In a move that reflects the growing use of e-invoices and e-receipts, global tax software provider Sovos has acquired Foriba, an Istanbul-based specialist in invoicing capabilities. Terms were not disclosed.
The purchase follows Sovos’ acquisitions of real-time tax compliance providers Invoiceware, Paperless and TrustWeaver.
Foriba also helps firms with VAT (value-added tax) reporting.
Sovos notes that Turkey has complex digital VAT controls, and is one of the few countries outside of Latin America to have a mature mandate for e-invoicing.
Foriba will help Sovos “safeguard customers as countries around the world adopt e-invoicing, e-archiving and e-receipt regulations for B2B and B2C transactions,” states Sovos CEO Andy Hovancik.
Hovancik predicts that by 2025, “companies in VAT economies are expected to exchange more than 75 percent of all invoices electronically with tax administrations in real time or very shortly after the invoice-exchange process.”
Taxation aside, e-invoicing helps firms build email lists, provided that there is consent for all possible uses.