Tungsten Network

{{Infobox company | name = Tungsten Network | logo = Tungsten-network-logo.jpg | logo_size = 200px | type = Public |traded_as = {{AIM|TUNG}} | foundation = 2000 | founder = Edmund "Eddie" Truell, Danny Truell, Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy | key_people = Paul Cooper, CEO | location = London, England, UK | num_employees = 227 (FY2022) | industry = Electronic invoicing | revenue = GBP £36.0 million (FY2019) | homepage = }}

'''Tungsten Network''' is a global electronic invoicing firm that provides supply chain financing services from international offices in the United Kingdom, United States, Bulgaria, Germany, and Malaysia.<ref>{{Cite web|title = Tungsten Corporation (TUNG)|url = http://www.edisoninvestmentresearch.com/research/company/tungsten-corporation|accessdate = September 26, 2017|publisher = Edison Investment Research|year = 2017}}</ref> As a small- to medium-sized IT company, they have an estimated revenue of £31.3 million (GBP) as of July 2017.<ref>{{Cite web|title = Tungsten Corporation (TUNG)|url = http://www.edisoninvestmentresearch.com/research/company/tungsten-corporation|accessdate = September 26, 2017|publisher = Edison Investment Research|date = July 2017}}</ref> Tungsten Corporation Plc (TUNG) is reported to trade regularly on the London Stock Exchange.<ref>{{Cite web|title = TUNG Tungsten Corporation Plc|url = http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00B7Z0Q502GBGBXAMSM.html|accessdate = February 22, 2017|publisher = London Stock Exchange|year = 2017}}</ref> Main competitors in this arena include Tradeshift, Ariba, Basware, Taulia and iPayables.

==History== Tungsten Network "was founded [in 2013] by Edmund Truell and Danny Truell to identify and acquire a company, business or asset within the financial services sector which it can grow into a business with a significant market presence in a segment with potential for sustainable long-term cash generation, return on equity and growth." A major acquisition was OB10, a global electronic transaction service with headquarters in London, England.<ref name="BloombergOverview">{{Cite web|title = Internet Software and Services. Company Overview of Tungsten Network Limited|url = https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=914439|accessdate = February 14, 2017|publisher = Bloomberg|year = 2017}}</ref> Founded in 2000 by Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy, Tungsten Network underwent a series of corporate expansions and acquisitions.<ref>{{Cite web|title = Chris Lowrie, Senior Vice President-Development at Tungsten Network Ltd.|url = http://relationshipscience.com/chris-lowrie-p3810128|accessdate = February 14, 2017|publisher = Relationship Science LLC|year = 2017}}</ref> The company, led by its founder and CEO Edmund "Eddie" Truell,<ref>{{Cite web|title=Tungsten rejects founder's plan to restructure|url = https://www.telegraph.co.uk/business/2016/03/21/tungsten-rejects-founders-plan-to-restructure/|accessdate = July 31, 2018|work = The Telegraph|date = March 21, 2016}}</ref> agreed to the 2013 buyout of Open Business Exchange for £99 million (GBP) in cash and shares.<ref name="SpendMattersBuyout">{{Cite web|last = Busch |first=Jason |title=Tungsten Agrees to OB10 Buyout, Also Combines a Bank and Analytics Capability Into IPO Candidate|url = http://spendmatters.com/2013/09/04/tungsten-agrees-to-ob10-buyout-also-combines-a-bank-and-analytics-capability-into-ipo-candidate/|accessdate = February 14, 2017|publisher = Spend Matters|date = September 4, 2013}}</ref> The purchase of DocuSphere in September 2014 significantly extended their e-invoice automation technology.<ref name="SpendMattersBuyout"/>

Founded from Open Business Exchange, or OB10, Tungsten Network's electronic invoicing and payment services are partnered with companies including Alliance Data, IBM, Kellogg's, General Motors, and the US Federal Government.<ref name="ProcurementLeaders">{{Cite web|url=https://finance.yahoo.com/quote/tung.l?ltr=1|title=Tungsten Corporation Plc (TUNG.L)|year=2017|publisher=Yahoo! Finance|accessdate=September 26, 2017}}</ref><ref>{{Cite web|title=Tungsten Corp Expects Full-Year Results To Beat Market Expectations|url = http://www.morningstar.co.uk/uk/news/AN_1431600008392343000/tungsten-corp-expects-full-year-results-to-beat-market-expectations.aspx|accessdate = February 24, 2017|publisher = Morningstar|date = May 14, 2015}}</ref> Nearly 80% of the suppliers Tungsten serves are small to medium-sized global business.<ref>{{Cite news|title=How fintech firms are helping to revolutionise supply-chain finance.|url = https://www.economist.com/news/finance-and-economics/21714377-factoring-invoices-has-become-cheaper-and-faster-hard-pressed-suppliers-how|accessdate = February 22, 2017|newspaper = The Economist|date = January 12, 2017}}</ref>

