisitions of other real-time tax compliance leaders Invoiceware, Paperless and TrustWeaver, Foriba will provide tax determination, e-invoicing compliance and tax reporting solutions.
Foriba was founded in 1999 as an SAP systems integrator and remains rooted in the market through its SAP OEM agreement. Sovos will integrate Foriba solutions into the Sovos S1 platform, which enables companies with multi-country operations to centralise compliance to meet global indirect tax requirements.
The terms of the deal were not disclosed. Sovos is owned by Hg, the UK-based specialist private equity investor focused on software and service businesses. Deloitte served as financial advisor to Sovos, and Skadden and Akol provided legal counsel. Gökçe provided legal counsel to Foriba and its investors, Revo and IFC.
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