Way2VAT acquires DevoluIVA to offer a full suite of corporate expenses and automated domestic and foreign VAT services across Spain

Press Release

Way2VAT acquires DevoluIVA to offer a full suite of corporate expenses and automated domestic and foreign VAT services across Spain

HIGHLIGHTS

· Way2VAT has acquired 100% of Spanish company DevoluIVA S.L.U., a company that offers comprehensive management of corporate expenses and the automatic recovery of national VAT services through an established network of over 130,000 merchants.

· The acquisition allows Way2VAT and DevoluIVA to offer the Spanish market complementary domestic and foreign VAT and accounts payable services and roll out the world's first Smart Spend Debit Mastercard nationally.

· Combined company expertise provides the basis for a multi-product strategy beyond Spain and into Latin America countries with similar domestic VAT structures.

28th September 2022 - Way2VAT Ltd (ASX:W2V), a global leader in automated VAT/GST claim and return solutions, has acquired 100% of Spanish company DevoluIVA S.L.U (DevoluIVA) to offer a full suite of corporate expense and automated domestic and foreign VAT services across Spain.

DevoluIVA is a key provider to the Spanish market of automated management of corporate expenses and automatic recovery of national VAT services. DevoluIVA's platform offers a fully digital domestic VAT reclaim service through a network of more than 130,000 merchants across Spain.

Headquartered in Barcelona, DevoluIVA developed Spain's first electronic solution that digitised corporate expense and VAT recovery. The DevoluIVA app allows users to locate restaurants, taxis, petrol stations and car parks affiliated to the DevoluIVA network and automatically receive electronic invoices for their professional expenses. In 2019, the DevoluIVA app, which is available on Apple and Android devices, issued more than 600,000 invoices.

Way2VAT is a global leader in automated VAT/GST claim and return solutions in more than 40 countries and over 20 languages, serving hundreds of enterprise businesses worldwide. It owns and operates a patented artificial intelligence technology that powers the world’s first fully automated, end-to-end VAT reclaim platform.

Way2VAT will also introduce to Spain the Smart Spend Debit Mastercard – the world’s first spend card for the SMB and Enterprise market that fully automates VAT/GST returns from end-to-end. The card allows companies to submit spend receipts and capture invoices through Way2VAT’s proprietary technology platform. The new technology is an end-to-end process from capture of the receipt through to payment that automatically analyses, reconciles, sorts and submits documentation to

foreign tax authorities. Employees can simply spend their allocated amounts and the VAT/GST is automatically submitted with all relevant administration completed.

Way2VAT CEO and Founder, Amos Simantov, said, “For the first time in Spain businesses and consumers will have access to a full suite of corporate expense and automated domestic and foreign VAT services. Through this transaction Way2VAT will enter the Spanish market with a complementary product suite to the existing DevoluIVA platform. DevoluIVA’s expertise on the unique characteristics of the Spanish domestic VAT system is the perfect way for us to then offer our foreign VAT capability.

“We will also offer our Smart Spend Debit Card that can be pushed through to DevoluIVA's network of more than 130,000 merchants.

“The Acquisition also provides the combined company with the basis to provide our multi-product strategy beyond Spain and into Latin America countries with similar domestic VAT structures.”

DevoluIVA CEO, àngel Garrid, said “The product suite of our combined companies is compelling for business throughout Spain. For more than a decade we have been the local leader in full digital domestic VAT reclaims. However, by combining Way2VAT’s patented AI that leads the industry with our local expertise we can now offer a much broader suite of allied services to our network of 130,000 local businesses that now include fully automated corporate expense and automated foreign VAT services.

ENDS