Global leader in automated VAT claim and return solutions, Way2VAT (ASX:W2V), has signed two large enterprise clients in Spain for the use of Way2VAT’s automated accounts payable, corporate and travel expenses and VAT claim and recovery solutions, significantly boosting transaction volume and future revenue.
While the name cannot be disclosed for competitive reason, TechInvest understands that one is a top 15 pharmaceutical company which has developed nearly 100 medicines over the past 140 years. The company sells products in 125 counties and has 1500 employees in Spain, a market it has operated in for 60 years.
The second is Spanish home security company SecuritasDirect. With more than 10,000 employees, SecuritasDirect operates in 16 countries across Europe, North and South America and is considered a global leader in residential alarms.
Way2VAT CEO and Founder, Amos Simantov, said, “These two new deals show our ability to scale and tap into the world’s biggest and most prestigious markets, now including pharmaceutical and home security. As with many of our clients with international operations, both companies are looking to more efficiently manage expenses for staff.”
“By moving their employees to Way2VAT’s platform they will be able to improve by nearly 300% the recovery of their claims for invoices and tickets for everything from accommodation, transport, travel, fuel and employee expenses.”
Way2VAT will integrate with the companies’ current expense, invoice and travel management platform, strengthening their ability to recover a substantially higher percentage of VAT for tickets and invoices.
Way2Vat will originate its revenue through an initial two-year contract, based on each successful VAT reclaim andtravel and expenses transaction it processes through its platform. These new clients represents a significant revenue source and are a notable milestone for Way2VAT and DevoLUIVA’s Spain expansion efforts.
The new partnership comes on top of recent agreements with major clients including BASF Spain, Max Mara, Pizza Hut Spain, Globalia, and Lidl.
