Sovos, a global tax software provider, has announced the acquisition of California-based tax information software and services group 1099 Pro for an undisclosed sum.
The takeover sees an expansion to Sovos’ offerings for small and mid-sized businesses during a period of “paid regulatory changes” to tax information reporting in the US.
1099 will provide Sovos, which is owned by London-based private equity investor Hg, with experience in a range of areas, such as solutions for 1099 forms, tax identification number (TIN) matching, electronic filing, and affordable care act (ACA) reporting.
Following the transaction, the firms will together offer clients a variety of services, from self-service downloads to enterprise software-as-a-service (SaaS).
Andy Hovancik, CEO at Sovos, said: “With disparate reporting obligations at the federal and state levels, as well as lower thresholds for reporting requirements, companies of all sizes need expert-backed software and services to stay compliant.
“The acquisition of 1099 Pro dramatically expands the Sovos customer base with tens of thousands of customers, as well as enterprise users in higher education; oil and gas; gaming; local, state and federal government agencies; and other industries.”
Ray Stewart, CEO at 1099 Pro, added: “After more than three decades in business, 1099 Pro will join Sovos’ qualified team of regulatory and technology experts, all for the benefit of our 30,000+ customers.
“This comes at a critical time for businesses, and Sovos’ broad suite of solutions will further equip 1099 Pro customers to meet the growing challenges of tax and regulatory reporting.”