Cygnet Infotech, a global technology company headquartered in India and with an office in London, announced it has taken over euVAT Online, a UK-based company providing cloud-based VAT technology.
This newly acquired solution will enable companies and tax professionals to automatically manage their VAT claims, generate reports for VAT returns and directly link and integrate their Amazon systems. As part of this acquisition, the management team from euVAT online will now move to the British subsidiary of Cygnet Infotech, the company said in its statement.
The acquisition will result in a stronger presence and new customer base for Cygnet Infotech in the UK and the rest of Europe, it added.
Commenting on this latest acquisition, Niraj Hutheesing said: “We are very happy that euVAT Online has become part of Cygnet Infotech. With this takeover we will strengthen our team and our presence in Europe and reach new interested parties in this region. In addition, we will provide technology assistance to tax professionals in the management of VAT reclaims and directly link and embed their Amazon VAT filing systems in addition to providing our existing solutions to new and existing customers, thereby increasing our presence in the UK and in the rest of Europe.”
The company has now also strengthened its presence in the Middle East. Cygnet Infotech recently launched its e-Invoicing platform for the Kingdom of Saudi Arabia. It is also accredited as a qualified solution by the General Authority of Zakat and Tax (GAZT). It will now offer technical solutions for issuing electronic invoices and electronic notes. This will enable taxpayers to comply with the introduction of the electronic invoicing system in the Kingdom of Saudi Arabia, the statement said.
In addition, with the introduction of the new VAT regulation in the Oman region, Cygnet Infotech has expanded its corporate platform with regard to VAT compliance in Oman. Cygnet Infotech works with one of the largest retailers in the region to help ensure VAT compliance, it said.
In India, Cygnet Infotech’s Tax Tech Compliance Portal is one of the most trusted indirect tax solutions providers in India. More than 130 million electronic invoices are generated in India through Cygnet Tax Tech’s compliance portal. With this acquisition and other projects, the company is now a well-known player in the UK and the rest of Europe, the company added.
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