South African IT company poised to conquer the world with Dutch accountant Flynth

Gepubliceerd: 07-09-2017, laatst gewijzigd: 07-09-2017

The South African IT company IoT.nxt is about to conquer the world with a revolutionary new application framework solution that will make the Internet of Things (IoT) truly accessible for industrial organisations. This solution is generating global interest for the company, which will be headquartered in The Hague. Flynth is helping the company make the transition to the Netherlands and the rest of the world. It promises to be a real kick-start!

Global Chief Marketing Officer Joe Bester is moving to the Netherlands to run the new headquarters starting in September. Flynth is currently busy launching the Dutch activities and setting up the Dutch structure. IoT.nxt has full trust in Flynth's international knowledge, experience, and network. Flynth provides the company with financial, accounting, tax, and legal support.

Unlocking the Internet of Things

The Internet of Things has huge potential. Research agency McKinsey estimates the total economic impact in 2025 to be $3.9 to $11.1 trillion per year. But this would require the current software systems to be properly linked. Only then can the available data be fully utilised. The challenge is to connect these different systems.'IoT.nxt is the solution to this challenge,' says Bester. 'The failure of many IoT and big data platforms is their inability to independently and completely connect all facets of an organisation.'

'Our software solution will bridge the gap between the various systems used by bigger organisations, which range from ten to fifteen on average. It will make IoT much more manageable. Our framework allows devices, employees, networks, and process to communicate with one another. In an organisation, all existing infrastructure is linked to our solution and ultimately presented as a single platform. This allows legacy systems to be rapidly retrofitted and offers a platform that future-proofs your business as it is scalable and allows any future best-of-breed technology to be seamlessly integrated into your ecosystem.'

Guide in the Netherlands

IoT.nxt is aiming for speed and therefore sought out an experienced Dutch party with international experience. Bester opted for Flynth, on the recommendation of South African advisor Natie Engelbrecht. 'Flynth is our one-stop, full-service accounting and advisory partner,' says Bester. 'They arrange the accounting, the details of the Dutch private company (BV), the taxes, and the wages. They also help with practical issues, such as work visas and finding the right business property. They are doing everything they can to give IoT.nxt the best possible start. They also examine our client needs and have the right international expertise, which is an added bonus. Another plus is their extensive network of accountants and advisors throughout Europe.'

Stepping stone to the world

IoT.nxt was only founded in 2015 but is growing rapidly, with turnovers tripling last year alone. The software solution has already won several South African awards. The company itself has raised impressive investment amounts, including 100 million rand (roughly 7 million euros) for the global roll-out. 'We've generated a lot of international attention,' explains Bester. 'There is real interest from Europe, China, and the United States. In order to improve our role on the international technological playing field, we are relocating our headquarters abroad. Natie Engelbrecht recommended the Netherlands, which is one of Europe's biggest technology hubs. It is ideally located in geographic terms, it has plenty of qualified technology employees, and it has tax treaties with more than eighty countries. In short: it's the perfect stepping stone!'

Personal and professional

Bester appreciates Flynth's work method and approach. 'René Peeters is our primary point of contact and he understands our company and our ambitions well. He answers all of our questions quickly or refers them to the right Flynth expert. I really value this personal contact with René and his colleagues. When you come from a different country, it's nice to have a professional party that can help you find your way. This pleasant collaboration makes the move to the Netherlands that much easier!'

Want to make a similar move to the Netherlands?

'Relocating to the Netherlands is attractive and relatively easy for an international company,' says Bester. 'I would recommend making the necessary plans and arrangements in advance. We did this in South Africa with FINVISION and in the Netherlands with Flynth. FINVISION is our South African accounting and advisory firm. They have worked earlier with Flynth and got us in touch with them. That's what made it easy to choose Flynth as our partner. Both of these companies are good partners for South African businesses looking to relocate to Europe and the Netherlands!'

Flynth advisor explains

'I first met Joe Bester through one of my contacts at the South African company FINVISION,’ says René Peeters. 'I quickly realised the potential of IoT.nxt. In order to harness this potential and create a real kick-start, the company needed a solid basis in the Netherlands.'

'I love helping to realise this kick-start. I use my expertise as a national and international tax expert to determine what Joe and his colleagues need to succeed in the Netherlands. We offer Joe and IoT.nxt a Dutch platform for all their questions. Together we are investing in the foundation in order to share our successes in the future!'

'We plan to expand on the Dutch activities in the next year and are preparing for a European roll-out. To do so, we're using the international accountant and advisor network BKR, of which Flynth is a member. With this network, you can find a reliable partner in nearly any European country! I look forward to our continued collaboration and to the development of IoT.nxt!'

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René Peeters Senior Belastingadviseur bij Flynth René Peeters