BackCygnet Infotech acquires UK-based tax tech firm euVAT; builds foothold in Europe
Following the acquisition, the management team of euVAT Online will now join UK-based subsidiary of Cygnet Infotech
PremiumIndirect tax solution provider Cygnet Infotech has closed an acquisition deal with UK-based euVAT Online that provides cloud-based VAT technology solution.
Announcing the deal on Tuesday, Cygnet said the euVAT management team will now join its UK-based subsidiary. The acquisition will lead to an enhanced ground presence and new customer base for Cygnet Infotech across the UK and rest of the Europe, as well as support Cygnet Infotech’s India customers for their global VAT filings, the Ahmedabad-based company said.
This newly acquired solution after the deal will allow corporates and tax advisors to manage their VAT reclaims, report management for the VAT returns, and directly link and integrate their Amazon systems to convert multi-country transactions into compliant VAT returns to respective authorities, Cygnet added.
The company said the euVAT product is extensively used by CFOs and tax managers of top blue-chip companies and by leading international tax advisors. It provides solutions for all aspects of professional back-office support for indirect tax filing, Cygnet further said.
“Cygnet Infotech will continue to build a region-centric and portfolio-centric strategy to meet new market opportunities and we wish to become the most trusted global tax technology solution provider in the years to come. We are really excited to have reached new markets like Middle East, UK and rest of the Europe after providing our solutions to more than 500+corporates in the past," said Niraj Hutheesing, Founder and Managing Director, Cygnet Infotech.
Cygnet Infotech has strengthened its roots in the Middle East with its recently launched e-invoicing platform for the Kingdom of Saudi Arabia. It is accredited as a "qualified solution" with the General Authority of Zakat and Tax (GAZT). It will now provide technical solutions for the issuance of electronic invoices and electronic notes. This will enable taxpayers to comply with the implementations of the electronic invoicing system in Kingdom of Saudi Arabia.
The company has also extended its enterprise VAT Compliance Platform in Oman with the recent VAT regulation being implemented in the country. Cygnet Infotech is working with one of the largest retailers in the region to comply with the VAT regulation.
Cygnet has enhanced its people strength by 25 per cent in the past year. It also underwent a rebranding exercise to unify all its sub-brands under one master brand of Cygnet Infotech.
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