Companies combine to offer financial supply chain solutions
Boston — August 21, 2003 — Velosant LP and Taxware this week announced that their two companies would merge and operate as a single organization under the Velosant name. The company will offer capabilities in integrated accounts payable, accounts receivable, tax calculation and compliance, and cash management solutions for companies worldwide.
Both Velosant and Taxware are operating companies of eONE Global, which is majority-owned by electronic commerce and payment services provider First Data Corp.
Velosant said its services are geared to help companies move their paper-based invoice presentment, receipt and payment processes to fully electronic and automated systems. Taxware is for global commercial tax services, simplifying the tax calculation and compliance process for sales and use taxes, exemption processing, automated returns, among other services.
Velosant said it would continue offering Taxware software and services as solutions, which can be purchased independently. Velosant also will support governments by simplifying transaction tax compliance, including position with the Streamlined Sales Tax Project (SSTP). The Taxware brand will continue as a product line under Velosant.
"Velosant and Taxware's automation services reduce the cost and complexity of doing business for companies of all sizes," said Velosant CEO Bill Walsh. "While Taxware will become a key component of Velosant's financial supply chain offering, Velosant will continue to invest in expanding the functionality of Taxware's products and services."
"Bringing the Taxware and Velosant businesses together certainly makes sense; they already have complementary customers and partners," said Avivah Litan, vice president and director of research, payment services, for Gartner Research. "However, the biggest opportunity lies in their ability to address critical pain points facing today's [chief financial officers] who are under increasing pressure to bolster the bottom line through streamlined financial practices and improved cash flow management."
