Tungsten Network

Tungsten Network is a business-to-business electronic-invoicing and financial-technology brand focused on digitizing the exchange, processing, and settlement of commercial invoices. Its service connects buying organizations with suppliers through a cloud-based trading network, allowing invoice and purchase-order information to move between the parties' accounting or enterprise-resource-planning systems. The platform was designed to reduce manual data entry, improve the visibility of invoice status, and give finance departments more control over accounts-payable and accounts-receivable workflows. The brand emerged from the combination of Tungsten Corporation and OB10. OB10 was founded in 2000 by Stefan Foryszewski, Chris Lowrie, Alain Falys, and John Jermy as an electronic-transaction service. Its early development took place while electronic invoicing was not yet permitted in much of the European Union, but the company launched its service in late 2000 and subsequently expanded beyond the United Kingdom. Offices were established in New York, San Francisco, Atlanta, Sofia, and Kuala Lumpur, giving the network an international operating footprint. Tungsten Corporation was established in 2013 by Edmund Truell and Danny Truell with the stated objective of acquiring and developing a financial-services business capable of generating long-term growth and cash flow. In October 2013, Tungsten completed the acquisition of OB10 for a reported £99 million in cash and shares and rebranded the platform as Tungsten Network. The transaction gave Tungsten a functioning global e-invoicing network and a base for additional software and financial-service offerings. Tungsten also entered a five-year agreement to license @UK's spend-analysis software. In September 2014, Tungsten acquired DocuSphere, a United States provider of invoice-automation services. This transaction extended the group's capabilities beyond the basic transmission of electronic invoices into document automation and accounts-payable processing. The resulting product family included the core Tungsten Network, Tungsten Network Workflow, and Tungsten Network Analytics. The network served large buying organizations as well as their suppliers, with small and medium-sized suppliers representing a substantial portion of its user base. Reported customer relationships included Alliance Data, IBM, Kellogg's, General Motors, and the United States federal government. Tungsten positioned the service as an open network rather than a closed, single-enterprise exchange. Its stated value proposition combined connectivity, automation, transaction security, invoice visibility, and the potential to improve supplier payment processes. The platform was reported to serve suppliers in 175 countries and to have substantial penetration among large listed and multinational companies. The business also promoted research, including the Friction Index launched in 2017, to draw attention to time lost through inefficient invoicing and payment practices. The brand's corporate setting changed during the 2020s. Andrew Lemonofides became chief executive of Tungsten Corporation in September 2019, followed by Paul Cooper in July 2021. In June 2022, the acquisition of Tungsten Network by Kofax was announced. Kofax was renamed Tungsten Automation in January 2024, placing Tungsten Network within a broader automation-software group. The available reference material does not establish a separate current legal entity, standalone public listing, or independent current ownership structure for the brand.

Tungsten Network's history is rooted in OB10, an electronic-transaction company established in 2000 by Stefan Foryszewski, Chris Lowrie, Alain Falys, and John Jermy. OB10 developed at a time when electronic invoicing was still restricted or unavailable in much of the European Union. It nevertheless launched its service in late 2000 and built an international operating model. Its expansion included offices in New York, followed by locations in San Francisco, Atlanta, Sofia, and Kuala Lumpur. The later Tungsten brand was created through a corporate acquisition strategy. Edmund Truell and Danny Truell founded Tungsten Corporation in 2013 to acquire and develop a financial-services business with long-term growth potential. The company agreed to acquire OB10 and completed the transaction in October 2013 for reported consideration of £99 million in cash and shares. The OB10 platform was then rebranded Tungsten Network. The new identity described a global cloud-based buyer-supplier network rather than merely an invoice-transmission product. Tungsten also agreed to license @UK's spend-analysis software for five years. Following the OB10 transaction, the company expanded its software capabilities. In September 2014 it acquired DocuSphere, a US provider of invoice-automation services, in a transaction funded through a share placing. This acquisition supported the development of workflow and document-management functionality around the core network. Tungsten Network subsequently presented an integrated product family spanning electronic invoicing, accounts-payable workflow, transaction reporting, and procurement-spend analysis. The platform's operating model connected large organizations with their supplier bases and was designed to support both accounts payable and accounts receivable. Its open-network approach sought to connect buyers and suppliers across different systems, reducing manual handling and improving invoice-status visibility. The company stated that a large majority of its suppliers were small or medium-sized businesses, while its customer references included major corporations and the United States federal government. Reference material also described the network as serving suppliers in 175 countries and processing substantial transaction volumes. Tungsten's corporate leadership changed before the business moved into a new ownership phase. Andrew Lemonofides became chief executive of Tungsten Corporation plc in September 2019, succeeding Richard Hurwitz. Paul Cooper was appointed chief executive in July 2021. In June 2022, Kofax's acquisition of Tungsten Network was announced. Kofax subsequently changed its name to Tungsten Automation on 16 January 2024. The available material therefore presents Tungsten Network as a continuing operating brand within an automation-software group, rather than as the same standalone listed company that previously operated through Tungsten Corporation plc.

