Earlier this week, Tungsten Corp announced it was withdrawing its backing for a takeover bid from Kofax after being offered a better deal by Pagero.
Pagero has offered 48p a share which equates to £61.5m. The previous agreement with Kofax was for 42p a share (£53.7m).
"In evaluating the offer, the directors of Tungsten have considered various aspects of the Pagero offer and consider the Pagero offer to represent a higher offer for Tungsten's shareholders as compared with the Kofax offer," it said.
After the announcement, Tungsten shares were up 8.3% at 49.1p.
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