Kofax has acquired Tungsten Corporation, a global B2B e-invoicing network that facilitates and streamlines complex invoice-to-pay processes.

Tungsten provides a platform for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance, and payment processing. Through its invoice processing and AP Automation portfolio, Kofax offers intelligent automation in more than 40 country formats and more than 100 languages, along with robust workflow and connectors to multiple ERP systems from SAP, Oracle, Microsoft, and Infor. 

Combined, Kofax and Tungsten will support organisations at every level of maturity in their journey towards true e-Invoicing, with 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. 

“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.

“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,” says Paul Cooper, Chief Executive Officer at Tungsten. “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.” 

Tungsten processes invoices for 60 percent of the FTSE 100 and 68 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion (AUD $331 billion) for organisations such as GlaxoSmithKline, Kraft Foods, Mondelēz International, Procter & Gamble, Unilever and the U.S. Federal Government.