Tungsten Network

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Tungsten Network
Public
Traded as LSETUNG
Industry Electronic Invoicing
Founded 2000
Founder Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy
Headquarters London, England, UK
Revenue GBP £26.1 million (2016)
Number of employees
361
Website www.tungsten-network.com

Tungsten Network is a global electronic invoicing firm that provides supply chain financing services from international offices in the United Kingdom, United States, Bulgaria, Germany, and Malaysia.[1] As a small- to medium-sized IT company, they have an estimated revenue of £26.1 million (GBP).[2] Tungsten Corporation Plc (TUNG) is reported to trade regularly on the London Stock Exchange.[3]

History[edit]

Tungsten Network, formerly known as OB10, is a global electronic transaction service with headquarters in London, England.[4] Founded in 2000 by Stefan Foryszewski, Chris Lowrie, Alain Falys and John Jermy, Tungsten Network underwent a series of corporate expansions and acquisitions.[5] The company agreed to the 2013 buyout of Open Business Exchange for £99 million (GBP) in cash and shares.[6] The purchase of DocuSphere in September 2014 significantly extended their e-invoice automation technology.[6]

Founded from Open Business Exchange, or OB10, Tungsten Network’s electronic invoicing and payment services are partnered with companies including Alliance Data, IBM, Kellogg's, General Motors, and the US Federal Government.[1][7] Nearly 80% of the suppliers Tungsten serves are small to medium-sized global business.[8]

OB10 Collaboration and Acquisition - 2000[edit]

When OB10 was founded, e-invoicing services were not permitted in a majority of the European Union.[9] However, OB10's services were launched in late 2000, followed by the establishment of offices in New York. As e-invoicing services grew, OB10 established offices in San Francisco and Atlanta in the United States, as well as Sofia, Bulgaria and Kuala Lumpur, Malaysia.[10] Tungsten officially purchased OB10 in October 2013.[11]

Transition to Tungsten Network - 2013[edit]

Tungsten Corporation finalized the acquisition of OB10 in October 2013, rebranding the e-invoicing platform “Tungsten Network”.[12] Tungsten purchased OB10 for £99 million, as well as having signed a five-year agreement to license @UK’s Spend Analysis software.[13] Tungsten Network provides a global cloud-based trading network built on OB10’s e-invoicing platform. The service integrates client billing and accounting systems with their suppliers’ invoicing and accounting systems.[6][14]

Purchasing DocuSphere - 2014[edit]

In September 2014, Tungsten acquired DocuSphere – a US-based provider of invoice-automation services. The purchase was funded by a share placing, rather than an open offer.[15]

Tungsten of Today[edit]

In July 2015, Richard Hurwitz took over as Group Chief Executive Officer of Tungsten Corporation Plc and Chief Executive Officer at Tungsten Network Limited.[16] Previously, Hurwitz had been the Chief Executive Officer for Americas at Tungsten Corporation Plc since October 2014.[17] With over 300 company employees, Hurwitz is credited with building Tungsten’s executive management and internal teams.[1][18] Personnel additions include Connie O’Brien, who joined as Chief Marketing Officer in February 2016, Prabhat Vira, the President of Tungsten Network Finance since April 2016, and Kevin Wilbur’s promotion to Vice President of AP Automation.[19][20][21][22]

The company announced its release of Tungsten Bank in 2015 to Wyelands Holdings for $45 million.[23] Shares on the London Stock Exchange (TUNG) increased 3.9% following this transaction.[23] Tungsten saw a 20% increased revenue in 2016's final quarter - thanks to a new supplier portal launch and transmitting 16.1 million invoices in 175 countries.[23][24]

Products[edit]

Tungsten Network provides professional electronic services for accounts payable and accounts receivable to over 203,000 suppliers in 175 countries.[18] Tungsten Network currently serves 72% of Fortune 500 companies and 70% of the Financial Times Stock Exchange 100 Index (FTSE).[25]

Tungsten Network[edit]

Tungsten Network is Tungsten’s core business, a worldwide buyer-supplier community that processed over £133 billion in transactions in fiscal year 2016.[25] The network processes invoices and purchase order transactions through Tungsten Network’s online portal, with the aim to reduce human touch points to deliver secure transactions.

Tungsten Network Workflow[edit]

Tungsten Network Workflow is a software suite that automates accounts payable processes and includes a document repository and reporting.[4] The suite offers end-to-end visibility of invoices from initial receipt until payment by monitoring payment processing in an ERP system and pulling back the associated payment data.

Tungsten Network Analytics[edit]

This product analyzes procurement spending based on invoice data.[26] The software provides line-level product information, analyzes campaigns, and matches prices for competing products.[27] Tungsten Network Analytics is fully compliant with US federal requirements as of April 2014.[28]

Tungsten Network Finance[edit]

As the financing arm of Tungsten’s business, Tungsten Network Finance provides Early Payment options to allow suppliers using Tungsten Network to take payments on their invoices in advance of the payment due date.[29]

Tungsten Centre for Intelligent Data Analytics[edit]

This is a joint-research venture between Tungsten Network and Goldsmith University to develop an analytics system that provides insight to buyers on the Tungsten Network.[30] TCIDA combines research and development with advanced artificial intelligence to support and encourage growth of big data, software advancements, and general business practices with clients.[30]

Recognition[edit]

