- Way2VAT (W2V) will fully acquire Spanish corporate expense and VAT digital recovery company DevoluIVA from Voxel Media
- The acquisition will have an initial consideration of €1 million (A$1.45 million) in scrip through the issue of approximately 11.76 million Way2VAT shares at 12.5 cents per share
- The company believes that the acquisition will benefit Way2VAT in four key areas as listed by CEO and Founder Amos Simantov which include the planned rollout of the world’s first Smart Spend Debit Mastercard through an established national network
- The agreement will provide Voxel with earn-out payments in three stages, with the first one occuring 12 months after the acquisition completion date
- Shares in Way 2VAT end the day 18.4 per cent in the green at 4.5 cents
Way2VAT (W2V) will acquire 100 per cent of Spanish corporate expense and VAT digital recovery company DevoluIVA from Voxel Media.
The acquisition will have an initial consideration of €1 million (A$1.45 million) in scrip through the issue of approximately 11.76 million Way2VAT shares at 12.5 cents per share.
Way2VAT believes that the acquisition will benefit its company in four key areas as listed by CEO and Founder Amos Simantov.
This includes enabling Way2VAT to enter the Spanish market, offering complimentary domestic and foreign VAT (value added tax) and accounts payable services and rollout of the world’s first Smart Spend Debit Mastercard through an established national network.
The agreement will provide Voxel with earn-out payments in three stages, with the first one occuring 12 months after the acquisition completion date.
In the first earn-out, Voxel will receive the greater of €500,000 or the total of 1.5 times the difference between DevoluIVA’s 2022 annual revenues derived from its VAT recovery related activity.
The issue of Way2VAT shares under the three earn-out stages is subjected to shareholder approval at each stage.
In addition, the company intends to enter into a service agreement with Voxel for the provision of digital invoicing, hosting and workspace services to DevoluIVA prior to the acquisition completion.
Way2VAT will pay Voxel €30,000 per annum for the workspace and a quarterly compensation of a minimum amount of €60,000 per annum for hosting and digital invoicing services.
Shares in Way2VAT were up 18.4 per cent, trading at 4.5 cents at market close.