Global tax software provider Sovos today has acquired Ecuador-based Stupendo, which provides automated e-invoicing services and processes that are regulated by the Internal Revenue Service of Ecuador. Following recent acquisitions in Chile, Mexico and Brazil, Stupendo represents Sovos’ continued prioritization of Latin America.
“Stupendo’s products are complementary to Sovos’ offerings, and the combination will provide immediate value to customers in Ecuador, where the government is focused on digital transformation,” said Steve Sprague, general manager, Global Value-Added Tax, Sovos. “Ecuador has been gradually implementing e-invoicing since 2013, starting with large and mid-size businesses, and moving to smaller companies over the next few years. Sovos offers customers doing business in Ecuador and in more than 70 other countries the technology and services to help local teams execute on local priorities.”
John Gledhill, vice president of corporate development for Sovos, said, “Stupendo is the seventh acquisition for Sovos in the past 12 months, and the third in South America during that time. With a 250% increase in M&A activity over the prior 12 months, Sovos continues to prioritize growth that helps businesses prosper and communities thrive amid the accelerating digitization of tax and regulatory compliance.”
Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates.
EY served as financial advisor to Sovos, and Skadden and Claro & Cia provided legal counsel. LarrainVial served as financial advisor to Stupendo and Carey Abogados provided legal counsel.