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Universal VAT Services Acquired by Currencies Direct
January 31, 2008
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.
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