May 14, 2024
Sovos Response
1yWe acknowledge that the past year has brought significant changes. I want to be very clear, for us to remain competitive in this market, these strategic changes needed to happen. Our customers and partners have spoken loudly and want us – they demand that we – make changes. They do not want to live in a world where they must invest in people, processes, and system integrations across multiple not-at-scale, non-integrated, regional technology solutions. For us to hear this call, and to ignore it, would be a disservice to our customers, for sure, but it would be an even larger disservice to our employees who put their trust in us to build a profitable and sustainable business.
To regain our throne as the industry leader, we had to make some decisions about where and how to best invest. And I have mentioned this many times, but I want to highlight that we have not stopped investing in our teams. In fact, we are investing substantially more than we ever had before – we are just investing it differently. That does mean that some roles at Sovos may have changed, and that people have been impacted by that. We take seriously any changes that we make that impact our employees. There is not, and there never has been, any plan to push out our top performers. In fact, we’re making tremendous progress in not only growing the business, but employee opportunities in the process. Amidst all the changes and org restructurings, we’ve promoted ~400 team members this year and welcomed 200+ new folks into the company. Our expertise in tax compliance remains unparalleled, supported by a global team of regulatory counsels and tax experts who monitor and report on regulatory changes, ensuring our platform is up-to-date.
We understand that new leadership can take some getting used to. You may not have had the opportunity to hear about our extensive communication efforts, including open mics, regional and team discussions, and one-on-one meetings, where we've detailed our strategy, changes, financial results, and new product offering. A leader may talk about something they enjoy outside of work occasionally (because our leaders are people too!) but our focus is reflective of the importance we place on keeping everyone informed and engaged.