Avalara today announced that it has acquired VAT Applications NV (iVAT), the developer of the iVAT suite of VAT compliance software and services for businesses of all sizes.
Based in Belgium, iVAT is an important acquisition for Avalara as it expands its global reach and accelerates its ability to provide accurate VAT content to support merchants in Europe and worldwide.
“This deal is a great win for Avalara and businesses dealing with the burdens of tax compliance around the world,” said Scott McFarlane, founder and CEO of Avalara. “Our goal is to offer the most comprehensive portfolio of cloud-based tax compliance solutions on the planet, and adding the iVAT portfolio is a big step in that direction.
“Over the past 14 months Avalara has extended its leadership in the US sales tax compliance industry with acquisitions of leading content and technology providers for US telecommunications, hospitality, fuel and other excise taxes, digital goods, as well as internationally with the addition of Brazil and now European VAT,” McFarlane continued. “We have surpassed every competitor that existed when we began disrupting this marketplace more than 10 years ago and now stand alone in the market with the breadth and depth of our coverage.”
iVAT offers a comprehensive array of VAT determination and compliance solutions, including a cloud-based tax determination and invoice preparation solution and an automated VAT compliance service for filing returns in all EU countries in the required formats and appropriate languages. iVAT customers range from small and medium enterprises to some of the largest firms in Europe. Although iVAT solutions will improve Avalara’s determination service offering – Avalara already provides calculation in more than 190 countries worldwide – the major advance comes from the addition of automated compliance services, alleviating significant burdens for any international business.
“As a market leader for cloud-based tax compliance automation, Avalara is an ideal match for VAT Applications,” said Prof. Patrick Wille (pictured), founder and CEO of iVAT and a recognised expert in VAT legislation. “Our extensive library of statutory tax content incorporates the rules and provisions that govern the determination of the applicable VAT regime. Joining forces with Avalara will help advance our business and meet the demands of today’s fast-growing global marketplace.”
“Filing VAT returns for goods and services sold in a single EU country is pretty straightforward, but cross-border transactions are extremely complex,” said Richard Asquith, vice president of Global Tax at Avalara. “We are very excited about extending the reach of iVAT to help businesses of all sizes reduce the risks and simplify the complexities inherent in this process.”
FTI Consulting has announced the further expansion of its European tax advisory team, with the addition of nine professionals, including one Senior Managing Director and two Managing Directors, from Global VAT Compliance BV, an indirect tax specialist firm based in The Hague, Netherlands. Terms of the transaction were not disclosed.
Global VAT Compliance BV provides high quality, international tax advice to medium-sized and large multinational companies, covering every aspect of VAT compliance including registration, representation and reporting.
Marvin Rust, Head of European Tax Advisory Services at FTI Consulting said, “We are delighted with the expansion of our tax advisory team. The addition of Global VAT Compliance’s centralised processes and state of the art technology enables us to offer the full range of VAT and tax services, and further enhances our offering to our clients who seek a real alternative to the Big 4.”
Henk Hop, CEO of Global VAT Compliance, BV, will be joining FTI Consulting as a Senior Managing Director. Commenting on the transaction Mr. Hop said, “We are bringing a top class tax team and client base to FTI Consulting. We look forward to combining the strength of our expertise with FTI Consulting’s global outreach and breadth of services, offering our clients a broad spectrum of services and support.”
Mr Rust and Mr Hop were both tax partners at Arthur Andersen and then Deloitte, post transaction.
Avalara, Inc., a leading provider of cloud-based software delivering compliance solutions related to sales and excise tax, VAT, and other transactional taxes, has announced that it has acquired EZtax®, Inc., a leading provider of tax compliance solutions for the telecommunications industry.
The $5.6 trillion worldwide telecom market1 is subject to multiple tax laws and regulations that are highly complex and constantly changing. EZtax offers cloud-based solutions that address this complexity. The company’s flagship product, also called EZtax, provides telecom service providers with a fully automated tax solution for accurately calculating and filing taxes due on their services across the US and Canada.
“As the telecom industry rapidly adopts more data-centric services such as VoIP, broadband and wireless, tax agencies are actively considering legislation that could impose additional tax liabilities on an already highly taxed and complex industry,” said Scott McFarlane, founder and CEO of Avalara. “EZtax eliminates these complexities and advances our strategy of helping customers in every industry to simplify and automate tax compliance in cloud-based solutions.”
“As a market leader for cloud-based tax compliance automation, Avalara is the perfect complement for EZtax and our customers,” said Tim Lopatofsky, founder and CEO of EZtax. “Their platform, vision, and highly-effective sales and marketing engine will help accelerate our business and meet the demand in the fast-growing worldwide telecom market.”
