Blue dot Secures $32 Million in Funding to Accelerate Growth
WALTHAM, Mass., April 7, 2021 /PRNewswire/ -- Blue dot, formerly known as VATBox, makers of the leading AI-driven, cloud-based tax compliance platform, today announced that the company successfully closed a $32 million funding round led by Ibex Investors in partnership with Lutetia Technology Partners. Previous investors Lamaison Partners, Viola and Target Global also participated in the round. The funding enables Blue dot to deliver its groundbreaking solutions to more North American and European customers as demand rises for digital tax compliance solutions.
Blue dot's technology digitizes an expensive, complex and risky process, removing the burden from finance teams that currently devote enormous amounts of time and resources to processing reports from employees. The massive increase in employee-generated corporate receipts, coupled with the increasing volume of tax audits is requiring companies to deploy advanced technology to ensure compliance and streamline processes across multiple jurisdictions.
Gal Gitter, Partner at Ibex Investors, will join the Blue dot Board of Directors, helping guide corporate strategy as the company seeks to expand its customer base and deliver its unique platform to more users around the world. "We believe Blue dot can change the way organizations worldwide manage accounting and its tax implications for their expenses," Gitter remarked. "As organizations grow more decentralied, manual work formerly done by centralized enterprise functions continues to be automated. More companies are thus looking for ways to replace complex, manual tax and compliance reporting with digital, automated solutions that use AI to essentially enable transactions to report themselves, which Blue dot delivers."
"Since our founding, we've enjoyed tremendous recognition and a high rate of adoption for our platform as part of a larger global tax compliance digitalization trend," Isaac Saft, Blue dot's CEO, observed. "SAP Concur chose Blue dot as its exclusive integrated Tax Assurance solution to be deployed for their client portfolio, after conducting an extremely thorough diligence process on our Platform and AI. We've secured funding from top U.S. investors to drive the next phase of our growth strategy. It's an exciting time at Blue dot, and we're incredibly grateful to our customers, partners and investors."
Rob Perdue, Partner at Lutetia Technology Partners and former COO of The Trade Desk, will also join the company's Board of Directors. "In an era where digitalization has become a strategic imperative for every forward-thinking business, we believe Blue dot is uniquely positioned to help the CFO office and tax departments to fundamentally rethink the way they achieve tax compliance with a significant ROI. Blue dot changes the way companies will drive transactional data and its taxation in the future", Perdue remarked.
Blue dot has offices in London, Paris, Munich, New York and Tel Aviv and a dedicated team currently helping many of the most well-known Fortune 1000 companies control spending and reduce compliance errors. To learn more, please visit www.bluedotcorp.com
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