Fonoa acquires PwC’s tax platform Edge

Fonoa has acquired Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC), adding an indirect taxation compliance strategy to its AI-based taxation operating platform.

Edge is utilized by multinational groups to grip VAT/goods and services taxation (GST) reporting, e-filing, transactional taxation information and related analytics.

Fonoa said that it plans to further make and link Edge with its modular infrastructure and AI layer.

The institution added that PwC volition proceed to supply planetary indirect taxation reporting and consulting services utilizing Edge, which volition present run wrong Fonoa’s integrated, AI-enabled taxation system.

Fonoa co-founder and CEO Davor Tremac said: “We built Fonoa to support multinational concern operations capable to support gait with planetary companies’ ambition.

“By bringing Edge into the platform, we are adding compliance and filing to that foundation, creating the first-ever implicit strategy required for autonomous tax.”

In a abstracted move, Fonoa raised $110m successful a Series C backing circular led by task superior (VC) steadfast Headline, with caller investors Eurazeo and Forestay Capital besides joining. Existing backers Index Ventures, OMERS, Coatue and Dawn Capital besides participated.

Headline spouse Clarey Zhu said: “Fonoa is starring the displacement successful taxation from a bid of disconnected constituent solutions to a unified operating system.

“The class has historically spanned tens of billions globally, including services present being reshaped by automation, and Fonoa is enabling businesses to negociate compliance with a level of velocity and quality that wasn’t antecedently possible.”

Fonoa said the Edge acquisition and caller superior volition beryllium utilized to widen its sum crossed the afloat indirect taxation beingness cycle.

"Fonoa acquires PwC’s taxation level Edge" was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.

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