Global tax software provider Sovos today announced the acquisition of Santiago , Chile – based company TOC Biometrics ., leader in identity verification and electronic signature solutions in Latin America. TOC Biometrics designs flexible solutions that adapt to the needs of customers, helping to speed up the digitalization process of companies. This acquisition strengthens Sovos’ portfolio of solutions to enable customers to ensure compliance with a growing range of legal and tax requirements for reliable user identification as economies continue to digitize.
TOC significantly strengthens Sovos’ current capabilities in the field of biometrics – to date having performed more than 200 million identity verifications and more than 50 million electronic signatures – particularly in the areas of electronic signatures, where customers can now legally sign documents of any kind digitally with the full confidence that the user has been verified. TOC solutions enable comprehensive identity verification through the measurement of physical attributes to confirm that a person is who they say they are. This greatly reduces the risk of identity theft, thus generating faster, safer and more efficient processes.
“Most companies are looking to stay ahead of digitization trends and government-mandated minimums to create a higher standard of legal security and compliance for their organization. The acquisition of TOC Biometrics adds to Sovos’ impressive portfolio of solutions, which allows our clients to carry out transactions anywhere in the world knowing that they will comply with the regulations and that they will deal with an authorized user,” said Álvaro González, executive director of Sovos Latin America.
TOC Biometrics has established itself as an innovative company in Latin America, driving change and developing new technologies and solutions that facilitate and raise the level of security for companies conducting business digitally in a number of markets including banking, insurance and financial services. , among many others. With its flexible architecture, TOC’s solutions will complement Sovos’ existing portfolio well, providing the tools necessary to operate in even the most highly regulated areas, while helping to eliminate fraud.
“We remove doubt about the validity of transactions made by our customers by using biometric technology to confirm that an online user is indeed the authorized person they claim to be. This is critical to the legitimacy of global commerce. Together with Sovos, we will be able to expand the use of our best-in-class technology to a much broader user base over a larger geographic area,” said Ricardo Navarro , founder of TOC Biometrics.
Sovos is owned by Hg, the London-based private equity investor specializing in software and services companies, and TA Associates. Terms of the deal have not been disclosed. Landmark Alantra acted as financial advisor to TOC Biometrics and Letelier Núñez Abogados provided legal advice.
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