Afternoon Coffee: Sovos Acquires TrustWeaver, Beeline Partners with EverHive

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Sovos, a provider of global tax compliance software, announced Thursday it had acquired e-invoicing compliance provider TrustWeaver, according to a press release. The acquisition, the fourth in a string of recent deals, extends Sovos’ e-invoicing coverage to 60 countries in Europe, the Middle East, Africa and Asia Pacific.

“TrustWeaver has become a seal of approval for the world’s largest financial systems, which is a testament not only to the effectiveness of its software and integrations, but also to its ability to monitor and interpret regulatory change in the European region and beyond,” said Andy Hovancik, president and CEO of Sovos. “We’ve built Sovos to reduce the costly friction between businesses and governments around the world, and it was immediately obvious to us that TrustWeaver provides an important part of that solution.”

Beeline-EverHive Partnership

Beeline announced Wednesday it had formed a new partnership with EverHive, a global contingent workforce solutions firm that partners with companies to help them manage and create systems for internally and self-managed contingent worker programs, according to a press release. The program will allow both companies’ customers to access the expertise of industry leaders who can structure their entire contingent worker programs, with the option of having EverHive serve as their vendor-neutral hybrid managed service provider (MSP).

"As the industry evolves at a dramatic pace, the foundation of our enterprise is based on agility, thought leadership, and unyielding collaboration,” says Brandon Moreno, president of EverHive. “The strong partnership between Beeline and EverHive allows us to offer clients an expanded portfolio of a proven and trusted technology provider that works hand in hand with our customized solutions."

Trade Update

The question of whether the U.S. and China will be able to avert a trade war may hinge on the outcome of talks set to begin this week in China led by top Trump administration officials, the New York Times reports. The delegation itself, however, is causing some to worry: The White House is “sending six trade and economic officials with differing ideas on how to approach China and who are deeply divided over the desirability of a trade war.”

Interest Rates

And finally, an economic update: The U.S. Federal Reserve will hold interest rates steady for now, the Wall Street Journal reports, and expects to raise them at a gradual pace, implying it would do so at its June meeting. A strong labor market and firming inflation have brought the economy mostly to where the Fed wants it to be, allowing the central bank to wind down its steady course of interventions.