Way2VAT Ltd (ASX:W2V) has signed a major enterprise client deal with fashion retailer Max Mara for the use of W2V’s automated accounts payable, corporate and travel expenses, and VAT claim and recovery solutions.
Notably, this makes Max Mara the company’s largest client in Asia and a top-10 client globally.
Way2VAT will derive its revenue through an initial one-year contract with the wholesale division of Max Mara that coordinates global stock levels and buying
Moving forward, the company will roll out to staff in China, Hong Kong, Japan, South Korea, Europe and the Middle East, with the potential to expand to the United States and more Asia Pacific markets.
Drive international distribution
Way2VAT CEO and founder Amos Simantov said: “Max Mara will be our largest enterprise client in Asia and a top-10 client globally.
“They are a great example of a large company with international operations that need to more efficiently manage expenses for teams of staff that are travelling often, as they drive international distribution for the global store network.
“Signing with a major fashion retailer like Max Mara extends our global customer base and further validates our position as the leader in automated VAT claim and return solutions.
“As business travel continues to grow and edge closer to previous levels, we will continue to see demand for our technology with companies around the world.
“Initially, we will roll out our solution to Max Mara’s wholesale division in its key northern Asia markets of China, Hong Kong, Japan and South Korea.
“We will then expand into their distribution hub offices for Europe and the Middle East.”
About Max Mara
Max Mara is a major global fashion retailer that specialises in executive and modern ready-to-wear women’s clothing.
Headquartered in Reggio Emilia, Italy, Max Mara has a presence in 105 countries with more than 2,500 single-brand stores and 10,000 multi-brand stores.
Max Mara will use Way2VAT’s platform to provide a frictionless solution that maximises operational efficiency for staff that are regularly travelling across many jurisdictions. It will also provide a clear dashboard capability for easier central reporting.
This new partnership follows recent agreements with Duracell, Tic Toc, Playmobil, Bang & Olufsen (OTC:BGOUF) and Grupo Constant.
