Leading Tax Tech Company Fonoa Acquiring Global Indirect Tax Compliance Product From PwC

Barchart · 10/15 07:20

Fonoa Technologies, the world’s first truly global end-to-end indirect tax automation platform, today announces the closing of the acquisition of Global Indirect Tax Compliance (GITC), a PricewaterhouseCoopers (PwC UK) product.

GITC is a unique solution for managing partial exemptions for companies doing business across multiple jurisdictions. Today, GITC serves more than 40 clients, primarily in financial services.

With GITC, Fonoa continues to expand its global indirect tax platform to cover partial exemptions. GITC will shortly be integrated with other Fonoa products, such as tax ID validation, tax calculations, e-invoicing, return filing, and tax information reporting (DAC7, 1099), under one technology platform.

Fonoa’s continued investment in broadening its product platform enables its customers, many of the largest and fastest-growing companies of today, like Uber, Dell, Netflix, Zoom, Intuit, and Bolt, to count on Fonoa to further support their business for all indirect tax matters anywhere in the world, unlike other traditional software providers.

Davor Tremac, CEO and co-founder of Fonoa, said: “With this acquisition, indirect tax teams at companies worldwide are able to protect their valuable time, minimise repetitive work, and leverage best-in-class technology. This enables them to be more proactive and add value to their business in real-time. A truly generational change powered by the best technology and best industry expertise.”

Steve Couchman, Partner, PwC said: “As a firm, our primary focus is always our clients and that focus led us to this transaction. Fonoa’s global reach and specialist experience of indirect tax technology make them the right acquirer to continue investing in the development of GITC, as they look to integrate the solution with the rest of their products. We will remain an enthusiastic customer of GITC to support our tax compliance managed service offering.”

About Fonoa Technologies, Ltd

Fonoa Technologies, Ltd. helps enterprise companies automate their entire indirect tax function powering hundreds of millions of transactions globally through a plug-and-play platform. Made up of a group of technology and tax industry professionals, Fonoa is the first global tax automation platform that allows businesses to validate tax IDs, calculate taxes, generate e-invoices, report transactions, and file tax returns through a single solution. More information at fonoa.com

About PricewaterhouseCoopers

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with over 364,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.