Ryan Acquires Qvalia's VAT Compliance and Recovery Business in the Nordics

Ryan, a leading global tax services and software provider, today announced the acquisition of Qvalia's value added tax (VAT) compliance and recovery business. As a major market provider of VAT services in the Nordics, this acquisition significantly expands Ryan's brand in the region and continues to strengthen and grow its service offerings across Europe.

"Ryan's commitment to our clients in the European region is evident by our expansion into the Nordics," said Ryan Chairman and CEO G. Brint Ryan. "We're thrilled to welcome Qvalia's highly experienced tax professionals to our workplace. Our clients will benefit from Qvalia's leading VAT recovery and compliance services in the Nordics, while Qvalia's clients can now take advantage of Ryan's full suite of tax services globally, creating tax centres of excellence."

Founded in 2007, with headquarters in Stockholm, Sweden and offices in Norway, Finland, and Denmark, Qvalia has helped the region's largest organisations analyse accounting data, manage costs, reduce risks, and improve the entire tax process. This strategic acquisition adds 32 highly qualified VAT professionals, located across four new office locations to Ryan's European team, including Qvalia's four senior country leaders: Michael Bernhardtsen in Denmark, Andre Klemsdal in Norway, Teemu Kamu in Finland, and Cathrine Engman in Sweden. Collectively, with more than 40 years of experience, they will focus on Ryan's growth trajectory in their respective country markets, bringing additional value to their existing clients.

"The addition of Qvalia's VAT compliance and recovery team further solidifies Ryan as a leading provider of VAT services in Europe. Qvalia's innovative and transformative approach and culture are a powerful fit with our mission to help our clients transform their tax function into centers of excellence," said Jon C. Sweet, Ryan's President of European and Asia-Pacific Operations. "This acquisition not only positions Ryan as the preeminent VAT provider in the Nordics, but it also strengthens our VAT compliance and recovery practice throughout Europe."

Qvalia's finance process automation platform and fintech will continue to operate under the Qvalia name and brand and will not be included as part of the acquisition. With significant synergies existing between the two companies, there will be continued opportunities for both Qvalia's and Ryan's combined client base to leverage discreet offerings, as the two organisations partner prospectively.

"This is an exciting opportunity for Qvalia's VAT compliance and recovery team to join a global leading tax firm. After founding and growing this practice over the last 15 years, I am confident this team will bring valuable in-depth knowledge, expertise, and experience of the Nordic market to Ryan," said Henri Taipale, CEO and founder of Qvalia, who will be focusing on further growing Qvalia's finance process automation platform. "I am looking forward to continuing to partner with Ryan and joining forces to be able to serve our mutual clients in an excellent and innovative way."

About Ryan

Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. The Firm provides an integrated suite of international tax services on a multijurisdictional basis, including cost management, compliance, consulting, and technology services. Ryan is a nine-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognised as the most innovative in the tax services industry, Ryan's multidisciplinary team of more than 3,100 professionals and associates serves over 18,000 clients in more than 60 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com/europe. "Ryan" and "Firm" refer to the global organisational network and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.

About Qvalia

Qvalia redesigns finance processes. Founded in 2007, the company expanded to become the leading Nordic expert in financial data mining. Since 2017, the company has developed a platform for finance teams to automate financial processes, including e-invoicing, accounting, and analytics. The company has offices in Stockholm, Helsinki, Copenhagen, and Oslo.