RSM's corporate finance team have advised the shareholders of Brighton based Accordance Technical Services Limited on its acquisition by Sovos Compliance LLC.
Accordance is an international VAT consultancy and compliance firm with offices in Brighton and Amsterdam. The Company provides VAT consultancy advice and tech-enabled compliance service to international clients across a diverse range of sectors. Created in 2006, Accordance has a unique position in the market as a one-stop shop for all VAT services. Clients choose Accordance for its multi-lingual, expert led team to operate seamlessly across different countries in Europe and internationally.
Sovos provides scalable, end-to-end solutions that ensure tax compliance across determination, digital reporting and continuous transaction controls worldwide. Combined, the Sovos and Accordance teams can deliver extensive software and services support to customers in need of diverse, flexible offerings that best suit their needs and the mandates of the countries where they do business. Sovos’ third acquisition of 2020 will help customers doing business in Europe easily manage the transition ahead.
The Accordance acquisition brings Sovos to more than 1,600 employees serving more than 7,000 customers that operate in more than 70 countries. The company has employees throughout North America, Latin America and Europe and is owned by London-based private equity firm Hg Capital.
'Accordance had the foresight in 2014 to bring RSM into their business in an advisory capacity to get them in shape for an exit. That meant I saw and could support the evolution of the business firsthand. The steps taken by the shareholders and management to prepare the business for sale meant they secured a great partner on great terms and had one of the smoothest diligence processes and trouble-free transactions. Having built a strong relationship with Nick, Bart and David over the years, I was delighted my team and I were able to use our in depth knowledge of them and the business to deliver a great deal.'
Nicholas Hallam, shareholder of Accordance said:
'Kirsty and RSM gave us expert advice over the years we have worked together. Ultimately, this culminated in a smooth process, ensuring that value was maximised and the management team was not distracted in their current roles. RSM’s commitment and support was vital for the success of the deal and would like to thank Kirsty and the RSM team for all their help in finding a home for the Company. We couldn’t recommend them enough.'