Kofax, which works with intelligent automation for digital workflow transformation, has acquired B2B e-invoicing network Tungsten Corporation, according to a press release Monday (June 20).
Tungsten works with complex bill-to-pay processes, depending on version, and also provides a platform for supplier onboarding, purchase order exchange, invoice processing, e-invoicing, compliance and payment processing.
At the same time, Kofax has an Invoice and Accounts Payable (AP) processing automation portfolio, through which it offers automation in various formats and country languages.
The two combined companies would offer more support for various business journeys, offering a cloud platform with many services such as direct vendor onboarding, e-invoicing and PDF data extraction.
Kofax CEO Reynolds C. Bish said the acquisition of Tungsten “will provide our customers with more comprehensive and higher value invoice processing and accounts payable automation solutions.”
“We are delighted to welcome Tungsten and its employees to the Kofax family, as we address the growing needs of businesses for e-invoicing compliance, driven by government directives rapidly taking effect around the world. “, continued Bish.
“Financial procurement managers are looking beyond traditional invoice and workflow OCR capabilities to modern e-invoicing, vendor management and value-added services, accelerating the way they pay and interact with suppliers,” said Tungsten CEO Paul Cooper. “A comprehensive technology suite from Kofax will bring efficiencies in how they work with their suppliers, bill compliantly, and focus on leveraging data to drive insights while reducing costs.”
Kofax has recently made other acquisitions, including the August 2021 purchase of Printix.net, which provides cloud-based print management systems.
See also: Kofax acquires print management software provider Printix.net
Bish said in a press release at the time that Kofax would invest in Printix, which would be integrated with Kofax.
He said it would allow Kofax to continue working with its automation platform, adding more work for customers and partners and putting a strong foothold in the Software-as print management software market. -a-Service (SaaS).