Atlanta (ANTARA News/PRNewswire-AsiaNet) - Acquisition creates first integrated international "Recovery Service" for the financial industry.
Universal VAT Services (UVS), a global provider of foreign tax reclaim services for corporations and academic institutions, today announced that Currencies Direct Limited, the leading payment technology solutions company, has acquired UVS for an undisclosed sum. Under the terms of the agreement, Currencies Direct will have a 70% stake in the US company. Raj Shah will remain as President of UVS and continue to oversee day-to-day operations. The agreement was approved by the Currencies Direct Board of Directors.
"With this acquisition, Currencies Direct will become one of the most comprehensive currency and international trade facilitators in the industry, with a scalable, global reach that is unmatched," said Mayank B. Patel, chairman and CEO of Azibo Group, the parent company of Currencies Direct.
Yogesh Shetty, Group Managing Director and President of Currencies Direct Americas, said "This acquisition fits perfectly with our market entry strategy for the Americas. The two companies offerings and business models are complementary and strengthen the services they currently provide their clients". The customer base includes world recognized consumer product manufacturers, retail chains, colleges, universities and individuals who conduct transactions where foreign currency is exchanged and/or a VAT refund can be claimed. "This union creates a unique financial service for companies that conduct business internationally. Such an offering has never before been available in this single solution format."
"What matters most to our clients around the world, especially the large corporations and academic institutions, is that when conducting business abroad leaving tax money unclaimed is never an option." said Raj Shah, president and founder of UVS. "This consolidation expands the tax recovery service we provide by allowing us to convert recovered tax into our clients chosen currency at the best possible rate, all in house"
It was also announced that UVS will be embarking upon an agency and franchise network for corporate recovery services across America, Europe and the Far East in 2008.
About Universal VAT Services
Universal VAT Services is a leading provider of VAT recovery services for companies and academic institutions around the world. They are headquartered in Atlanta, GA with office locations in several countries. Their innovative team comprises of financial experts whose primary goal is to seamlessly navigate the various VAT laws of countries around the world, to provide effortless solutions and consistent results to all of their clients.
For more information visit: http://www.universalvatservices.com
About Currencies Direct
Currencies Direct is one of Europe's first independent foreign exchange specialists who recognized the need in the market for an expert secondary Foreign Exchange provider to traditional banks. Its innovative approach is based on dealing directly with the currency markets and matching buyers with sellers thus eliminating intermediaries and giving it a competitive edge in pricing foreign exchange. Currencies Direct's head office and global trading centre is based in the City of London. It has offices across 5 continents, with a 1500 strong franchise network of business partners and affiliates.
For UVS:
Judi Durand, Universal VAT Services, Tel +1 (703) 725 6017
e-mail: judidurand@universalvatservices.com
For Currencies Direct:
Thomas Flisher, Octopus Communications Tel. +44 (0) 8453 700
655
e-mail: cd@octopuscomms.net
SOURCE: Currencies Direct and Universal VAT Services
CONTACT:
Judi Durand for Universal VAT Services,
+1-703-725-6017,
judidurand@universalvatservices.com;
or Thomas Flisher of Octopus Communications,
+44 (0) 8453 700 655,
cd@octopuscomms.net
Web site: http://www.universalvatservices.com
Universal VAT Services (UVS), a global provider of foreign tax reclaim services for corporations and academic institutions, today announced that Currencies Direct Limited, the leading payment technology solutions company, has acquired UVS for an undisclosed sum. Under the terms of the agreement, Currencies Direct will have a 70% stake in the US company. Raj Shah will remain as President of UVS and continue to oversee day-to-day operations. The agreement was approved by the Currencies Direct Board of Directors.
"With this acquisition, Currencies Direct will become one of the most comprehensive currency and international trade facilitators in the industry, with a scalable, global reach that is unmatched," said Mayank B. Patel, chairman and CEO of Azibo Group, the parent company of Currencies Direct.
Yogesh Shetty, Group Managing Director and President of Currencies Direct Americas, said "This acquisition fits perfectly with our market entry strategy for the Americas. The two companies offerings and business models are complementary and strengthen the services they currently provide their clients". The customer base includes world recognized consumer product manufacturers, retail chains, colleges, universities and individuals who conduct transactions where foreign currency is exchanged and/or a VAT refund can be claimed. "This union creates a unique financial service for companies that conduct business internationally. Such an offering has never before been available in this single solution format."
"What matters most to our clients around the world, especially the large corporations and academic institutions, is that when conducting business abroad leaving tax money unclaimed is never an option." said Raj Shah, president and founder of UVS. "This consolidation expands the tax recovery service we provide by allowing us to convert recovered tax into our clients chosen currency at the best possible rate, all in house"
It was also announced that UVS will be embarking upon an agency and franchise network for corporate recovery services across America, Europe and the Far East in 2008.
About Universal VAT Services
Universal VAT Services is a leading provider of VAT recovery services for companies and academic institutions around the world. They are headquartered in Atlanta, GA with office locations in several countries. Their innovative team comprises of financial experts whose primary goal is to seamlessly navigate the various VAT laws of countries around the world, to provide effortless solutions and consistent results to all of their clients.
For more information visit: http://www.universalvatservices.com
About Currencies Direct
Currencies Direct is one of Europe's first independent foreign exchange specialists who recognized the need in the market for an expert secondary Foreign Exchange provider to traditional banks. Its innovative approach is based on dealing directly with the currency markets and matching buyers with sellers thus eliminating intermediaries and giving it a competitive edge in pricing foreign exchange. Currencies Direct's head office and global trading centre is based in the City of London. It has offices across 5 continents, with a 1500 strong franchise network of business partners and affiliates.
For UVS:
Judi Durand, Universal VAT Services, Tel +1 (703) 725 6017
e-mail: judidurand@universalvatservices.com
For Currencies Direct:
Thomas Flisher, Octopus Communications Tel. +44 (0) 8453 700
655
e-mail: cd@octopuscomms.net
SOURCE: Currencies Direct and Universal VAT Services
CONTACT:
Judi Durand for Universal VAT Services,
+1-703-725-6017,
judidurand@universalvatservices.com;
or Thomas Flisher of Octopus Communications,
+44 (0) 8453 700 655,
cd@octopuscomms.net
Web site: http://www.universalvatservices.com
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