Tungsten Corporation

About Tungsten Corporation

Tungsten Corporation, now a part of Kofax, operates as a significant player in the digital transformation and procure-to-pay (P2P) automation space. The company's journey began with its establishment in 2000, co-founded by Edmund Truell and Danny Truell, who brought their extensive experience in finance and investment to the venture. Initially focused on creating a global electronic invoicing network, Tungsten has evolved into a comprehensive P2P automation provider. A pivotal moment in its history was the acquisition of OB10, a prominent e-invoicing network, in 2013, which significantly expanded its market presence and technological capabilities. This was followed by an IPO on the London Stock Exchange's AIM market in the same year, a move that capitalized on the growing demand for digital financial solutions.

The core of Tungsten's business is its robust, cloud-based platform that facilitates electronic invoicing, purchase order services, and analytics for a global client base. It primarily serves large, multinational corporations by enabling them to streamline their accounts payable and procurement processes. The platform processes purchase orders and invoices digitally, connecting a vast network of buyers and suppliers to improve efficiency, ensure compliance with international invoicing regulations, and reduce the risk of fraud. For suppliers, the network offers benefits such as faster payment cycles and improved visibility into invoice status. Revenue is generated through transaction fees and subscription-based services for its suite of automation and analytics tools.

In May 2022, Tungsten Corporation was acquired by Kofax, a leading supplier of Intelligent Automation software. This acquisition integrated Tungsten's e-invoicing and P2P automation strengths into Kofax's broader intelligent automation portfolio, aiming to provide a more comprehensive solution for businesses looking to digitize their financial operations from end to end. The combination allows clients to automate a wider range of workflows, from invoice processing to payment execution, all within a single platform.