Way2Vat (ASX:W2V) inks deal with Germany’s largest toy manufacturer, shares jump 4%

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Way2Vat (ASX:W2V) inks deal with Germany’s largest toy manufacturer, shares jump 4%

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Way2Vat, Playmobil partnership
Image source: © Ronstik | Megapixl.com

Highlights

  • The rally in W2V shares comes on back of the announcement of a new partnership agreement with Playmobil.
  • Playmobil is a leading global toy manufacturer, headquartered in Germany.
  • Way2VAT will integrate its automated VAT/GST claim and return solution into Playmobil's expense management system.

Way2Vat Ltd (ASX:W2V) shares rallied as much as 4% on Thursday on the ASX. The rally in W2V shares follows its announcement of a new partnership agreement with Playmobil, a leading global toy manufacturer, headquartered in Germany.

With the signing of this agreement, Way2VAT marks entry into the global toy manufacturing sector. The company said as part of this agreement, it will provide VAT/GST claim and returns solution to more than 2,600 employees initially. But in due course, this service can be extended to over 5,600, making it a top-10 enterprise client in the Europe.

Way2VAT will integrate its automated VAT/GST claim and return solution into Playmobil's expense management system. The fintech company will earn revenue through an initial one-year contract with Playmobil based on each successful VAT and GST reclaim transaction processed through its platform.

Also read: Way2VAT makes inroads into UK market with new Allocate deal

This development holds significance as Playmobil is Germany’s largest toy manufacturer. It is also among the top-30 entertainment and toy manufacturers in the world, having clients in nearly 100 countries. In 2019, the company had reported a revenue of €676 million. It is also the largest part of the Brandstätter Group.

Commenting on this development, Way2VAT CEO and Founder, Amos Simantov, said, “This enterprise signing shows the universal flexibility for the Way2VAT platform. Signing a major European enterprise client in a new sector for us further cements our position as a leader in integrated VAT claim and return solutions."

Also Read: Who is Way2VAT (ASX:W2V)? Get acquainted as they could save you thousands

Also Read: Way2VAT’s (ASX:W2V) latest partnership deepens its SMB product reach

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