Sovos announces acquiring of Portugal companies PetaPilot and Saphety

By Joy Dumasia

Global tax software provider Sovos announced it had acquired Portugal-based companies PetaPilot, which delivers e-accounting solutions to tax authorities and businesses, and Saphety, which provides compliant e-invoicing services to governments and companies.

PetaPilot and Saphety bring to Sovos technology and talent that will help customers meet the demands of the digital transformation of tax and public procurement, all with a single provider.

The acquisitions create a complete VAT, SAF-T and business-to-government (B2G) compliance solution for customers operating in Portugal while adding compliant e-invoicing connectivity and extended digital accounting capabilities to meet current and upcoming mandates worldwide.

The acquisition of PetaPilot enables Sovos to significantly extend the capabilities of its new Advanced Periodic Reporting cloud platform. Enhancing support for global Standard Audit File for Tax (SAF-T) requirements, which the Organisation for Economic Co-Operation and Development (OECD) designed to give tax administrations frequent, digital visibility into business accounting systems.

IT and tax teams must aggregate this data – invoice records, inventory movements, human resources, fixed assets and more – from disparate systems and be ready at any time to deliver complete, consistent, structured data files to governments.

IT and tax teams must aggregate this data – invoice records, inventory movements, human resources, fixed assets and more – from disparate systems and be ready at any time to deliver complete, consistent, structured data files to governments.

John Gledhill, vice president of corporate development for Sovos, said: “With the PetaPilot and Saphety acquisitions, Sovos strengthens its offerings in the growing market for SAF-T compliance, enhances its ability to address converging B2B and B2G e-invoicing regulations and establishes operations in Portugal. With expert teams now in more than 13 countries, Sovos is building a global presence that prioritizes the local and regional compliance needs of our customers.”