ATLANTA, September 2, 2014 /PRNewswire/ --
The global electronic trading network to enhance e-Invoicing with workflow and connectivity services
Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, is delighted to announce that through its wholly owned subsidiary, Tungsten Network Inc, it has conditionally agreed to acquire DocuSphere, a provider of accounts payable automation services, to bring additional strength to the Tungsten offering.
Many companies require workflow and connectivity tools to support their invoice-automation initiatives, in particular when handling invoice exceptions and achieving straight-through processing. The combination of Tungsten's global supplier portal and e-Invoicing services with DocuSphere's workflow and connectivity technology will help companies streamline their accounts payable functions from receipt of e-Invoice to payment.
The integration of DocuSphere with Tungsten Network adds certified integration tools that cover over 80% of the ERP software used by Fortune 2000 companies to Tungsten's services. It also provides Tungsten with increased control over the speed, cost, and quality of implementation with no need to rely on third parties or middleware providers.
As DocuSphere becomes part of Tungsten's global e-Invoicing network, customers will gain access to its compliant e-Invoicing services, supplier portal, dedicated supplier engagement and technical capabilities. All customers will enjoy greater flexibility and will become part of a wider community of blue-chip multinational organizations.
Commenting on the acquisition, Rick Hurwitz, CEO, Americas, at Tungsten Network, Inc, said, "The combination of Tungsten and DocuSphere demonstrates our commitment to delivering a secure, smart and fast e-Invoicing proposition. The addition of DocuSphere's talented team and technologies will allow us to take more control of the results we deliver to our customers, and enhance our already powerful e-Invoicing services."
Bradley White, Chief Executive Officer and President of DocuSphere, said, "Increased control, on-time payment and straight-through processing are key goals for any forward-thinking finance function. Customers are looking for integrated, end-to-end solutions that automate and digitize their invoice processes, and enable them to trade with confidence. By becoming part of Tungsten Network, we will provide additional value and services to our community of current and future customers, and greater opportunities for our employees."
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organizations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank to suppliers and helps buying organizations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 53% of the Fortune 500 and 66% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and last year processed transactions worth over $187bn per year for organizations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.
Founded in 1993 and headquartered in Perrysburg, Ohio, DocuSphere's entire focus is on the development, enhancement, maintenance, implementation, and support of its own DocuSphere solution for accounts payable automation with Oracle Validated Integration for JD Edwards and Oracle E-Business Suite and SAP certified integration. DocuSphere delivers "The DocuSphere Difference: The preeminent connected, business-driven AP automation solution - delivered by experienced people for a fixed fee."
DocuSphere has developed its DocuSphere All-in-One for Accounts Payable solution suite, which features certified integration for SAP and Oracle Validated Integration for Oracle E-Business Suite and JD Edwards. DocuSphere's invoice automation workflow solution leverages ERP data, security model, and business rules, real-time, live, without the need for one-off integration or offloading of ERP data into a separate system. DocuSphere automatically matches purchase order-based invoices against ERP PO and receiving data while managing any exceptions which may occur, manages non-purchase order invoices for coding and approval, and automatically posts transactions into the respective ERP system for payment via standard ERP system interfaces.
Contact: Sandra Higgison, Head of Global Communications, +44(0)20-7280-7973
SOURCE Tungsten Corporation plc