Kofax, a supplier of Intelligent Automation software for digital workflow transformation, recently announced it has acquired Tungsten Corporation, a global B2B e-invoicing network that “facilitates and streamlines complex invoice-to-pay processes.”
Tungsten provides a platform “for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance and payment processing.”
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 robust workflow and connectors to multiple ERP systems from SAP, Oracle, Microsoft and Infor.”
Combined, Kofax and Tungsten will “support organizations at every level of maturity in their journey towards true e-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.”
Reynolds C. Bish, Chief Executive Officer at Kofax, said:
“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. We’re excited to welcome Tungsten and its employees into the Kofax family, as we lean into addressing growing enterprise needs for e-invoicing compliance driven by government directives rapidly coming into effect throughout the world.”
Paul Cooper, Chief Executive Officer at Tungsten, remarked:
“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.”
As noted in the update, Kofax “enables organizations to Work Like Tomorrow™—today.”
Their Intelligent Automation software platform and solutions digitally “transform content-intensive workflows.”
Customers are able to “realize faster time-to-value and increased competitiveness, growth and profitability by combining Kofax’s cognitive capture, RPA, process orchestration, analytics and mobile capabilities while increasing business resiliency and mitigating compliance risk.”
As mentioned in the announcement, Tungsten Corporation (AIM: TUNG) claims to be “the world’s largest, compliant business transaction network.”
A global electronic invoicing and purchase order transactions network, Tungsten’s mission is centered on “enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.”
Tungsten processes invoices “for 60 percent of the FTSE 100 and 68 percent of the Fortune 500.”
It enables suppliers “to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organizations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the U.S. Federal Government.”
Founded in 2000 and headquartered in London, Tungsten “has offices in the United States, Bulgaria and Malaysia, employing over 227 people.”