BOULDER — Boston-based tax-compliance software firm Sovos Compliance announced Thursday that it has acquired Boulder-based ShipCompliant for an undisclosed sum.
ShipCompliant, officially Six88 Solutions Inc., is a software-as-a-service company that provides compliance and transaction platforms for the alcoholic-beverage industry, helping clients like wineries and breweries navigate a broad patchwork of federal and state regulations around things like registration, tax-rate determination and reporting.
Terms of the deal were not disclosed.
ShipCompliant founder and president Jason Eckenroth said in an email to BizWest that ShipCompliant will continue to function as its own company within Sovos and retain its own branding. He said he will remain as president, and that the executive and employee structure will remain the same. ShipCompliant employs 47 people, and Eckenroth added that the company will be actively hiring locally in the wake of the acquisition.
“Sovos is invested in the Boulder location,” Eckenroth wrote.
Founded in 2000, ShipCompliant has seen rapid growth recently, being honored in BizWest’s Mercury 100 as one of the fastest-growing companies in Boulder and Broomfield counties. ShipCompliant also made the 2014 Inc. 5000 list of the fastest-growing privately held companies in the nation, growing revenue from $3.1 million in 2010 to $7.1 million in 2013. The company’s revenue was $8 million in 2014.
“ShipCompliant expertly addresses the complex regulatory challenges faced by businesses in the beverage-alcohol industry,” Sovos CEO Andy Hovancik said in a press release. “We are excited to leverage the tax and compliance research capabilities, deep industry expertise, and acclaimed technology to expand and accelerate our ability to meet the wide-ranging tax and regulatory compliance needs of the market.”