At the start of the week, as its main user conference IFS Unleashed began, IFS had already made one announcement. It revealed that it had formed a strategic technology partnership with Sovos, the always-on tax compliance company. IFS will integrate its solutions into Sovos to streamline, optimize, and automate complex tax compliance obligations using real-time data from across the organization.
Sovos offers a global compliance platform that enables vendors, and their customers to ensure that tax calculations are both accurate and up to date regardless of the international jurisdiction they work within. Sovos supports tax rules from over 20,000 tax jurisdictions. The integration into IFS will enable IFS customers to benefit in several ways:
- Avoid penalties from late fees
- Provide continuous transaction control
- Avoid reputational damage from non-compliance
- Maintain always-on compliance wherever they operate
Understanding tax implications can help organisations minimise the risk of disruption from cross-border transactions and improve cash flow.
Christian Pedersen, Chief Product Officer, IFS, commented, “I am very proud that leading third-party providers like Sovos want to connect to the IFS platform as they clearly see the opportunity with our customer base and the momentum we have in the market.
“Our customers have chosen IFS to benefit from the transformational capabilities and single source of data truth that our IFS.ai-powered platform provides. I am delighted to introduce more ERP innovation that helps drive productivity and realize value to businesses through automation.”
Sovos continues to build market share
This is a big announcement for Sovos and is another deal that once might have gone to Avalara. Sovos is also integrated into several other leading ERP and e-commerce solutions, including SAP, Oracle, Oracle NetSuite, Salesforce, and Magento.
Sovos recently launched an indirect tax compliance solution for SAP customers. It includes e-invoicing, tax determination, filing, and reporting for on-prem and cloud SAP environments. It now become an IFS partner and will integrate into the IFS solution stack.
Kevin Akeroyd, CEO of Sovos, said, “Regulatory compliance is growing more important within major organizations, elevating to the C-suite level. Their ability to operate in and expand into new markets is compromised if they can’t get compliance right. We are excited to integrate within the powerful IFS Cloud ecosystem to extend the benefits and value to more enterprises globally.”
Enterprise Times: What does this mean
The announcement means that IFS customers will have a choice of tax compliance solution. However, it is unclear if the integration to Sovos is complete yet. Certainly, while Avalara is listed on the IFS marketplace, Sovos does not yet have a listing. They are both present at Unleashed, with Sovos becoming a gold sponsor and Avalara a silver one.
