TIDMTUNG
Tungsten Corporation PLC
07 June 2021
7 June 2021
RNS Reach
Tungsten Corporation plc
("Tungsten" or the "Company")
CUSTOMER WIN
Global human resources software leader selects Tungsten Network
for streamlining Accounts Receivable
Tungsten Corporation plc (AIM: TUNG), a leading provider of
digital financial management and software solutions, has been
selected by a global human resources software leader ("the
Customer"), whose turnover is $14bn, to support its new e-invoicing
initiative in Europe and the U.S., with over 650K invoices in
scope, underlining the growing momentum of customer's taking
Tungsten's Total AR solution.
The Customer's 16 European entities will use Tungsten's Total AR
solution to streamline and digitise its accounts receivable
processes. In the U.S., the solution will allow the Customer to
send invoices to its customers via the Tungsten Network,
eliminating manual invoice entry systems. Anticipated benefits
include productivity gains via process standardisation, resource
efficiencies, and new operational capabilities.
The Customer is one of the largest global automated payroll
providers, whose solutions are used by some of the biggest
companies in the world. This deal will see Tungsten implement their
Total AR solution for the Customer in the U.S. and Europe.
"This is a significant win in the U.S. and Europe and a great
win for us strategically," says Dave Hazard, Global Sales Director
of Tungsten Network. "Our global footprint, combined with our
partnership with FIS Worldpay (which has given Tungsten payment
execution as part of its platform of solutions), was a key factor
in our successful appointment, as this was a requirement for the
Customer. Many of the Customer's largest clients are already buyers
on our network, so we expect to be productive in a very short
period of time."
Andrew Lemonofides, CEO of Tungsten Network , says, "We are
incredibly proud to welcome the Customer as a strategic partner to
the Tungsten Network. As a fellow solution provider to many Fortune
500 companies, we share a strong commitment to the success of our
global customers. We welcome this opportunity to partner with a
proven leader in business services, and we look forward to
supporting their ongoing commitment to finance transformation."
Enquiries
Tungsten Corporation plc
Andrew Lemonofides, Chief Executive Officer +44 20 7280 6980
Canaccord Genuity Limited (Broker and Nominated
Adviser)
Simon Bridges/Andrew Potts +44 20 7523 8000
Tavistock Communications Financial PR & IR
Heather Armstrong
Jos Simson
Katie Hopkins +44 20 7920 3150
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest,
compliant business transaction network. A leading global electronic
invoicing and purchase order transactions network; Tungsten's
mission is centred on enabling a touchless invoice process allowing
businesses around the globe to gain maximum value from their
invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of
the Fortune 500. It enables suppliers to submit tax compliant
e-invoices in 50 countries, and last year processed transactions
worth over GBP195bn for organisations such as Caesars
Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk
Industries, Mondelēz International, Procter & Gamble, Shaw
Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has
offices in the US, Bulgaria and Malaysia, employing over 225
people.
Forward looking statements
This document contains forward-looking statements that may or
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