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Sunday, 26 June 2022 23:48

Kofax Acquires Tungsten

By Kofax

Kofax Acquires Tungsten to Deliver a Cloud Invoicing and AP Automation Platform

Supporting Organisations at Every Level of Maturity in the Journey across the ‘Order to Cash’ Lifecycle

COMPANY NEWS: Kofax, a  leading intelligent Automation software for digital workflow transformation provider 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. 

Kofax says that combined, Kofax and Tungsten will support organisations 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 organisations around the globe,” says Reynolds C. BishChief 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.”

About Kofax  

Kofax enables organisations to Work Like Tomorrow—today. Our Intelligent Automation software platform and solutions digitally transform content-intensive workflows. Customers realise 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 centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.

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