M&A Deal Summary

Sovos Compliance Acquires Foriba

On May 29, 2019, Sovos Compliance acquired information technology company Foriba

Acquisition Highlights
  • This is Sovos Compliance’s 2nd transaction in the Information Technology sector.
  • This is Sovos Compliance’s 1st transaction in Turkey.

M&A Deal Summary

Date 2019-05-29
Target Foriba
Sector Information Technology
Buyer(s) Sovos Compliance
Deal Type Add-on Acquisition

Target

Foriba

Istanbul, Turkey
Foriba is a reg-tech player in the global, transforming all business transactions from invoicing to bookkeeping to paperless with its first-in-market solution. Rooted in the enterprise market (grew out of SAP consulting), Foriba is standing to be the primary partner for our customers to stay compliant in all countries in a digital world.

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Buyer(S) 1

Buyer

Sovos Compliance

Wilmington, Massachusetts, United States

Category Company
Founded 1979
Sector Software
DESCRIPTION

Sovos Compliance is a provider of software that safeguards businesses from the burden and risk of modern transactional taxes. Combining the trusted industry expertise and global research capabilities of Convey, Taxware, and VAT Resource, the company enables over 3,000 clients to operate with the confidence to efficiently navigate today’s dynamic regulatory environment. Sovos Compliance was founded in 1979 and is based in Wilmington, Massachusetts.


DEAL STATS #
Overall 11 of 21
Sector: Information Technology M&A 2 of 4
Type: Add-on Acquisition M&A Deals 9 of 18
Country: Turkey M&A 1 of 2
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-03 TrustWeaver AB

Stockholm, Sweden

TrustWeaver AB is a cloud based compliance service for electronic invoicing and other legally critical documents. TrustWeaver AB was founded in 2001 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-07 Accordance Technical Services

Brighton, United Kingdom

Accordance is an international VAT consultancy and compliance firm, enabling businesses to trade confidently through the provision of expert-led, tech-enabled compliance. Accordance eases the burden that VAT creates by delivering clarity from complexity and ensuring clients are fully compliant. Accordance obtains VAT registrations and handles all the VAT reporting on behalf of their clients, while offering expert advice at every step of the client journey. Its VAT consultants specialize in cross-border transactions and advise companies across the EU and beyond. Accordance was founded in 2006 and is based in Brighton, U.K., and has an office in Amsterdam.

Buy -