1. 2024Kofax renamed Tungsten Automation

   The acquiring organization adopted the Tungsten Automation name.

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2. 2022Acquisition by Kofax announced

   Kofax announced the acquisition of Tungsten Network.

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3. 2017Friction Index introduced

   Tungsten published its inaugural Friction Index to highlight inefficiency in invoicing and payment processes.

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4. 2014DocuSphere acquired

   The acquisition of DocuSphere expanded Tungsten's invoice-automation and document-processing capabilities.

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5. 2013Tungsten Corporation founded

   Edmund Truell and Danny Truell established Tungsten Corporation to acquire and develop a financial-services business.

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6. 2013OB10 acquired and rebranded

   Tungsten Corporation completed its acquisition of OB10 and relaunched the platform under the Tungsten Network name.

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7. 2000OB10 founded and launched its electronic-transaction service

   OB10 was founded by Stefan Foryszewski, Chris Lowrie, Alain Falys, and John Jermy and launched its electronic-invoicing service later that year.

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An open, global business-to-business transaction network for electronic invoicing, invoice automation, payment visibility, and related finance operations, serving large buying organizations and their supplier communities.

• Tungsten NetworkElectronic invoicing and buyer-supplier network2013

  The core service is a cloud-based business network connecting buyers and suppliers for electronic invoices and purchase-order transactions. It links customer billing and accounting systems with supplier invoicing systems, with the aim of reducing manual processing, limiting human touch points, and improving the security and traceability of commercial transactions. The service supports accounts-payable and accounts-receivable activities and was designed around an open-network model.

• Tungsten Network WorkflowAccounts-payable workflow automation

  Tungsten Network Workflow is an accounts-payable automation suite that includes document storage, reporting, and invoice-status monitoring. It provides visibility from invoice receipt through payment and can retrieve associated payment information from an enterprise-resource-planning system. Its purpose is to give finance teams a more complete view of invoice handling and payment progression.

• Tungsten Network AnalyticsProcurement and spend analytics2014

  Tungsten Network Analytics analyzes procurement spending using invoice data. Its described capabilities include line-level product analysis, campaign analysis, and price matching for competing products. Reference material also states that the software complied with United States federal requirements as of April 2014.

• 2017Friction Index

  International

  Tungsten introduced its inaugural Friction Index report to quantify or illustrate the time and operational burden associated with inefficient invoicing and payment practices.

  Outcome. The initiative supported the brand's thought-leadership positioning around eliminating friction from business payments and finance administration.

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• 2022Join the Kofax organizationM&A

  Tungsten Network entered a new corporate phase after the decline of its former standalone corporate structure.

  What changed. Kofax announced its acquisition of Tungsten Network.

  Aftermath. Kofax was renamed Tungsten Automation in 2024, aligning the acquired network with a broader automation-software identity.

  Source
• 2014Acquire DocuSphereM&A

  Tungsten sought to extend its electronic-invoicing network with more comprehensive invoice-automation and document-processing capabilities.

  What changed. It acquired US-based invoice-automation provider DocuSphere in September 2014 and funded the purchase through a share placing.

  Aftermath. The transaction broadened the product portfolio toward accounts-payable workflow automation.

  Source
• 2013Acquire OB10 and rebrand the platformM&A

  Tungsten Corporation needed an operating platform for its financial-technology strategy and identified OB10 as an established international electronic-transaction business.

  What changed. The company acquired OB10 for reported consideration of £99 million in cash and shares, then relaunched its e-invoicing platform as Tungsten Network.

  Aftermath. The acquisition created the core buyer-supplier network around which Tungsten's later workflow, analytics, and financing services were developed.

  Acquisition consideration. £99 million (2013 acquisition)

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• 2024Kofax renamed Tungsten Automation

  Kofax adopted the name Tungsten Automation, placing Tungsten Network within the renamed automation-software organization.

  Leadership change
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• 2022Kofax acquisition of Tungsten Network announced

  The acquisition of Tungsten Network by Kofax was announced, changing the brand's corporate ownership context.

  M&A
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• 2021Paul Cooper appointed chief executive

  Paul Cooper was appointed chief executive of Tungsten Corporation.

  Leadership change
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• 2019Andrew Lemonofides became chief executive

  Andrew Lemonofides succeeded Richard Hurwitz as chief executive of Tungsten Corporation plc.

  Leadership change
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• 2014Tungsten acquired DocuSphere

  The company purchased US-based invoice-automation provider DocuSphere, broadening its document and accounts-payable automation capabilities.

  M&A
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• 2013Tungsten Corporation completed the acquisition of OB10 and introduced Tungsten Network

  Tungsten Corporation acquired the international electronic-transaction provider OB10 and rebranded its e-invoicing platform as Tungsten Network.

  M&AProduct generation
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1. Tungsten Network