Kofax Acquires Tungsten Business-Transaction Network
Kofax, a supplier of Intelligent Automation software for digital workflow transformation, announced today that it’s acquired Tungsten Corporation for an undisclosed sum.
London-based Tungsten is said to be the world’s largest, compliant business-transaction network. It provides a global B2B electronic invoicing (e-invoicing) network that treamlines complex invoice-to-pay processes. It provides a platform for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance, and payment processing.
Tungsten processes invoices for 60 percent of FTSE 100 and 68 percent of Fortune 500 companies. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion ($268 billion) for companies such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever, and the U.S. Federal Government.
Through its invoice processing and AP Automation portfolio, Kofax offers intelligent automation in more than 40 country formats and more than 100 languages, along with workflow and connectors to multiple ERP systems from SAP, Oracle, Microsoft, and Infor.
Combined, Kofax says it and Tungsten will support organizations at every level of electronic Invoicing, with a cloud platform of solutions for direct supplier onboarding, e-invoice exchange, interoperability, scanned and OCR paper invoices, machine readable PDF invoices, PDF data extraction, and payment processing.
According to Kofax CEO Reynolds C. Bish, “Our SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organizations around the globe. Adding Tungsten’s e-invoicing and other capabilities will provide more comprehensive and higher-value invoice processing and accounts payable automation solutions to our customers.”
Tungsten CEO Paul Cooper commented: “Finance procurement leaders are looking beyond traditional invoice OCR and workflow capabilities to modern e-invoicing, supplier management, and value-added services – accelerating how they pay and relate with suppliers. A full technology suite from Kofax will bring efficiencies to how they work with their suppliers, compliantly invoice, and focus on leveraging data to drive insights while reducing cost.”
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