Sovos Acquires Cloud-Based Receipt Technology Company Paperless

HgCapital and Vista Equity Partners-backed Sovos has agreed to acquire Chile-based Paperless, a leading electronic receipts and electronic document management company.

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Founded over 14 years ago, Latin America-based Paperless has processed over two billion documents per year for global enterprises, integrating its long term, scalable solutions into over 40,000 third-party systems in 2016. As a comprehensive Clean Technologies solutions provider, Paperless offers eInvoicing, eReceipts, eContracts, eBookkeeping, eFactoring and advanced electronic signature solutions including biometry. The world’s largest eReceipts and eDocuments company lists clients across retail and manufacturing including HP, AB InBev and Cencosud, South America’s second largest retailer.

Boston-based Sovos, a provider of tax compliance and business-to-government reporting software, helps its clients navigate the complexity of “going digital” amidst an evolving regulatory environment. The firm offers its Sovos Intelligent Compliance Cloud to support 4,500 companies, including half of the Fortune 500. HgCapital bought a majority stake in Sovos from Vista Equity in 2016, who maintained a minority stake in the business.

Sovos, with offices throughout North America, Latin America and Europe, will use the acquisition to expand its presence in Brazil, Chile, Colombia and Peru, and enhance its real-time government reporting capabilities with electronic receipts and consumer point-of-sale tax reporting. The company says it will become the first software provider to offer a global solution for real-time business-to-government reporting, a highly disruptive form of regulatory compliance which has now spread to over 60 countries.

Financial terms of the deal were not disclosed.