Eagle Technology Management of Hiawatha, which provides legal compliance software to insurance companies, has been sold to a Boston company.
Sovos, which is owned by London-based Hg, is a global supplier of software for businesses to determine correct taxes, electronic invoice compliance and tax reporting.
Terms of the transaction were not provided.
Privately held Eagle Technology, founded in 2001, enables insurance companies to file financial information to meet reporting regulations. In 2009, the company began providing unclaimed-property reporting services.
Its customers include more than 1,500 insurance companies in the United States. Nearly 5,000 customers have adopted the company’s unclaimed property platform since it was rolled out.
Unclaimed property is an increasingly significant source of revenue for states and therefore a popular audit target. U.S. businesses are subject to unclaimed property audits by 53 reporting jurisdictions.
“With this acquisition, ETM joins a company known for its expertise in translating tax compliance and reporting into high-performance software, which will benefit the customers we have long served,” Layton Olson, CEO of Eagle Technology, said in a news release.
“Sovos is the largest private filer of the 10-Series IRS forms so important in the insurance and financial markets we serve.”