Cygnet InfoTech, a global technology company with its headquarters in India, and base in London, has acquired euVAT Online. It is an Indirect tax solution providers in India and now becoming well-known in the global Tax-Tech market.
Cygnet Infotech has announced the acquisition of euVAT Online, a UK-based company that provides cloud-based VAT technology solution. euVAT online has been at the forefront of VAT technology for more than 20 years. Their product is extensively used by CFOs and tax managers of top blue-chip companies and by leading international tax advisors.
It provides solutions for all aspects of professional back-office support for Indirect Taxation filing. This newly acquired solution will allow corporates and tax professionals to automatically manage their VAT Reclaims, Report management for the VAT returns, and directly link and integrate their Amazon systems to prepare a ready file for VAT Returns to respective authorities.
As part of this acquisition, the management team of euVAT online will now join Cygnet Infotech‘s UK-based subsidiary. The acquisition will lead to an enhanced ground presence and new customer base for Cygnet Infotech across the UK and Rest of the Europe.
On this recent acquisition, Niraj Hutheesing stated,” We are very happy that euVAT Online has become a part of Cygnet Infotech. With this acquisition we will enhance our team and ground presence in Europe and reach new prospects in that region. In addition, we will provide technology support to tax professionals in managing VAT Reclaims, and directly link and integrate their Amazon systems for filing VAT Returns, alongside providing our existing solutions to new and existing customers, therefore strengthening our presence in UK & rest of Europe.”
Cygnet Infotech’s technology expertise is based on building blocks architecture and equipped with Hyper automation capabilities that leverage RPA, AI-ML, ETL Tools and ready to use built-in connectors. This will enable corporates to automate their data extraction and compliance submissions. Cygnet Infotech has proven their expertise across regions by implementing such solutions with multiple ERP and legacy systems.
Cygnet Infotech also strengthened its roots in the Middle East region. It has recently launched its e-Invoicing platform for the Kingdom of Saudi Arabia. It is accredited as a qualified solution with the General Authority of Zakat and Tax (GAZT). It will now provide technical solutions for the issuance of electronic invoices & electronic notes. This will enable taxpayers to comply with the implementations of the electronic invoicing system in Kingdom of Saudi Arabia.
Also, with the recent VAT regulation being implemented in Oman region, Cygnet Infotech has extended its enterprise VAT Compliance Platform in Oman. Cygnet Infotech is working with one of the largest retailers in the region to comply with the VAT Regulation.
In India, Cygnet Infotech’s Tax Tech Compliance Portal is one of the most trusted Indirect tax solution providers in India. More than 130 million e-Invoices in India are generated via Cygnet Tax Tech’s Compliance Portal. With this acquisition and other projects, it is now becoming a renowned player in the UK and rest of Europe.
The company has enhanced its people strength by 25% in the past year. It also underwent a rebranding exercise to unify all its sub-brands under one master brand of Cygnet Infotech.
