The acquisition will have an initial consideration of €1 million (A$1.45 million) in scrip through the issue of approximately 11.76 million Way2VAT shares at 12.5 cents per share.
Way2VAT believes that the acquisition will benefit its company in four key areas as listed by CEO and Founder Amos Simantov.
This includes enabling Way2VAT to enter the Spanish market, offering complimentary domestic and foreign VAT (value added tax) and accounts payable services and rollout of the world’s first Smart Spend Debit Mastercard through an established national network.
The agreement will provide Voxel with earn-out payments in three stages, with the first one occuring 12 months after the acquisition completion date.
Shares in Way2VAT were up 18.4 per cent, trading at 4.5 cents at market close.