Tungsten Network is a global electronic invoicing firm that provides supply chain financing services from international offices in the United Kingdom, United States, Bulgaria, Germany, and Malaysia. As a small- to medium-sized IT company, they have an estimated revenue of £31.3 million (GBP) as of July 2017. Tungsten Corporation Plc (TUNG) is reported to trade regularly on the London Stock Exchange.
Video Tungsten Network
History
Tungsten Network, formerly known as OB10, is a global electronic transaction service with headquarters in London, England. Founded in 2000 by Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy, Tungsten Network underwent a series of corporate expansions and acquisitions. The company agreed to the 2013 buyout of Open Business Exchange for £99 million (GBP) in cash and shares. The purchase of DocuSphere in September 2014 significantly extended their e-invoice automation technology.
Founded from Open Business Exchange, or OB10, Tungsten Network's electronic invoicing and payment services are partnered with companies including Alliance Data, IBM, Kellogg's, General Motors, and the US Federal Government. Nearly 80% of the suppliers Tungsten serves are small to medium-sized global business.
OB10 Collaboration and Acquisition - 2000
When OB10 was founded, e-invoicing services were not permitted in a majority of the European Union. 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 in San Francisco and Atlanta in the United States, as well as Sofia, Bulgaria and Kuala Lumpur, Malaysia. Tungsten officially purchased OB10 in October 2013.
Transition to Tungsten Network - 2013
Tungsten Corporation finalized the acquisition of OB10 in October 2013, rebranding the e-invoicing platform "Tungsten Network". Tungsten purchased OB10 for £99 million, as well as having signed a five-year agreement to license @UK's Spend Analysis software. 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.
Purchasing DocuSphere - 2014
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.
Maps Tungsten Network
Tungsten of Today
In July 2015, Richard Hurwitz took over as Group Chief Executive Officer of Tungsten Corporation Plc and Chief Executive Officer at Tungsten Network Limited. Previously, Hurwitz had been the Chief Executive Officer for Americas at Tungsten Corporation Plc since October 2014. With 385 company employees as of 2017, Hurwitz is credited with building Tungsten's executive management and internal teams. Personnel additions include Connie O'Brien, who joined as Chief Marketing Officer in February 2016, Prabhat Vira, the President of Tungsten Network Finance since April 2016, and Kevin Wilbur's promotion to Vice President of AP Automation.
The company announced its release of Tungsten Bank in 2015 to Wyelands Holdings for $45 million. Shares on the London Stock Exchange (TUNG) increased 3.9% following this transaction. Tungsten saw a 20% increased revenue in 2016's final quarter - thanks to a new supplier portal launch and transmitting 16.1 million invoices in 175 countries.
Tungsten is the only electronic network that has a bank, and is now regulated as a bank after months of effort.
Products
Tungsten Network provides professional electronic services for accounts payable and accounts receivable to over 203,000 suppliers in 175 countries. The company was one of the first vendors to push an "open network" concept, along with Basware. Tungsten Network currently serves 72% of Fortune 500 companies and 70% of the Financial Times Stock Exchange 100 Index (FTSE). 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.
Tungsten Network
Tungsten Network is Tungsten's core business, a worldwide buyer-supplier community that processed over £133 billion in transactions in fiscal year 2016. 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
Tungsten Network Workflow is a software suite that automates accounts payable processes and includes a document repository and reporting. The suite offers end-to-end visibility of invoices from initial receipt until payment by monitoring payment processing in an ERP system and pulling back the associated payment data.
Tungsten Network Analytics
This product analyzes procurement spending based on invoice data. The software provides line-level product information, analyzes campaigns, and matches prices for competing products. Tungsten Network Analytics is fully compliant with US federal requirements as of April 2014.
Tungsten Network Finance
As the financing arm of Tungsten's business, Tungsten Network Finance provides early payment options. Originally launched in 2015, Tungsten Network Early Payment works by allowing suppliers to submit an electronic invoice via Tungsten Network's digital platform in order to get paid immediately, rather than having to wait until the end of the payment term for the job. There are no credit checks or administrative delays.
Recognition
- 2008: OB10 ranked as the 30th-fastest growing technology company on Deloitte's Technology Fast 500 list. The company grew 3,488% during this time.
- 2008: OB10 was added to the UK Technology Fast 50 list.
- 2014: Tungsten earned its eighth Green Apple Award for best environmental practices.
- 2016: Tungsten Network was awarded the 2016 Excellence in Trade Award for the Best Financier against competing companies Basware, Inexchange, Coupa, and Invoice Sharing.
References
External links
- Official website
Source of article : Wikipedia
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