Automated VAT recovery & governance solutions empower Global 2000 to
maximize VAT returns, ensure compliance and governance
August 10, 2015 - VATBox, the leading cloud-based provider of automated VAT recovery and governance solutions, announced the closing of $24 million in a new 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.
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.
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.
Sami Totah, General Partner at Viola Private Equity, 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. We are excited to join forces with VATBox’s excellent team in building the category leader in the VAT recovery market."
Isaac Saft, CEO of VATBox, added: “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, weprovide fully secure and easy-to-use solutions that maximize VAT recovery, while adding an essential compliance and governance layer that had not been available before. We are very excited to partner with Viola Private Equity as we continue to disrupt this accelerating market.”
VATBox is a global B2B SaaS company that provides automated VAT recovery and governance solutions to large, multinational companies. The company was founded in 2013 by CEO Isaac Saft and President Noam Guzman. VATBox provides innovative, fully automated, data driven solutions that maximize VAT returns and provide visibility and compliance across all global entities.
For more information: www.vatbox.com or follow us on twitter @VATBox.
About Viola Private Equity
Founded in 2008, Viola Private Equity provides an opportunity for growth stage companies to raise the capital they need to develop and expand. Viola Private Equity, with over $400 million under management, focuses on value creation in its portfolio companies and utilizes its strong management team to accelerate the growth of these companies. By providing direct capital investment, combined with strong leadership support, it propels portfolio companies forward, turning recognized companies into global technology leaders. The Viola Private Equity team has vast experience in working with management teams to build organic and non-organic growth plans, scale operations, strengthen management teams and aim to create business partnerships with global leaders.
Viola Private Equity is a member of the Viola Group, Israel’s premier technology-focused Private Equity group with over $2B under management. For more information visit: www.violape.com
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Viola Private Equity
Hila Shitrit Nissim
VP Marketing, Viola Group