Intelligent automation (IA) software provider Kofax has acquired London-based B2B e-invoicing company Tungsten Network for an undisclosed amount.
Kofax is headquartered in California, but the firm also has offices in Basingstoke, Europe, India, Singapore, Kuala Lumpur, Tokyo and Sydney. Case studies on its site include ABN AMRO, Rabobank, DB Schenker and Cerner.
Tungsten provides a platform for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance 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. 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.”
The deal brings in plenty more action for the American firm. Tungsten points out that it processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500.
Tungsten 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 US Federal Government.
Other clients on Tungsten’s website include Imperial College London, Honda Logistics, Schneider Electric, Henkel and Fisher Scientific.
- Tech acquisitions are popular – read about ‘MetaCompliance Acquires Danish Edtech MOCH’ here
While the exact sum of the acquisition has not been revealed this week, Kofax had revealed its intentions to buy Tungsten in March. At that time, the proposed offer price of 42 pence per share in cash represented a 44.8% premium to the closing price per Tungsten share of 29 pence on 13 December 2021.
Anyway, grey areas aside, Kofax seems happy and through its invoice processing and AP Automation portfolio, the firm says it offers IA in more than 40 country formats and more than 100 languages, along with workflow and connectors to ERP systems from SAP, Oracle, Microsoft and Infor.
Combined, Kofax and Tungsten are aiming to provide 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.
Founded in 2000, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.
It appears those jobs are safe as Bish adds: “We’re excited to welcome Tungsten and its employees into the Kofax family.”