Sovos Compliance Has Received a Majority Investment from HgCapital

Sovos Compliance Profile

  • 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

HgCapital Profile

  • 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

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
  • “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)
  • Shea & Company served as the exclusive financial advisor to Sovos and its owner Vista Equity Partners
has received a majority investment from
Shea & Company served as the exclusive financial advisor to Sovos Compliance and Vista Equity Partners