Over the past decade, Avalara has developed, purchased or licensed databases containing extensive tax data and knowledge related to sales tax, exemption certificates, excise tax, VAT and other transactional taxes. This acquisition servicing the telecom industry is Avalara’s latest move to broaden and deepen its tax content.
“EZtax offers an extensive tax library that supports thousands of telecom services worldwide,” said McFarlane. “Tax data is updated on a continuous basis by a team of experienced telecom tax experts who understand the complex rules and regulations to keep pace with changes that are required for compliance. We look forward to leveraging EZtax’s expertise and content to extend our reach, and help make compliance easier and more accurate for telecom service providers worldwide.”
Deloitte Australia has announced that its Deloitte Private practice will join forces with leading Melbourne firm, GMK Partners (GMK), the latest in a series of strategic transactions to expand the capacity of the Big Four professional services firm in the private clients market.
As part of a growth strategy, which continues apace under recently appointed CEO Cindy Hook, 12 GMK Directors and 75 staff have been invited to join the firm’s Melbourne Deloitte Private team.
GMK Partners, the largest boutique provider of chartered accounting services to the high-net-worth sector in Melbourne, is the firm of choice for many of Melbourne’s most eminent private and family businesses, investors and professionals, in particular from the medical and legal fields.
“We were particularly attracted to GMK’s strong business advisory skills as well as their tax, superannuation and audit capabilities,” said Sneza Pelusi Deloitte Private Managing Partner.
Sneza Pelusi believes technological innovations are changing the face of professional services and cannot be ignored.
“Cloud technologies give savvy business owners the ability to access their live and up-to-the-moment financial information from anywhere at any time and on any device,” she said.
“This ability to provide business owners with a real-time view of their financial performance has the potential to change the way they think about their business and, in particular, the timeliness with which they can make decisions to optimize performance.”
“The launch of Deloitte Private Connect, our cloud-based offering that combines shared ledger accounting with automated bookkeeping, benchmarking, an online portal and many other digital technologies has been a transformational investment for Deloitte Private. It continues to revolutionise the way we work with our clients.”
Deloitte CEO Cindy Hook believes it is an exciting time of transition for many of Australia’s great family businesses and large private companies.
“We are seeing accounting, tax advisory, succession planning and business restructuring services in great demand in this important part of the Australian economy,” she said.
“Deloitte is committed to helping our clients leverage new technologies to grow their businesses and better structure their affairs. I know the leaders of GMK are equally passionate about helping their clients through this period of change.”
Joining forces with GMK in Melbourne will increase the Deloitte Private group to 120 partners and 1100 staff nationally and create what Deloitte believes is a dominant market position in the private clients sector in Australia.
“This transaction continues the growth momentum of Deloitte Private, with Moore Stephens Sydney West joining our Deloitte Private business in Western Sydney in 2014, followed later that year by market leading Perth-based firm, KD Johns & Co, joining our Deloitte Private team in Perth and the consulting and cloud advisory team from The Lonsdale Group in February this year,” Cindy said.
Kevin Slomoi, a director of GMK, said: “Joining Deloitte Private will expand the multidisciplinary services our team can access to serve our loyal client base, such as new and innovative cloud based technology as well as the intellectual property and deep experience within Deloitte’s broader practice areas such as specialist tax advice and M&A advisory.”
“Our people will be able to access the benefits of being part of the global Deloitte network, an innovative firm focused on developing new products and services, which will provide them with increased opportunities for career development.”
Ryan today announced that the Firm has acquired Taxaccord, a tax automation services firm supporting multinational corporations worldwide with complex tax software implementation and process improvement solutions.
The acquisition complements Ryan’s Tax Technology practice—one of the largest in the tax services industry—and brings an additional team of global tax technology professionals with vast systems integration expertise and knowledge in supply chain, finance, tax, and information technology. Taxaccord founders Angela Myers, Mike Reigle, and Geoff Peck will join the Firm’s Tax Technology leadership team and play a significant role in the continued growth of the practice.
The acquisition also adds a number of significant Fortune 500 relationships to Ryan’s portfolio of clients and will support the growing demand of the Firm’s multinational clients for tax technology solutions that improve accuracy, efficiency, and profitability. Revenue generation and accelerated return on investment will be realized by providing additional access to the Firm’s integrated, single-source solution of more than 45 global tax practices for improving cash flow and minimizing tax liabilities.
“We are proud to add a firm with the industry reputation and expertise of Taxaccord,” said Grant Smith, Ryan’s Tax Technology Practice Leader. “We are excited that these renowned tax technology professionals have joined Ryan to execute our strategy of enhancing the most comprehensive and effective suite of tax technology services in the industry.”
