Cygnet InfoTech is a global technology company based in India and London. It is one of the most trusted indirect tax solution providers in India and is now becoming known in the global Tax-Tech market.
Cygnet Infotech has announced the acquisition of euVAT Online, a UK-based company offering a cloud-based VAT technology solution. euVAT online has been at the forefront of VAT technology for over 20 years. Its product is widely used by the financial and tax directors of the main first-rate companies and by the main international tax advisers. Offers solutions for all aspects of professional back-office support for indirect tax filing. This newly acquired solution will allow companies and tax professionals to automatically manage their VAT claims, manage reports for VAT returns, and directly link and integrate their Amazon systems to prepare a file ready for VAT returns to the respective authorities. As part of this acquisition, the euVAT online management team will join the Cygnet Infotech UK subsidiary. The acquisition will lead to an increased presence on the ground and a new customer base for Cygnet Infotech in the UK and the rest of Europe.
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On this recent acquisition, Niraj Hutheesing stated: “We are very pleased that euVAT Online has become part of Cygnet Infotech. With this acquisition we will enhance our team and field presence in Europe and reach new prospects in that region. In addition, we will provide technological support to tax professionals in the management of VAT claims, and we will directly link and integrate their Amazon systems for the filing of VAT returns, along with the provision of our existing solutions to new and existing customers , therefore, strengthening our presence in the United Kingdom and the rest of Europe. ”
Cygnet Infotech’s technology expertise is based on building block architecture and is equipped with hyper automation capabilities that leverage RPA, AI-ML, ETL tools, and built-in out-of-the-box connectors. This will allow companies to automate data extraction and compliance filings. Cygnet Infotech has proven its expertise in all regions by implementing these types of solutions with multiple ERP and legacy systems.
Cygnet Infotech has also strengthened its roots in the Middle East region . It has recently launched its electronic invoicing platform for the Kingdom of Saudi Arabia. It is accredited as a qualified solution before the General Zakat and Tax Authority (GAZT). From now on it will provide technical solutions for the issuance of electronic invoices and electronic notes. This will allow taxpayers to comply with the implementation of the electronic invoicing system in the Kingdom of Saudi Arabia.
Additionally, with the recent VAT regulation being implemented in the Oman region, Cygnet Infotech has expanded its business VAT compliance platform in Oman. Cygnet Infotech is working with one of the largest retailers in the region to comply with the VAT Regulation
In India , Cygnet Infotech’s Tax Tech Compliance Portal is one of the most trusted indirect tax solution providers in India . More than 130 million electronic invoices in India are generated through Cygnet’s Tax Tech Compliance Portal. With this acquisition and other projects, it is becoming a renowned player in the UK and the rest of Europe.
The company has increased its workforce by 25% in the last year. It has also conducted a rebranding exercise to unify all of its sub-brands under one main Cygnet Infotech brand.