Sovos previously acquired some other companies including Invoiceware, Paperless and TrustWeaver. With the acquisition of Foriba, the company is aiming to address the tax compliance problems from a global perspective also in Turkey, after Latin America, North America and Western Europe.
Remember that, since 2014, e-invoice is compulsory in Turkey. Foriba, one of the major e-invoice providers of Turkey's, is developing e-transformation solutions in order to meet regulative requirements in different countries. Sovos, considering its operations in these countries along with Turkey, will benefit from Foriba's experiences in e-transformation and regulative integrations with this acquisition.
Since its establishment in 1999, Foriba has been serving as a private integrator for companies and large-scale corporate enterprises that use SAP. The company aims at strengthening the SAP strategy of Sovos with the growth in its organizational structure and enabling international companies to scale their modern tax compliance globally. By integrating Foriba solutions into the Sovos S1 Platform, Sovos will allow international companies to manage their global indirect tax liabilities from a single centre.
Note that, the terms of the agreement have not yet been disclosed.