LONDON, December 4, 2014 /PRNewswire/ --
Tungsten Corporation plc (LSE: TUNG) today announced
Frank McKay has joined Tungsten's
Office of the Group Chief Executive as Senior Advisor, working
closely with Edmund Truell, Group
CEO. He has been tasked with accelerating the company's progress
towards its medium term goals of:
- $1,000 bn of invoice value on the
Tungsten e-Invoicing Network
- $100 bn of invoice financing
through Tungsten Finance
- $10 bn of savings for clients
using Tungsten Analytics.
Edmund Truell, Group CEO, said:
"The Board and I are delighted to welcome Frank to Tungsten as
Senior Advisor. I have seen first-hand his ability to drive growth
and develop successful businesses, and Tungsten is already
benefiting from his operational insight. The company is being
transformed from a global processing business to a more complex
Group that automates the financing of invoices on a large scale for
our supplier customers, whilst providing powerful analytical
insights for our multi-national buyer customers."
McKay was previously CEO at Travis Perkins, which supplies the
building industry, where his tenure culminated in the acquisition
of Wickes. He also was responsible for the repositioning of Brakes
Group, the food industry supplier, and managing its sale to Bain
Capital; and is a non-executive board member at Telent, the tech
and telecoms services company, and was a Senior Advisor to the
Telent management team as the company underwent significant
transformation.
McKay said: "Tungsten is a global leader in electronic
invoicing. It has a disruptive vision to extend this leadership
position into Tungsten Finance and Tungsten Analytics. I am looking
forward to working with the talented Tungsten management team to
deliver the enormous potential in these businesses and continue to
execute on the business plan."
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoice network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for organisations such as Alliance Data,
Aviva, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal
Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network; and acquired
DocuSphere in September 2014, a
provider of accounts payable automation solutions.
Contact: James Culverhouse,
Equus, +44-020-7223-1100, james.culverhouse@equusgroup.co.uk .