Log in

Kofax acquires Tungsten

Tuesday 28th June, 2022

Intelligent Automation software provider Kofax has announced it has acquired Tungsten Corporation.

After a bid from Pagero, Kofax revised its offer to 55p per share (a total offer of approximately GBP70.6 million), which was accepted by the board earlier this month.

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.

The acquisition will provide a Cloud Invoicing and AP Automation Platform Supporting Organisations at Every Level of Maturity in the Journey across the ‘Order to Cash’ Lifecycle.

“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. 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,” 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.”

Related News

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos