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Automated value-added tax recovery provider Way2VAT has signed an agreement to acquire Barcelona-based corporate expense management and VAT recovery company DevoluIVA, the company announced.

The Tel Aviv-based Way2VAT plans to use the acquisition to enter the Spanish market and as “a basis for our multi-project strategy beyond Spain and into Latin America countries with similar domestic VAT structures,” according to Way2VAT CEO and founder Amos Simantov. The company also plans to push its Smart Spend Debit Card through to DevoluIVA’s merchant network, which includes 130,000 restaurants, taxis, gas stations and car parks through which DevoluIVA can automatically receive electronic invoices.

The acquisition agreement’s initial consideration is €1 million in scrip via the issue of 11.76 million Way2VAT shares issued to DevoluIVA parent company Voxel at a price of A$0.125 per share, according to the company.

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