Atlanta, USA-based provider of compliance technology solutions and services, Sovos acquired Aatrix Software, a North Dakota, USA-based company specializing in payroll tax forms. The company announced the acquisition on January 11, 2023. However, it did not disclose the amount of the acquisition.
Purpose of acquisition by Sovos
With the latest acquisition, Sovos extends its leadership in compliance with enhanced capabilities across e-filing for 1099 ACA 1095 reporting and W2/payroll reporting. The deal further increases their local, state as well as federal coverage. Besides, the 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.
Together, Sovos and Aatrix seek to better inform users about changing mandates. It further aims to provide them with easy access to the tools as well as the support they need. The two companies bring to bear extensive reach in terms of existing partnerships and configurations. They have plans to work with nearly any platform or systems provider.
What the Sovos official has to comment
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, and we are excited to welcome them into the fold.”
What the investors have to comment
In addition, Steve Lunseth, CEO, Aatrix, commented, “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.”
About the company
Steve Lunseth in 1986 founded Aatrix Software. The company is a leading provider of W2, 1099 as well as ACA reporting solutions. It services more than 300,000 businesses. Since its inception in 1986, Aatrix has been developing innovative accounting software solutions. Aatrix’ finance software received numerous awards such as Software Digest’s highest overall rating as well as Home Office Computing Editors Pick. Currently, the Aatrix Electronic Forms Division is one of the nation’s premier payroll reporting specialists.
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