Sovos Has Received a Majority Investment from HgCapital
About Sovos Compliance
- Sovos Compliance is a leading provider of taxation compliance solutions, managing all aspects of the tax compliance process including tax calculation, forms completion, ultra-high-volume filing and secure funds transfer to state and local revenue departments
- Sovos serves approximately 4,500 worldwide customers with a focus on the financial services, manufacturing, retail and technology verticals
- Sovos was carved out of ADP in 2012 and is headquartered in Wilmington, MA
About HgCapital
- HgCapital is a leading private investment firm based in London
- The firm currently manages over £5.2 billion through middle market private equity investing across TMT, Services and Industrials, primarily in Western Europe
- HgCapital investment teams currently manage three investment funds: HgCapital 7, their latest mid-market buyout fund; RPP2, their renewable energy infrastructure fund; and HgCapital Mercury, their TMT-focused small buyout fund
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HgCapital’s investment presents a significant opportunity to build on our success and accelerate the development of our global platform for tax compliance and reporting. With the support of Vista Equity Partners, Sovos transformed into a trusted partner for companies navigating today’s dynamic regulatory environment. HgCapital’s talented team, in-depth knowledge of regulatory compliance markets and commitment to growth allows us to solidify our leadership position and deliver even more value to our clients.
Andy Hovancik
CEO, Sovos
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We are delighted to begin our work with Sovos CEO Andy Hovancik, his talented management team, and Vista Equity Partners. HgCapital has a strong track record of successful investments in tax and regulatory compliance-driven software companies. We have been tracking the excellent progress Sovos has made in establishing itself as a global player in this sector, and we look forward to supporting their continued growth growing forward.
Jonathan Boyes
Director, HgCapital
Transaction Notes
- The majority investment in Sovos from HgCapital was announced on January 19, 2016
- Vista Equity Partners will retain a significant minority stake in Sovos post-transaction
- Shea & Company served as the exclusive financial advisor to Sovos and its owner Vista Equity Partners