Kofax snaps up B2B e-invoicing network Tungsten

Kofax, a supplier of intelligent automation software for digital workflow transformation, has acquired Tungsten for an undisclosed fee.

Tungsten is a global B2B e-invoicing network that facilitates and streamlines complex invoice-to-pay processes.

The acquired firm also provides a platform for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance and payment processing. The company also offers intelligent automation in more than 40 country formats and more than 100 languages.

Kofax said that combined, the two companies will support organisations at every level of maturity in their journey towards true e-invoicing.

Kofax CEO Reynolds Bish said, “Our SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organisations around the globe. 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.”

Tungsten CEO Paul Cooper added, “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. 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.”

UK-based neolender Proportunity recently revealed it will be adding a zero-deposit product this year with the aim of helping people to buy homes.

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