Global electronic trading network helps clients streamline accounts payable process by adding workflow and connectivity technologies
Atlanta, 07 October – Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, through its wholly owned subsidiary, Tungsten Network Inc, is pleased to announce that it has successfully completed its acquisition of DocuSphere, a provider of accounts payable automation solutions. This acquisition, which was completed in September 2014, significantly extends Tungsten’s invoice-automation technologies to help companies streamline their accounts payable functions, adhere to tax and regulatory compliance, and have greater transparency of the entire invoice-to-pay process.
Combining Tungsten’s global supplier portal and e-Invoicing services with DocuSphere’s workflow and connectivity solutions will enable companies to reduce invoice exceptions and increase straight-through processing, and enhance Tungsten’s already powerful e-Invoicing services.
Rick Hurwitz, CEO, Americas, Tungsten Network, said, “As a result of this acquisition, DocuSphere customers will gain access to Tungsten’s e-Invoicing network, Tungsten’s existing clients will benefit from an even more secure, smart and fast e-Invoicing solution, and all customers will enjoy greater flexibility while joining a wider community of blue-chip multinational organizations.
“The market was pleased to see that Tungsten is expanding its portfolio of invoicing, payment, finance and analytics solutions. By joining forces with DocuSphere we have introduced complementary skills and technology that will strengthen the Tungsten offering and continue to help our clients automate their accounts payable systems. ”
Bradley White, President of DocuSphere, said, “As expected, the integration of products and people is proceeding smoothly, partly thanks to the experience we gained working together on a joint account prior to the acquisition. I’m confident that all Tungsten customers, including those brought on board by the former DocuSphere, will benefit greatly from the combined product offering.”
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 organisations 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 organisations profit by applying real-time spend analytics to its $750bn 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 for organisations 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.
Contact: James Culverhouse, Equus, +44 (0) 20 7223 1100 or +44 (0) 7912 508 322 [email protected].
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.