Sovos to acquire Digital Planet

Wednesday 20 October 2021 13:29 CET | News

Global tax software provider Sovos has entered into an agreement to acquire Digital Planet, which provides cloud compliance solutions for continuous transaction controls (CTCs), including e-invoicing, e-receipts, e-delivery note and e-ledger. 

Upon completion of this acquisition, Sovos will expand its Turkey-based product development center of excellence in support of a growing base of channel partners, small-and-medium-sized businesses (SMB), and large enterprise customers in Turkey and across the region.

Turkey is one of only a few countries outside of Latin America with mature e-invoicing and digital tax and regulatory mandates. Following its 2019 acquisition of Foriba, Sovos established its European center of excellence in Istanbul. Since then, the company’s local teams have developed solutions for CTC mandates in Greece, India and Saudi Arabia. The Sovos software development team in Turkey also led the modernisation of Sovos Advanced Periodic Reporting, which centralises and streamlines indirect tax compliance processes for businesses operating across Europe, the Middle East, Africa, Latin America and Asia. 

Digital Planet cloud solutions address e-transformation mandates, as well as customer communication management for banks, telecommunications, and insurance companies, which rely on Digital Planet solutions to provide telephone bills, bank receipts, credit card statements, insurance policies and other personalised documents. 

The terms of the deal were not disclosed. 

Completion of the transaction is subject to regulatory approval and other customary closing conditions.

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Keywords: e-invoicing, digitalisation
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Turkey
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Banking & Fintech

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