“The acquisition of Taxaccord represents another key milestone in the successful execution of our global growth strategy,” said G. Brint Ryan, Chairman and CEO of Ryan. “Our clients will immediately benefit from the collective strategic insight and experience of this group of tax experts as they deploy global technology solutions that improve efficiency and profitability across the corporate tax function.”
Andersen Tax has announced the establishment of a new office in Germany through the addition of Alegis Gmbh Steuerberatungsgesellschaft in Düsseldorf, and a satellite office in Luxembourg through Alegis S.a.r.l.
“Establishing a presence in Germany was essential to our European growth strategy,” shared Mark Vorsatz, CEO of Andersen Tax. “The partners at Alegis are a true fit for our culture and will integrate seamlessly with our other locations.”
A total of eight Partners will be joining Andersen Tax’s global organization including Sandra Behn, Frank Broßius, Michael Buder, Christian Burgardt, Carsten Feldmann, Christoph Freichel, Dr. Peter Klein and Alessio Rossi.
Alegis Gmbh Steuerberatungsgesellschaft provides corporate and private client services including tax return preparation, tax litigation, tax planning, deferred tax preparation and support, transfer pricing, succession planning, tax optimization, corporate legal services from outsourcing to M&A, and accounting-related services including IFRS.
“Joining Andersen Tax’s global organization is very exciting for us,” commented Alessio Rossi, Office Managing Director for the Düsseldorf and Luxembourg locations. “Integrating international offerings to our current range of services will allow us to provide best-in-class solutions for our clients’ growing, complex needs.”
With the addition of locations in Düsseldorf and Luxembourg, Andersen Global now has more than 32 international locations with over 300 professionals in Europe and over 1000 professionals worldwide. Andersen Tax was previously known as WTAS before changing its name in September 2014 after acquiring the rights to the Andersen name.
Ryan has announced that the Firm has signed an agreement to acquire WTP Advisors (WTP).
Michael Minihan (pictured) and Ian Boccaccio, co-founders of WTP, will join the Ryan executive leadership team as Principals to support the integration and drive continued growth and international expansion. Ian Boccaccio will also serve as Principal and Practice Leader of Ryan’s International Tax practice.
The acquisition will add a team of experienced tax professionals to provide additional knowledge and client support across multiple practice areas, including international tax, credits and incentives, state and local tax, and federal tax. WTP’s core capabilities in international tax compliance and tax provision services will drive growth in Ryan’s rapidly expanding International Tax practice.
It also adds a large complement of respected companies to Ryan’s portfolio of clients across the world. Revenue generation and accelerated return on investment will be realized by offering WTP clients additional access to the Firm’s integrated, single-source solution of more than 45 global tax practices for improving cash flow and minimizing tax liabilities.
“WTP clients will benefit tremendously from the unparalleled tax knowledge, expertise, and commitment to client service that our newly combined team of tax professionals will provide,” said Michael Minihan, Partner and Co-Founder of WTP. “This acquisition will support a new phase of international growth and expansion for Ryan, and the legacy professionals of WTP will play a key role in our future success,” said Ian Boccaccio, Partner and Co-Founder of WTP.
“This acquisition represents another key milestone in the successful execution of our global growth strategy,” said G. Brint Ryan, Chairman and CEO of Ryan. “As we continue to build market leadership in tax services through acquisition and organic growth, we remain committed to providing our clients world-class service and superior results.”
Certain assets associated with WTP, including the WTP Exchange and Worldwide Trade Partners, LLC entities, will remain independent and are not included in the acquisition. The parties expect that the transaction will close by the end of November.
Andersen Tax has welcomed MDR Advisory Group to the Andersen family.
MDR provides national, international and corporate tax work to individuals and businesses in Switzerland and Europe. The office in Lugano is the third location established in Switzerland and reinforces the firm’s commitment to providing best-in-class, seamless service to clients throughout the world.
“The partners at MDR Advisory Group are of the highest quality and will be an excellent addition to our global team,” shared Mark Vorsatz, CEO of Andersen Tax. “With the addition of this office in Lugano, our global clients now have best-in-class service in every region in Switzerland.”
About twenty professionals from MDR Advisory Group will join the Andersen family including partners Paolo Mondia, Marina Rezzin, Roberto Cavadini, Roberto Audino and Donatella Cicognani. MDR Advisory Group specializes in direct and indirect tax, inheritance planning, company restructuring, internal compliance, HR management and corporate consultancy.
“We are honored to join such a well-renowned group of professionals with whom we share the same commitment to best-in-class service, stewardship and independence,” said Paolo Mondia (pictured), who will act as the Office Managing Director in Lugano.
With the addition of a location in Lugano, Andersen Tax now has a presence in 27 international locations with nearly 200 professionals in Europe and 1000 professionals worldwide.