Kofax Acquires Tungsten to Deliver a Cloud Invoicing and AP Automation Platform Supporting Organizations at Every Level of Maturity in the Journey across the ‘Order to Cash’ Lifecycle
Irvine, CA – June 20, 2022 – Kofax®, a leading supplier of Intelligent Automation software for digital workflow transformation, today announces 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.
“Our SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organizations around the globe,” says Reynolds C. Bish, Chief Executive Officer at Kofax. “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.”
“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,” says Paul Cooper, Chief Executive Officer at Tungsten. “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.”
Kofax enables organizations to Work Like Tomorrow™—today. Our Intelligent Automation software platform and solutions digitally transform content-intensive workflows. Customers 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. For more information, visit www.kofax.com. Read more on the Kofax Blog and follow us on LinkedIn and Twitter.
About Tungsten Network
Tungsten Corporation (AIM: TUNG) is the world’s largest, compliant business transaction network. A leading 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 organisations 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.