- Kofax is buying B2B e-invoicing community Tungsten.
- The mixed corporations will provide purchasers a extra holistic e-invoicing method.
- Monetary phrases of the deal are undisclosed.
Clever automation software program platform Kofax has acquired B2B e-invoicing community Tungsten for an undisclosed quantity. Kofax CEO Reynolds Bish anticipates the acquisition will “present extra complete and better worth bill processing and accounts payable automation options” to the corporate’s prospects.
Based in 2000, Tungsten facilitates invoice-to-pay processes by digitalizing invoices utilizing automation. Headquartered in London, Tungsten permits suppliers to submit tax compliant e-invoices in 54 nations. The corporate processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500. Final 12 months, Tungsten processed transactions value over $270 billion for purchasers together with Kraft Meals, Procter & Gamble, Unilever, and the U.S. Federal Authorities.
When mixed with Kofax’s bill processing and AP automation portfolio, the mixed corporations will provide a extra holistic e-invoicing method to corporations throughout the globe. The cloud-based providing will present options for direct provider onboarding, e-invoice trade, interoperability, scanned and OCR paper invoices, machine readable PDF invoices, PDF knowledge extraction, and fee processing.
“Finance procurement leaders are trying past conventional bill OCR and workflow capabilities to trendy e-invoicing, provider administration, and value-added companies – accelerating how they pay and relate with suppliers,” mentioned Tungsten CEO Paul Cooper. “A full expertise suite from Kofax will deliver efficiencies to how they work with their suppliers, compliantly bill, and give attention to leveraging knowledge to drive insights whereas decreasing value.”
Kofax was initially based in 1985 and leverages robotic course of automation (RPA) to automate and improve enterprise’ workflow. The corporate’s SaaS options automate the processing of over 60 million invoices for greater than 11,000 organizations all over the world. Two years after Kofax went public in 2013, the corporate was delisted when it was acquired by Lexmark for $1 billion. In 2017, Kofax was as soon as once more acquired, this time by non-public fairness agency Thoma Bravo. Kofax itself has made a complete of 12 acquisitions, together with Tungsten.