Fonoa has acquired Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC), adding an indirect tax compliance system to its AI-based tax operating platform.
Edge is used by multinational groups to handle VAT/goods and services tax (GST) reporting, e-filing, transactional tax data and related analytics.
Fonoa said that it plans to further develop and connect Edge with its modular infrastructure and AI layer.
The company added that PwC will continue to provide global indirect tax reporting and consulting services using Edge, which will now operate within Fonoa’s integrated, AI-enabled tax system.
Fonoa co-founder and CEO Davor Tremac said: “We built Fonoa to keep multinational finance operations able to keep pace with global companies’ ambition.
“By bringing Edge into the platform, we are adding compliance and filing to that foundation, creating the first-ever complete system required for autonomous tax.”
In a separate move, Fonoa raised $110m in a Series C funding round led by venture capital (VC) firm Headline, with new investors Eurazeo and Forestay Capital also joining. Existing backers Index Ventures, OMERS, Coatue and Dawn Capital also participated.
Headline partner Clarey Zhu said: “Fonoa is leading the shift in tax from a series of disconnected point solutions to a unified operating system.
“The category has historically spanned tens of billions globally, including services now being reshaped by automation, and Fonoa is enabling businesses to manage compliance with a level of speed and intelligence that wasn’t previously possible.”
Fonoa said the Edge acquisition and fresh capital will be used to extend its coverage across the full indirect tax life cycle.
“Fonoa acquires PwC’s tax platform Edge” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
