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Sovos has announced its acquisition of Digital Planet, an Istanbul-based e-transformation compliance company. This strategic move aims to bolster Sovos' product development capabilities in Turkey and enhance its customer base in the region. The acquisition underscores Sovos' commitment to addressing complex global tax compliance challenges, particularly in markets with mature e-invoicing and digital tax mandates.
Founded in 2000, Digital Planet specializes in e-invoicing, e-archiving, and other e-transformation solutions. Its core products include e-Fatura, e-Arşiv Fatura, and SAP e-Dönüşüm Çözümleri. Digital Planet stands out in the market with its award-winning cloud technology, extensive regulatory expertise, and global reach, supporting over 19,000 tax jurisdictions. The company also offers flexible credit packages and seamless integration with existing business platforms, emphasizing corporate social responsibility by reducing the tax gap and supporting societal development.
Sovos is a leading provider of tax compliance solutions, offering a comprehensive platform to manage e-Invoicing, indirect taxes, and information reporting globally. Key products include the Indirect Tax Suite, Information Reporting and Withholding Suite, and various specialty products like Unclaimed Property Reporting. Trusted by half of the Fortune 500 companies, Sovos supports over 100,000 businesses worldwide and processes 16 billion transactions annually, significantly influencing regional tax authorities with its team of over 150 experts.
Sovos announced its acquisition of Digital Planet on October 20, 2021, and completed the transaction by January 5, 2022. This acquisition aligns with industry trends of increasing digital transformation and compliance mandates, particularly in regions with mature e-invoicing systems like Turkey. The timing also reflects Sovos' strategic expansion in Europe, following its previous acquisition of Foriba in 2019, to enhance its product development capabilities and support a growing customer base.
The acquisition of Digital Planet by Sovos has led to significant changes in operations and management. Sovos has expanded its Istanbul-based product development center, increasing its Turkey employee base by 65%, resulting in over 700 employees in Europe. The talented team from Digital Planet has joined Sovos, enhancing the software development and management teams. This integration aims to deliver secure, stable, and scalable technology products, services, and support, addressing the complete needs of customers and supporting Sovos' strategy to solve complex global challenges.
In terms of product offerings, Digital Planet's cloud solutions for e-invoicing, e-receipts, e-delivery notes, and e-ledgers have been integrated into Sovos' portfolio. This strengthens Sovos' partner channel and significantly increases its customer base, benefiting enterprises and SMBs alike. While specific employee and customer reactions were not detailed, the overall tone suggests a positive reception, with the acquisition positioned as a strategic move to better serve customers affected by digital transformation mandates. For founders considering business transitions, tools like Sunset can assist in managing such processes compliantly.
