Intelligent automation software platform Kofax has acquired B2B e-invoicing network Tungsten for an undisclosed amount.
Founded in 2000, Tungsten facilitates invoice-to-pay processes by digitalising invoices using automation. Headquartered in London, Tungsten enables suppliers to submit tax compliant e-invoices in 54 countries. The company processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500. In 2021, Tungsten processed transactions worth over USD 270 billion for clients including Kraft Foods, Procter & Gamble, Unilever, and the U.S. Federal Government.
When combined with Kofax’s invoice processing and AP automation portfolio, the combined companies will offer a more holistic e-invoicing approach to companies across the globe. The cloud-based offering will provide solutions for direct supplier onboarding, e-invoice exchange, interoperability, scanned and OCR paper invoices, machine readable PDF invoices, PDF data extraction, and payment processing.
Kofax was originally founded in 1985 and leverages robotic process automation (RPA) to automate and business’ workflow. The company’s SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organisations around the world. Two years after Kofax went public in 2013, the company was acquired by Lexmark for USD 1 billion. In 2017, Kofax was once again acquired, this time by private equity firm Thoma Bravo. Kofax itself has made a total of 12 acquisitions, including Tungsten.