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

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

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Way2VAT partnership
Image source: © Tanialerro | Megapixl.com

Highlights

  • Way2VAT has signed a new partnership agreement with Webexpenses, which is a part of ELMO Software (ASX:ELO).
  • The agreement enhances the availability of Way2VAT’s SMB product across Australia, Europe, and the US.
  • The agreement establishes a key strategic partner for Way2Vat and will help clients save time, money and labour costs.

A global leader in automated VAT/GST claim and return solutions, Way2Vat Ltd (ASX:W2V) has signed a partnership agreement with Webexpenses, an online expenses management platform which is a part of the ELMO Software group (ASX:ELO). The agreement will enable European users of Webexpenses to use Way2VAT’s VAT/GST automated claim and return solution.

This agreement offers various common synergies for W2V to benefit from as Way2VAT’s SMB solution will be integrated into the Webexpenses platform for its UK-based SMB customers initially. The parties further plan to expand it to other markets in due course.

Under the agreement, Way2VAT’s revenue will come from the clients through a one-year contract based on every successful VAT reclaim transaction processed via the Way2VAT Platform. Moreover, the platform also enables the processing of a large number of reclaims by keeping the cost of processing low.

Way2VAT has been experiencing fast growth with presence in over 40 countries. Way2VAT owns and operates a patented AI technology that powers the world’s first fully automated, end-to-end VAT reclaim platform.

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The platform is used by more than 180 enterprise companies, including small and medium-sized business (SMBs). The number of clients using its automated VAT claim and return solutions product has expanded significantly, with several agreements signed in the recent past.

Revenue and cost benefits

The quick integration of Way2VAT with the software platforms would empower Webexpenses and other partners’ SMB clients to engage in seamless VAT reclaims and drive increased revenue into their businesses. This will also save time, labour and money for clients while ensuring validation and compliance protocols are met.

The Company does not consider the partnership agreement with Webexpenses as material; however, this agreement does establish a key strategic partner for Way2Vat. There are no material conditions that need to be satisfied before the partners become legally bound to proceed with the terms of the agreement.

Business agreement

Source: © Wavebreakmediamicro | Megapixl.com

Webexpenses offers online expenses management, comprising invoice processing, corporate travel, payment, and auditing to thousands of companies in the UK, North America and Australia.

Bottom Line

The deal with Webexpenses comes in addition to W2V’s recent agreements with Allocate Software’s expense management solution, Selenity Expenses and Yokoy. The agreement establishes a key strategic partner for Way2VAT and is free from any material conditions that need to be satisfied before proceeding with the terms of the agreement.

W2V stock was noted at AU$0.170 on 22 December 2021.

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