Wednesday, April 24, 2024
HomeStartup NewsGA-based Sovos Acquired Aatrix Software

GA-based Sovos Acquired Aatrix Software

GA-based Sovos Acquired Aatrix Software, a leader in payroll tax forms, extending our leadership in compliance with enhanced capabilities across e-filing for 1099 and ACA 1095 reporting and W2/payroll reporting – increasing our local, state and federal coverage.

GA-based Sovos Acquired Aatrix Software, a leader in payroll tax forms, extending our leadership in compliance with enhanced capabilities across e-filing for 1099 and ACA 1095 reporting and W2/payroll reporting – increasing our local, state and federal coverage.

This acquisition brings together two companies with significant experience and expertise in helping small and medium-sized businesses navigate the complexity of tax and regulatory compliance.

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As the regulatory landscape continues to evolve and electronic filing thresholds are lowered, it’s important that SMBs have access to the technology solutions and services they need to ensure proper and timely tax filings to maintain compliance.

Together, Sovos and Aatrix will better inform users about changing mandates and provide them easy access to the tools and support they need. Between our two companies, we bring to bear extensive reach in terms of existing partnerships and configurations to work with nearly any platform or systems provider.

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Kevin Akeroyd, CEO, Sovos said, “The continued digitization of tax compliance affects businesses of every size, and this is especially true for SMBs, Small businesses really are the backbone of the U.S. and we have made a commitment at Sovos to provide them with the technology and support they need. We believe that Aatrix shares these same principles and fits perfectly into our existing portfolio, we are excited to welcome them into the fold.”

Aatrix occupies a strong segment of the market and offers customers a deep level of form functionality as well as a flexible solution that can adapt to their various software offerings.

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Primarily focused on serving customers through integrations with ERP and payroll providers, Aatrix has been able to leverage its critical business functionality, embedded relationships with payroll partners, and high customer satisfaction to create a highly sticky solution.

Its ‘sweet spot’ is primarily mid-sized companies with geographic scale to require multiple tax forms, however the solution has broad appeal across market segments and industries.

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Steve Lunseth, CEO, Aatrix said, “Aatrix has been a leader in helping small and mid-sized businesses meet their compliance obligations for nearly four decades and we are extremely proud of the work we’ve done and the partnerships we’ve created, I believe that the timing is right for us to bring our solutions portfolio under the Sovos umbrella to create even stronger opportunities for our customers, partners and employees. Our combined expertise and reach will assure that any business that wants to streamline their filing process will have access to the best people and solutions on the market.”

The terms of the deal were not disclosed. Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates. Holland & Hart LLP served as legal advisor to Sovos.

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About Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape.

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About Aatrix

Aatrix Software is a leading provider of W2, 1099 and ACA reporting solutions servicing over 300,000 businesses. Aatrix has been developing innovative accounting software solutions since 1986. Aatrix’ finance software has received numerous awards, including Software Digests highest overall rating and Home Office Computing Editors Pick.

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