Global tax compliance and reporting software platform Sovos has acquired Chile-based Paperless to expand its real-time government reporting capabilities with electronic receipts and consumer POS tax reporting. Terms of the transaction were not disclosed.
With the acquisition, Sovos will expand its presence in Brazil and extend Latin American operations into Chile, Colombia and Peru. Sovos seeks to help retailers and manufacturers get ahead of the rapid expansion in global regulations requiring electronic transaction reporting.
Paperless, an e-receipts and e-documents company, processed more than two billion transactions across more than 40,000 third-party systems in 2016. Its solutions support global retailers and manufacturers such as HP, InBev and Cencosud, the second largest retailer in South America.
This is Sovos’ second major acquisition within the past year in Latin America, which is considered by many to be a challenging regulatory environment. In 2016, Sovos acquired Invoiceware International, a regional e-invoicing and e-accounting compliance solution, to support its more than 500 multinational clients that are facing increasingly complex requirements in the region.