===OB10 collaboration and acquisition - 2000=== When OB10 was founded, e-invoicing services were not permitted in a majority of the European Union.<ref>{{Cite web|title = UK Legislation. Statutory Instruments - Electronic Communications. The Privacy and Electronic Communications (EC Directive) Regulations 2003. No. 2426.|url = http://www.legislation.gov.uk/uksi/2003/2426/pdfs/uksi_20032426_en.pdf|accessdate = February 13, 2017|agency = PR Newswire|year = 2003}}</ref>{{Page needed|date=July 2020}} However, OB10's services were launched in late 2000, followed by the establishment of offices in New York. As e-invoicing services grew, OB10 established offices in San Francisco and Atlanta in the United States, as well as Sofia, Bulgaria and Kuala Lumpur, Malaysia.<ref>{{Cite web|last = Smith |first=Peter |title=Insight from OB10 on e-invoicing implementation.|url = http://spendmatters.com/uk/insight-from-ob10-on-e-invoicing-implementation/|accessdate = February 13, 2017|publisher = Spend Matters Network|date = October 13, 2013}}</ref> Tungsten officially purchased OB10 in October 2013.<ref>{{Cite web|title=Tungsten acquisition paying off.|url = http://www.yorkshirepost.co.uk/news/tungsten-acquisition-paying-off-1-6360792|accessdate = February 22, 2017|work = The Yorkshire Post.|date = January 9, 2014}}</ref>

===Transition to Tungsten Network - 2013=== Tungsten Corporation finalized the acquisition of OB10 in October 2013, rebranding the e-invoicing platform “Tungsten Network”.<ref>{{Cite web|title = Open Business Exchange finds host.|url = http://www.computerweekly.com/feature/Open-Business-Exchange-finds-host|accessdate = February 14, 2017|work = Computer Weekly|date = August 2004}}</ref> Tungsten purchased OB10 for £99 million, as well as having signed a five-year agreement to license @UK's Spend Analysis software.<ref>{{Cite web|title = OB10 Gets a New Name and New Deals|url = http://www.pymnts.com/news/2014/ob10-gets-a-new-name-and-new-deals/|accessdate = February 14, 2017|publisher = PYMNTS|date = May 14, 2014}}</ref> Tungsten Network provides a global cloud-based trading network built on OB10's e-invoicing platform. The service integrates client billing and accounting systems with their suppliers' invoicing and accounting systems.<ref name="SpendMattersBuyout"/><ref>{{Cite web|title = Tungsten continues to struggle|url = http://www.growthcompany.co.uk/tungsten-continues-to-struggle-2493756/|accessdate = February 24, 2017|publisher = Growth Company Investor|date = September 2015}}</ref>

===Purchasing DocuSphere - 2014=== In September 2014, Tungsten acquired DocuSphere – a US-based provider of invoice-automation services. The purchase was funded by a share placing, rather than an open offer.<ref>{{Cite web|last = Smith |first=Peter |title=Tungsten acquires DocuSphere, raises more cash|url = http://spendmatters.com/uk/tungsten-acquires-docusphere-raises-more-cash/|accessdate = February 14, 2017|publisher = Spend Matters Network|date = September 3, 2014}}</ref>

==Tungsten of today== In September 2019, Andrew Lemonofides took over as chief executive officer of Tungsten Corporation plc from Richard Hurwitz.<ref>{{Cite web|url=https://otp.tools.investis.com/clients/uk/tungsten_networks_plc/rns/regulatory-story.aspx?cid=1232&newsid=1310839|title=New Chief Executive Officer|website=otp.tools.investis.com|access-date=2020-01-13}}</ref>

On 9 July 2021 Paul Cooper was appointed as the new CEO.<ref>{{Cite web|url=https://www.tungsten-network.com/team-member/paul-cooper/|title=Paul Cooper | Tungsten Network|date=February 19, 2020}}</ref>

