January 19, 2016
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
Buy-Side Investors
- Hg
Sell-Side Investors
- Vista Equity Partners
Sector
- Applications
Subsector
- Governance
- Risk & Compliance
Research
“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
“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