Cedar Rapids, Iowa – May 29, 2019 – 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.
About ETM
ETM is a Web-application-development firm that specializes in providing statutory financial reporting, tax-compliance, and unclaimed property reporting services, making its clients more efficient, consistently accurate, and uniformly compliant. Founded in 2001, ETM has served nearly 50,000 companies and is the leading provider of software to automate and file financial information to meet numerous regulated reporting requirements. In 2010, ETM developed a web application for Unclaimed Property reporting. ETM has pioneered the development of electronic filing specifications and electronic payment to the state regulatory departments. For more information, please visit www.byETM.com, call (855) 737-1688, or e-mail sales@byetm.com
