Kofax announced it 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 organizations around the globe,” said 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. We’re excited to welcome Tungsten and its employees into the Kofax family, as we lean into addressing growing enterprise needs for e-invoicing compliance driven by government directives rapidly coming into effect throughout the world.”
“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,” said 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.”
