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Tungsten Network

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Tungsten Network
Company typePublic
AIM:TUNG
IndustryElectronic invoicing
Founded2000
FounderEdmund "Eddie" Truell, Danny Truell, Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy
HeadquartersLondon, England, UK
Key people
Paul Cooper, CEO
RevenueGBP £36.0 million (FY2019)
Number of employees
227 (FY2022)

Tungsten Networkis a global electronic invoicing firm that provides supply chain financing services from international offices in theUnited Kingdom,United States,Bulgaria,Germany,andMalaysia.[1]As a small- to medium-sizedITcompany, they have an estimated revenue of £31.3 million (GBP) as of July 2017.[2]Tungsten Corporation Plc (TUNG) is reported to trade regularly on theLondon Stock Exchange.[3]Main competitors in this arena includeTradeshift,Ariba,Basware, Taulia and iPayables.

History[edit]

Tungsten Network "was founded [in 2013] by Edmund Truell and Danny Truell to identify and acquire a company, business or asset within the financial services sector which it can grow into a business with a significant market presence in a segment with potential for sustainable long-term cash generation, return on equity and growth." A major acquisition was OB10, a global electronic transaction service with headquarters in London, England.[4]Founded in 2000 by Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy, Tungsten Network underwent a series of corporate expansions and acquisitions.[5]The company, led by its founder and CEO Edmund "Eddie" Truell,[6]agreed to the 2013 buyout of Open Business Exchange for £99 million (GBP) in cash and shares.[7]The purchase of DocuSphere in September 2014 significantly extended their e-invoice automation technology.[7]

Founded from Open Business Exchange, or OB10, Tungsten Network's electronic invoicing and payment services are partnered with companies includingAlliance Data,IBM,Kellogg's,General Motors,and theUS Federal Government.[8][9]Nearly 80% of the suppliers Tungsten serves are small to medium-sized global business.[10]

OB10 collaboration and acquisition - 2000[edit]

When OB10 was founded, e-invoicing services were not permitted in a majority of the European Union.[11][page needed]However, OB10's services were launched in late 2000, followed by the establishment of offices in New York. As e-invoicing services grew, OB10 established offices inSan FranciscoandAtlantain the United States, as well asSofia, BulgariaandKuala Lumpur, Malaysia.[12]Tungsten officially purchased OB10 in October 2013.[13]

Transition to Tungsten Network - 2013[edit]

Tungsten Corporation finalized the acquisition of OB10 in October 2013, rebranding the e-invoicing platform “Tungsten Network”.[14]Tungsten purchased OB10 for £99 million, as well as having signed a five-year agreement to license @UK's Spend Analysis software.[15]Tungsten Network provides a global cloud-based trading network built on OB10's e-invoicing platform. The service integrates client billing and accounting systems with their suppliers' invoicing and accounting systems.[7][16]

Purchasing DocuSphere - 2014[edit]

In September 2014, Tungsten acquired DocuSphere – a US-based provider of invoice-automation services. The purchase was funded by a share placing, rather than an open offer.[17]

Tungsten of today[edit]

In September 2019, Andrew Lemonofides took over as chief executive officer of Tungsten Corporation plc from Richard Hurwitz.[18]

On 9 July 2021 Paul Cooper was appointed as the new CEO.[19]

Products[edit]

Tungsten Network provides professional electronic services for accounts payable and accounts receivable to over 203,000 suppliers in 175 countries.[20]The company was one of the first vendors to push an “open network” concept, along with Basware.[21]Tungsten Network currently serves 72% ofFortune 500companies and 70% of theFinancial Times Stock Exchange 100 Index(FTSE).[22]In the fall of 2017, Tungsten released its inaugural Friction Index report to showcase the amount of time that is being spent on inefficient practices.[23]

Tungsten Network[edit]

Tungsten Network is Tungsten's core business, a worldwide buyer-supplier community that processed over £133 billion in transactions in fiscal year 2016.[22]The network processes invoices and purchase order transactions through Tungsten Network's online portal, with the aim to reduce human touch points to deliver secure transactions.

Tungsten Network Workflow[edit]

Tungsten Network Workflow is a software suite that automates accounts payable processes and includes a document repository and reporting.[4]The suite offers end-to-end visibility of invoices from initial receipt until payment by monitoring payment processing in anERP systemand pulling back the associated payment data.

