Global tax software provider Sovos is acquiring Iowa-based Eagle Technology Management (ETM), which provides statutory financial reporting and insurance premium tax software to insurers, and unclaimed property reporting products and services to financial institutions, corporations and insurance companies in the United States.
ETM customers include more than U.S. 1,500 insurance companies. Additionally, nearly 5,000 customers have adopted ETM’s unclaimed property platform, as businesses in the United States are subject to unclaimed property audits by 53 reporting jurisdictions.
Sovos’ announcement said ETM’s products and services expand Sovos’ software coverage to meet additional customer needs, Sovos’ tax information reporting solutions will help ETM’s insurance, financial institution and corporate customers.
ETM launched its Wings platform for integrated financial and regulatory reporting in 2003, followed several years later by the launch of its pure-play cloud computing portfolio of unclaimed property reporting products. UPExchange and UPExpress launched with the exclusive endorsement of the National Association of Unclaimed Property Administrators, and ETM’s proprietary online reporting network now connects businesses to state treasuries in 36 states.
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.
EY served as financial advisor to Sovos and Morris, Manning & Martin provided legal counsel. Shuttleworth & Ingersoll provided legal counsel to ETM.
Source: Sovos
Topics Mergers & Acquisitions USA Tech Property Iowa
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