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What the Sovos Acquisition of Keane Means to You

by Paul Banker, Vice President and General Manager, Tax & Regulatory Reporting, Sovos and Ray Boone Vice President, Consulting and Reporting, Sovos Keane

September 4, 2020

FROM PAUL BANKER
Vice President and General Manager,
Tax & Regulatory Reporting, Sovos

Since announcing Sovosacquisition of Keane’s reporting and consulting divisions in July, our teams have spent many hours together talking about what combining forces will mean for customers. There is growing excitement as our experts build on each others’ strengths to better serve you.

You may know Sovos as a tax compliance and regulatory reporting software provider. Many of our 8,000+ customers — which include half the Fortune 500 and the top insurers and financial institutions in the world — know us as the largest private filer of 1099 forms to the IRS. Over the years, those businesses have asked Sovos to take some of its tax and regulatory expertise and technology and apply it to some of their other challenges. This is how Sovos first took on unclaimed property compliance.

In 2019, Sovos acquired ETM and its software-as-a-service solution for unclaimed property. And over the past year, we’ve learned how deep the need is in this market — particularly now. On-premise software and paper-based processes aren’t accessible to teams that are working from home periodically or for the foreseeable future. Even post-pandemic, companies are recognizing there may be cost benefits to remote work — if they have the SaaS and services to support it. This is one of many reasons why Sovos was excited to bring on Keane’s reporting and consulting offerings and integrate them into our full solution set for tax and regulatory reporting.

Together, our combined team can fully support your unclaimed property compliance needs, whether you choose to outsource reporting or leverage our SaaS technology to manage it in house. We look forward to building on Keane’s work to improve the depth and breadth of our offerings to you.

FROM RAY BOONE
Vice President, Consulting and Reporting,
Sovos Keane

Perhaps no one knows better than the readers of this publication how much the unclaimed property landscape has changed in recent years. Increasingly, states see abandoned property as an attractive revenue stream, and the escalating pace of audits proves it. From state courts to federal courts to the Supreme Court, lawsuits over unclaimed property are driving greater awareness of its value. And states are getting creative in how they collect. They’re expanding the types of property under regulation, beyond traditional cash assets. They’re shrinking dormancy periods and bringing in outside support to staff audits that can stretch on for years. In short, the challenges of unclaimed property compliance are growing — which makes it an ideal time for Keane to join forces with Sovos, a company focused on solving the world’s most daunting tax and regulatory compliance challenges.

As a global company with ample regulatory analysis, product development and other resources, Sovos will fuel innovation in the Keane offerings you trust, expanding our technological capabilities and our services. And our support for and commitment to you will remain as strong as ever. Since first meeting the Sovos team in mid-summer, I’ve been impressed with how fully they live their mission to solve tax and regulatory challenges for good. In designing software and services to reduce the friction between companies and governments, Sovos ensures your business can prosper and communities can thrive, simply by collecting the revenue they are due.

The Keane team is excited for what’s ahead as we become part of Sovos, and we think you will be, too.

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