Germany, Austria and Switzerland: Way2VAT’s tax reclaim-tech expands across Europe’s DACH region
The expansion into the DACH region expands the global footprint of WAY2VAT, which already has a significant global presence.
Automated VAT/GST claim and return solutions provider, Way2VAT (ASX:W2V), has just expanded its services into the DACH region (Germany, Austria and Switzerland).
The global tax solutions provider signed a new deal with Circula, Germany’s largest expense management solution provider.
Under the deal, W2V’s automated VAT/GST solution will be integrated into Circula’s expense management solution.
The deal will enable Circula’s small to medium business (SMB) clients to use Way2VAT’s automated VAT claim and return technology, helping them to improve tax compliance within their local jurisdictions.
Circula currently supplies more than 1,000 SMBs across Europe with expense solutions including invoice processing, corporate travel, payments, and auditing.
“Partnering with them presents a major opportunity for Way2VAT to capture a large addressable market within Germany, Austria and Switzerland,” commented Way2VAT CEO, Amos Simantov.
“This will lay a solid foundation for us to further business development activity through their operations in Europe,” he added.
Circula’s platform has an existing integration with popular accounting system DATEV.
The DATEV is a popular accounting system in the DACH region, used by many mid-sized companies to manage their accounts payable.
This means the W2V platform could now be seamlessly integrated through two systems – travel and expenses and accounts payable – for the first time.
“Circula will feed W2V all data without the need for a separate integration with DATEV, or the client having to take any additional action,” said Simantov.
“This will allow W2V to support clients with both domestic and foreign VAT on travel and expense, and accounts payable systems.”
Simantov added that the integration is all about convenience for end users, since Circula can provide their clients with an additional service provided by W2V without any hassle.
“The clients can maintain the same processes, but get their money back,” he said.
The latest deal is more evidence of Way2VAT’s ability to quickly integrate its patented, end-to-end technology onto external software platforms.
In December, W2V also implemented its tax compliance technology into the NYSE-listed Endeavor Group’s platform – allowing it to be used in tax claims and returns across US, EMEA and Asia Pacific.
The technology essentially allows clients to engage in hassle-free VAT reclaims, to drive more revenue back into their businesses
W2V says it will save clients time, labour and money while ensuring validation and compliance protocols are met – no matter from where the invoices have been issued from.
“This is especially a key need for these countries in central Europe where international business is done on a daily basis,” said Simantov.
In the agreement with Circula, Way2VAT will originate its revenue from Circula’s clients through a one-year contract, based on each successful VAT reclaim transaction processed through the Way2VAT platform.
While W2V does not consider the partnership agreement with Circula to be material at this stage, it does establish a key strategic partner for W2V for the longer term.
The duration of the latest agreement is for two years, with an automatic renewal option.
This article was developed in collaboration with Way2VAT, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.