Tungsten Network

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 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.[1] As a small- to medium-sized IT company, 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 the London Stock Exchange.[3] Main competitors in this arena include Tradeshift, Ariba, Basware, Taulia and iPayables.

History

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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 including Alliance Data, IBM, Kellogg's, General Motors, and the US Federal Government.[8][9] Nearly 80% of the suppliers Tungsten serves are small to medium-sized global business.[10]

OB10 collaboration and acquisition - 2000

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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 in San Francisco and Atlanta in the United States, as well as Sofia, Bulgaria and Kuala Lumpur, Malaysia.[12] Tungsten officially purchased OB10 in October 2013.[13]

Transition to Tungsten Network - 2013

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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

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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

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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

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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% of Fortune 500 companies and 70% of the Financial 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

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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

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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 an ERP system and pulling back the associated payment data.

Tungsten Network Analytics

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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

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