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Global leader in automated VAT claim and return solutions, Way2VAT (ASX:W2V), has signed a new deal with major enterprise client, Playmobil, for the use of Way2VAT’s VAT/GST claim and return solution for its European operations.Playmobil is Germany’s largest toy manufacturer and one of the top-30 entertainment and toy manufacturers in the world distributing its products to about 100 countries. It had revenue of €676 million in 2019 and is the largest part of the Brandstätter Group.
Way2VAT will originate its revenue through an initial one-year contract with Playmobil based on each successful VAT and GST reclaim transaction that it processes through its platform. Initially it will be used by about 2,600 employees out of Europe, with potential to expand to the global workforce of more than 5,600, which would make it a top-10 enterprise client in Europe.
The new partnership comes on top of recent agreements with Bang & Olufsen and Endeavor Group who will be using Way2VAT’s platform to provide a solution that maximises operational efficiency and offers full compliance through Way2VAT’s transparent reporting dashboard. It will also be used to detect cases of fraud and ensure high levels of security and compliance of user data.
Way2VAT CEO and Founder, Amos Simantov, said, “This enterprise signing shows the universal flexibility for the Way2VAT platform. Signing a major European enterprise client in a new sector for us further cements our position as a leader in integrated VAT claim and return solutions.
“Initially, we will roll out our solution to Playmobil’s European workforce, which will give us the opportunity to expand our remit to their global offices in North America, giving us more access to their growing labour force. The platform can be easily scaled to meet Playmobil’s needs as business travel returns, allowing for easy and simple claims and returns at the click of a button in over 40 countries.”
The Company does not consider that the commercial agreement with Playmobil is material however, this agreement does establish a key strategic partner for Way2Vat. The agreement with Playmobil is for a period of one year. There are no material conditions that need to be satisfied before the partners become legally bound to proceed with the terms of the commercial agreements. There is no other material information relevant to assessing the impact of the
commercial agreement on the price or value of the Company’s securities.
This announcement was authorised for release to the ASX by the Board of Way2VAT