  • 2008: OB10 ranked as the 30th-fastest growing technology company on Deloitte’s Technology Fast 500 list. The company grew 3,488% during this time.[31]
  • 2008: OB10 was added to the UK Technology Fast 50 list.[31]
  • 2014: Tungsten earned its eighth Green Apple Award for best environmental practices.[32]
  • 2016: Tungsten Network was awarded the 2016 Excellence in Trade Award for the Best Financier against competing companies Basware, Inexchange, Coupa, and Invoice Sharing.[33]

References[edit]

  1. ^ a b c "Tungsten Network". Procurement Leaders. 2017. Retrieved February 14, 2017. 
  2. ^ "Tungsten Corporation PLC - TUNG Final Results". London Stock Exchange. July 25, 2016. Retrieved February 14, 2017. 
  3. ^ "TUNG Tungsten Corporation Plc". London Stock Exchange. 2017. Retrieved February 22, 2017. 
  4. ^ a b "Internet Software and Services. Company Overview of Tungsten Network Limited". Bloomberg. 2017. Retrieved February 14, 2017. 
  5. ^ "Chris Lowrie, Senior Vice President-Development at Tungsten Network Ltd.". Relationship Science LLC. 2017. Retrieved February 14, 2017. 
  6. ^ a b c Busch, Jason (September 4, 2013). "Tungsten Agrees to OB10 Buyout, Also Combines a Bank and Analytics Capability Into IPO Candidate". Spend Matters. Retrieved February 14, 2017. 
  7. ^ "Tungsten Corp Expects Full-Year Results To Beat Market Expectations". Morningstar. May 14, 2015. Retrieved February 24, 2017. 
  8. ^ "How fintech firms are helping to revolutionise supply-chain finance.". The Economist. January 12, 2017. Retrieved February 22, 2017. 
  9. ^ "UK Legislation. Statutory Instruments - Electronic Communications. The Privacy and Electronic Communications (EC Directive) Regulations 2003. No. 2426." (PDF). PR Newswire. 2003. Retrieved February 13, 2017. 
  10. ^ Smith, Peter (October 13, 2013). "Insight from OB10 on e-invoicing implementation.". Spend Matters Network. Retrieved February 13, 2017. 
  11. ^ "Tungsten acquisition paying off.". The Yorkshire Post. January 9, 2014. Retrieved February 22, 2017. 
  12. ^ "Open Business Exchange finds host.". Computer Weekly. August 2004. Retrieved February 14, 2017. 
  13. ^ "OB10 Gets a New Name and New Deals". PYMNTS. May 14, 2014. Retrieved February 14, 2017. 
  14. ^ "Tungsten continues to struggle". Growth Company Investor. September 2015. Retrieved February 24, 2017. 
  15. ^ Smith, Peter (September 3, 2014). "Tungsten acquires DocuSphere, raises more cash". Spend Matters Network. Retrieved February 14, 2017. 
  16. ^ "Tungsten Corporation PLC". London Stock Exchange. September 2, 2015. Retrieved February 14, 2017. 
  17. ^ "Company Overview of Tungsten Corporation Plc Executive Profile Richard M. Hurwitz". Bloomberg. 2017. Retrieved February 14, 2017. 
  18. ^ a b "Tungsten Corporation PLC Full Year Financial Report". Inventis. July 25, 2016. Retrieved February 20, 2017. 
  19. ^ "Tungsten hires HSBC's Prabhat Vira to help revive business". FinExtra. April 18, 2016. 
  20. ^ "Tungsten Corp Plc (TUNG:London) Kevin Wilbur". FinExtra. 2017. Retrieved February 20, 2017. 
  21. ^ "Connie O'Brien". Relationship Science. 2017. Retrieved February 20, 2017. 
  22. ^ "Business transaction platform appoints head of Tungsten Network Finance". Asset Finance International. 2016. Retrieved February 24, 2017. 
  23. ^ a b c "Tungsten Closer To Righting The Ship". PTMNTS. December 15, 2016. Retrieved February 22, 2017. 
  24. ^ "Smart tactics in e-procurement could save UK SME's 106 billion GBP". E-Invoicing Platform. August 18, 2016. Retrieved February 22, 2017. 
  25. ^ a b "Tungsten Corp sees better momentum despite big loss". Proactive Investors. July 25, 2016. Retrieved February 20, 2017. 
  26. ^ "OB10 Rebadged as Tungsten Network". Finextra. May 6, 2014. Retrieved February 15, 2017. 
  27. ^ "Company Overview of Tungsten Corporation Plc.". Bloomberg. 2017. Retrieved February 15, 2017. 
  28. ^ "Smith, Peter. Tungsten Analytics - "Real-time" Data Opens Up Savings Opportunities.". Spend Matters. November 16, 2015. Retrieved February 15, 2017. 
  29. ^ "Tungsten Network Bolsters Financing Offer". Business Wire. November 28, 2016. Retrieved February 15, 2017. 
  30. ^ a b "Tungsten Corporation and Goldsmiths announce artificial intelligence venture". Goldsmiths University of London. April 28, 2015. Retrieved February 15, 2017. 
  31. ^ a b "Rostrum. OB10 Ranked Number 30 Fastest Growing Technology Company on the Deloitte Technology Fast 500 EMEA 2008.". Stock Junction. January 19, 2009. Retrieved February 14, 2017. 
  32. ^ "PayStream Briefing: Tungsten Network's Early Payment". PayStream. December 10, 2014. Retrieved February 14, 2017. 
  33. ^ "Excellence Awards 2016 - Best SME Financier: Tungsten Network". TFR. August 12, 2016. Retrieved February 14, 2017. 

External links[edit]