Tungsten Network Analytics[edit]

This product analyzes procurement spending based on invoice data.[24]The software provides line-level product information, analyzes campaigns, and matches prices for competing products.[25]Tungsten Network Analytics is fully compliant with US federal requirements as of April 2014.[26]

References[edit]

  1. ^"Tungsten Corporation (TUNG)".Edison Investment Research. 2017.RetrievedSeptember 26,2017.
  2. ^"Tungsten Corporation (TUNG)".Edison Investment Research. July 2017.RetrievedSeptember 26,2017.
  3. ^"TUNG Tungsten Corporation Plc".London Stock Exchange. 2017.RetrievedFebruary 22,2017.
  4. ^ab"Internet Software and Services. Company Overview of Tungsten Network Limited".Bloomberg. 2017.RetrievedFebruary 14,2017.
  5. ^"Chris Lowrie, Senior Vice President-Development at Tungsten Network Ltd".Relationship Science LLC. 2017.RetrievedFebruary 14,2017.
  6. ^"Tungsten rejects founder's plan to restructure".The Telegraph.March 21, 2016.RetrievedJuly 31,2018.
  7. ^abcBusch, Jason (September 4, 2013)."Tungsten Agrees to OB10 Buyout, Also Combines a Bank and Analytics Capability Into IPO Candidate".Spend Matters.RetrievedFebruary 14,2017.
  8. ^"Tungsten Corporation Plc (TUNG.L)".Yahoo! Finance. 2017.RetrievedSeptember 26,2017.
  9. ^"Tungsten Corp Expects Full-Year Results To Beat Market Expectations".Morningstar. May 14, 2015.RetrievedFebruary 24,2017.
  10. ^"How fintech firms are helping to revolutionise supply-chain finance".The Economist.January 12, 2017.RetrievedFebruary 22,2017.
  11. ^"UK Legislation. Statutory Instruments - Electronic Communications. The Privacy and Electronic Communications (EC Directive) Regulations 2003. No. 2426"(PDF).PR Newswire. 2003.RetrievedFebruary 13,2017.
  12. ^Smith, Peter (October 13, 2013)."Insight from OB10 on e-invoicing implementation".Spend Matters Network.RetrievedFebruary 13,2017.
  13. ^"Tungsten acquisition paying off".The Yorkshire Post.January 9, 2014.RetrievedFebruary 22,2017.
  14. ^"Open Business Exchange finds host".Computer Weekly.August 2004.RetrievedFebruary 14,2017.
  15. ^"OB10 Gets a New Name and New Deals".PYMNTS. May 14, 2014.RetrievedFebruary 14,2017.
  16. ^"Tungsten continues to struggle".Growth Company Investor. September 2015.RetrievedFebruary 24,2017.
  17. ^Smith, Peter (September 3, 2014)."Tungsten acquires DocuSphere, raises more cash".Spend Matters Network.RetrievedFebruary 14,2017.
  18. ^"New Chief Executive Officer".otp.tools.investis.com.RetrievedJanuary 13,2020.
  19. ^"Paul Cooper | Tungsten Network".February 19, 2020.
  20. ^"Tungsten Corporation PLC Full Year Financial Report".Inventis. July 25, 2016.RetrievedFebruary 20,2017.
  21. ^"Everything You Thought You Knew About Taulia and Tungsten is Wrong".Spend Matters. January 16, 2015.RetrievedDecember 1,2017.
  22. ^ab"Tungsten Corp sees better momentum despite big loss".Proactive Investors. July 25, 2016.RetrievedFebruary 20,2017.
  23. ^"What will Industry 4.0 mean for the manufacturing industry?".Stanley Chia, Global Manufacturing. November 1, 2017.RetrievedNovember 13,2017.
  24. ^"OB10 Rebadged as Tungsten Network".Finextra. May 6, 2014.RetrievedFebruary 15,2017.
  25. ^"Company Overview of Tungsten Corporation Plc".Bloomberg. 2017.RetrievedFebruary 15,2017.
  26. ^"Smith, Peter. Tungsten Analytics -" Real-time "Data Opens Up Savings Opportunities".Spend Matters. November 16, 2015.RetrievedFebruary 15,2017.
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