Global fintech leader in automated VAT claim and return solutions, Way2VAT Ltd (ASX:W2V, Way2VAT or the Company), has expanded its agreement with international water treatment and chemical company, Solenis Chemical (“Solenis”), to increase the use of the Company’s local and foreign VAT reclaim products services to a total of 124 entities covering 54 countries.
Solenis has been an enterprise client since 25 June 2020 and has used Way2VAT’s product suite across 17 entities prior to the expansion of the agreement. Way2VAT has now received and analysed VAT reclaim data from Solenis for many of these new entities and has concluded that the expanded agreement will lift the annual revenue contribution above the materiality threshold in respect of the forecasted range of $300kto $350k per annum.
Solenis’ expanded contract has a term of three years and there are no material conditions needed to be undertaken to become legally binding.
Solenis has been an enterprise client since 25 June 2020 and has used Way2VAT’s product suite across 17 entities prior to the expansion of the agreement. Way2VAT has now received and analysed VAT reclaim data from Solenis for many of these new entities and has concluded that the expanded agreement will lift the annual revenue contribution above the materiality threshold in respect of the forecasted range of $300kto $350k per annum.
Solenis’ expanded contract has a term of three years and there are no material conditions needed to be undertaken to become legally binding.