Sovos Named a Leader in 2024 IDC MarketScape for Worldwide Value-Added Tax Management

Published 12 hours ago via Business Wire

Sovos, the always-on compliance company, has been named a Leader in the IDC MarketScape for Worldwide Value-Added Tax Management 2024 Vendor Assessment (Doc # US52732824, December 2024). The report noted, “Sovos VAT compliance solutions and services include full coverage for VAT reporting, continuous transaction control compliance, e-invoicing clearance, post-audit e-invoicing, and tax determination. In IDC’s evaluation, Sovos performed well in VAT functionality, especially VAT reporting, localized VAT support, recovery/reclaim, governance, and certifications.”

Businesses continue to grapple with the complexity and changing nature of VAT regulations which makes remaining compliant more difficult while absorbing more internal resources. Sovos helps to ease the burden of tax compliance management through a cloud-based, automated platform. The report noted, “when you need a solution that seamlessly integrates with — and is increasingly already embedded in — accounting or transaction management software, you should consider Sovos.”

“Sovos’ depth and breadth of VAT solutions and services, as well as our global reach, are helping companies to navigate continuous change and uncertainty when it comes to tax compliance,” said Alice Katwan, president of revenue, Sovos. “We believe that being named a Leader in the IDC MarketScape is further testament to the impact that we are having on our customers and their ability to compete in the global business community.”

Notable strengths for Sovos identified in the report include:

  • Cloud platform: Sovos’ strong cloud software platform gives users access to tools and data through a consistent user experience. It supports the public cloud (Azure, AWS), the private cloud (Glasshouse), and the hybrid cloud (Azure, AWS, and Glasshouse). Sovos APIs are compatible and optimized to work with additional SaaS, on-premises, and customer-built financial systems and workflows.
  • Globalization: Sovos VAT and SUT Filing supports periodic VAT, SUT, and e-accounting in 68 countries globally. It also supports legally mandated period reports, including VAT returns, SUT and GST returns, Intrastat, IOSS/OSS returns, EC sales lists, SAFT, e-accounting, e-Ledger, SPED accounting, VAT Book, Insurance Premium Tax, and many other declarations.
  • e-Invoicing compliance: The Sovos Compliance Network validates against applicable tax rules and transforms them to the tax authority–mandated format. For larger enterprises with complex multinational tax processes and regulatory demands, e-invoicing is especially important.

“Sovos continues to be a Leader in the value-added tax compliance market through their wide array of solutions and services,” said Kevin Permenter, Research Director, Financial Applications, IDC. “Their strong cloud-based approach to tax compliance allows for a consistent user experience while creating operational efficiencies for businesses.”

Sovos combines global reach with local expertise, offering support in navigating complex tax regulations across different markets. With a dedicated team of 100+ regulatory experts, Sovos delivers in-depth, region-specific guidance to ensure businesses remain compliant as regulations evolve.

Read an excerpt of the 2024 IDC MarketScape for Worldwide Value-Added Tax Management, which can be downloaded here.

About Sovos

Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries.

More than 100,000 customers – including half the Fortune 500 – trust Sovos’ tax and regulatory expertise and unparalleled integration with their business applications. Learn more at sovos.com.

About IDC MarketScape:

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

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