On June 20, 2022, it was announced that Tungsten Network was being acquired by Kofax<ref>{{Cite web |last=Ingalls |first=Amanda |date=June 20, 2022 |title=Kofax Acquires Tungsten |url=https://www.businesswire.com/news/home/20220620005102/en/Kofax-Acquires-Tungsten |access-date=5 December 2024 |website=BusinessWire}}</ref>

On January 16, 2024, Kofax was renamed to Tungsten Automation.<ref>{{Cite web |last=Rochard |first=Nicolas |date=16 January 2024 |title=A New Chapter Begins: Kofax is now Tungsten Automation |url=https://www.businesswire.com/news/home/20240112086426/en/A-New-Chapter-Begins-Kofax-is-now-Tungsten-Automation |access-date=5 December 2024 |website=BusinessWire}}</ref>

==Products== Tungsten Network provides professional electronic services for accounts payable and accounts receivable to over 203,000 suppliers in 175 countries.<ref name="Inventis">{{Cite web|url=https://otp.tools.investis.com/clients/uk/tungsten_networks_plc/rns/regulatory-story.aspx?cid=1232&newsid=765584|title=Tungsten Corporation PLC Full Year Financial Report|date=July 25, 2016|publisher=Inventis|accessdate=February 20, 2017}}</ref> The company was one of the first vendors to push an “open network” concept, along with Basware.<ref name="Spend Matters">{{Cite web|url=http://spendmatters.com/2015/01/16/everything-you-knew-about-taulia-and-tungsten-is-wrong/|title=Everything You Thought You Knew About Taulia and Tungsten is Wrong|date=January 16, 2015|publisher=Spend Matters|accessdate=December 1, 2017}}</ref> Tungsten Network currently serves 72% of Fortune 500 companies and 70% of the Financial Times Stock Exchange 100 Index (FTSE).<ref name="Proactive">{{Cite web|title = Tungsten Corp sees better momentum despite big loss|url = http://www.proactiveinvestors.co.uk/companies/news/128565/tungsten-corp-sees-better-momentum-despite-big-loss-128565.html|accessdate = February 20, 2017|publisher = Proactive Investors|date = July 25, 2016}}</ref> In the fall of 2017, Tungsten released its inaugural Friction Index report to showcase the amount of time that is being spent on inefficient practices.{{cn|date=April 2026}}

===Tungsten Network=== Tungsten Network is Tungsten's core business, a worldwide buyer-supplier community that processed over £133 billion in transactions in fiscal year 2016.<ref name="Proactive"/> The network processes invoices and purchase order transactions through Tungsten Network's online portal, with the aim to reduce human touch points to deliver secure transactions.

===Tungsten Network Workflow=== Tungsten Network Workflow is a software suite that automates accounts payable processes and includes a document repository and reporting.<ref name="BloombergOverview"/> The suite offers end-to-end visibility of invoices from initial receipt until payment by monitoring payment processing in an ERP system and pulling back the associated payment data.

===Tungsten Network Analytics=== This product analyzes procurement spending based on invoice data.<ref>{{Cite web|title = OB10 Rebadged as Tungsten Network|url = https://www.finextra.com/news/announcement.aspx?pressreleaseid=55115|accessdate = February 15, 2017|publisher = Finextra|date = May 6, 2014}}</ref> The software provides line-level product information, analyzes campaigns, and matches prices for competing products.<ref>{{Cite web|title = Company Overview of Tungsten Corporation Plc.|url = https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=206282786|accessdate = February 15, 2017|publisher = Bloomberg|year= 2017}}</ref> Tungsten Network Analytics is fully compliant with US federal requirements as of April 2014.<ref>{{Cite web|title = Smith, Peter. Tungsten Analytics - "Real-time" Data Opens Up Savings Opportunities.|url = https://spendmatters.com/uk/tungsten-analytics-real-time-data-opens-up-savings-opportunities/|accessdate = February 15, 2017|publisher = Spend Matters|date= November 16, 2015}}</ref>

==References== {{reflist|30em}}

Category:Information technology companies of the United Kingdom Category:Software companies established in 2000 Category:Computer companies established in 2000 Category:Electronics companies of the United Kingdom Category:Technology companies based in London Category:2000 establishments in England Category:Companies listed on the London Stock Exchange