- Way2VAT (W2V) signs an enterprise client deal with Max Mara for the use of the W2V automated accounts payable, corporate and travel expense, and VAT claim and recovery solutions
- The contract initially lasts for one year and was signed with the wholesale division of Max Mara, which coordinates global stock levels and buying
- Max Mara employees will use the platform as a “frictionless” solution to maximise operational efficiency for staff that regularly travel across many jurisdictions
- Under the deal, revenue will be based on each successful accounts payable, corporate and travel expenses VAT reclaim transaction that W2V processes through its platform
- Shares in Way2VAT close 44 per cent higher at 3.6 cents
Way2VAT (W2V) has signed a major enterprise client deal with Max Mara for the use of the W2V automated accounts payable, corporate and travel expenses and value-added tax (VAT) claim and recovery solutions.
The contract initially lasts for one year and was signed with the wholesale division of Max Mara, which coordinates global stock levels and buying.
Employees will use the platform as a “frictionless” solution to maximise operational efficiency for staff that regular travel across many jurisdictions.
Further, the platform will provide a clear dashboard capability for easier central reporting.
It will be rolled out to key markets in Hong Kong, China, Japan and South Korea as well as Europe and the Middle East hubs.
Under today’s deal, revenue will be based on each successful accounts payable, corporate and travel expenses VAT reclaim transaction that W2V processes through its platform.
W2V CEO and founder Amos Simantov said Max Mara was a great example of a large company with international operations that needed to more efficiently manage expenses for teams of staff that were travelling often.
“Signing with a major fashion retailer like Max Mara extends our global customer base and further validates our position as the leader in automated VAT claim and return solutions,” Mr Simantov said.
“As business travel continues to grow and edge closer to previous levels, we will continue to see demand for our technology with companies around the world.”
Because revenue is transaction-based, Way2VAT said it was not possible to provide an accurate initial revenue estimate at this point in time.
The new partnership follows recent agreements with Duracell, Tic Toc, Playmobil, Bang &
Olufsen, Grupo Constant.
Shares in Way2VAT closed 44 per cent higher at 3.6 cents.