Cygnet Infotech acquires UK-based euVAT Online; to build foothold in Europe

FPJ Web DeskUpdated: Tuesday, September 21, 2021, 07:48 PM IST
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Niraj Hutheesing, Founder and MD, Cygnet Infotech | Cygnet Infotech

Cygnet Infotech, a global technology company with its headquarters in Ahmedabad, India, has announced the acquisition of euVAT Online, a UK-based company that provides cloud-based VAT technology solution. Their product is extensively used by CFOs and tax managers. It provides solutions for all aspects of professional back-office support for Indirect Taxation filing.

This newly acquired solution will allow corporates and tax advisors to manage their VAT reclaims, report management for the VAT returns, and directly link and integrate their Amazon systems to convert multi-country transactions into compliant VAT Returns to respective authorities, the company said in a press release.

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. This will also support Cygnet Infotech’s India customers for their global VAT filings, it added.

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.

Founder & Managing Director, Niraj Hutheesing said, ”Cygnet Infotech will continue to build a region-centric and portfolio-centric strategy to meet new market opportunities.”

The company has enhanced its people strength by 25 percent in the past year. It also underwent a rebranding exercise to unify all its sub-brands under one master brand of Cygnet Infotech.

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