Intelligent automation software provider Kofax, has announced it has acquired Tungsten Corporation.
After a bidding war between Kofax and Smart Business Network provider Pagero, Kofax offered 55p per share (a total offer of around GBP70.6 million), which was accepted by the board earlier this month.
Kofax offers Intelligent Automation software for digital workflow transformation in over 40 country formats and more than 100 languages. Tungsten is a leader in e-invoicing and PO transactions through their business transaction network, which operates in 42 countries. The acquisition will provide 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. 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.” said Reynolds C. Bish, Chief Executive Officer at Kofax.
Of the acquisition, Paul Cooper, Chief Executive Officer at Tungsten said, “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. 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.”
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