Israeli cloud-based financial SaaS provider of automated VAT recovery and governance solutions VATBox has announced the closing of $24 million financing round led by Viola Private Equity with participation of existing private investors. The funding will further fuel VATBox's aggressive growth plans and accelerate its expansion in the massive and growing market of VAT recovery and governance.
Based in Tel Aviv, VATBox was founded in 2013 by CEO Isaac Saft and President Noam Guzman. Leveraging their extensive experience in the enterprise software market, together with Comverse former SVP of Global Operations Yoram Hordan (COO) and a team of 60 employees, VATBox has become a significant player in the field of VAT recovery and compliance. The company has hundreds of multinational clients including global brand leaders and the Fortune 500 companies.
VATBox aims to replace current, ad-hoc manual VAT recovery processes, with an innovative, fully automated, data driven solution that maximizes returns and provides visibility and compliance across all global entities. VATBox’s disruptive technology ensures that any cross border or unstructured VAT paid by the client will be captured, qualified, evaluated and recovered automatically.
VATBox operates in many countries worldwide and is currently focused on expanding its presence in existing and new markets. The company plans doubling its workforce over the next year.
Saft said, “Indirect tax is a massive and significant expense for every global company. For decades, the VAT recovery market was controlled by manual service providers that offered inefficient, risky, non-visible and limited services, thereby forcing companies to leave billions of euros of VAT on the table, and leaving themselves open to significant risk. In today’s complex indirect tax environment, executives expect to control, forecast and optimize financial processes with technology. Surprisingly, VAT recovery processes had not evolved since its initiation, and true governance was unheard of. As the first and only tech player in this market, we provide fully secured and easy-to-use solutions that maximize VAT recovery, while adding an essential compliance and governance layer that had not been available before."
Viola Private Equity partner Sami Totah said, “VATBox's fully automated solution offers more money back and the required governance to clients, solving a long term pain around the complexity of dealing with VAT. The company’s track record with Fortune 500 clients provides significant market validation."
Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015