October the 10th, 2024 – The Croatian Fonoa fintech company is continuing to successfully expand its global tax automation platform.
As Poslovni Dnevnik writes, the Croatian Fonoa company has acquired the GITC product for the management of partial tax exemptions from PwC UK.
In this move, Fonoa has taken a concrete step to improve its product, a platform for the automation of indirect taxes. It is used by some of the world’s largest technology companies, including the likes of Uber, Bolt, Netflix and more. The amount of this transaction hasn’t been publicly disclosed.
GITC is otherwise a unique solution for the management of partial exemptions for companies operating in several different markets. It’s currently used by more than 40 clients, primarily financial service providers.
The acquisition of GITC represents the continuation of the expansion of the Croatian Fonoa’s global tax automation platform, which now includes partial tax exemptions. The solution will soon be integrated with other Fonoa products, including tax identification number validation, tax calculation, electronic invoicing, tax refund filing, and tax reporting (DAC7, 1099), all within one single technology platform.
the croatian fonoa fintech company has raised more than 80 million dollars in investments
“Thanks to this latest acquisition, the indirect tax teams of companies around the world will be able to save on valuable time, reduce repetitive tasks and take advantage of the best-in-class technology. As such, they’ll become more proactive and add value to their overall business in real time. This is a significant step forward supported by the best technology and the best industry expertise,” stated Davor Tremac, the CEO and co-founder of Fonoa.
Fonoa is a fintech company whose founders, along with Tremac, are Filip Šturman and Ivan Ivanković. The company has raised more than 80 million USD in investments so far.
“As a company, we’re primarily focused on our clients, which led us to realise this transaction. Fonoa’s global reach and expertise in indirect tax technology is what makes it an ideal customer for the GITC solution, as it will continue to invest in its development and integrate it with the rest of its products. We’re going to continue to be an enthusiastic user of GITC as part of our tax compliance management services,” added Steve Couchman, a partner at PwC.
