OB10, a global B2B invoicing network and online payment system Tungsten Corp. acquired in October, is now known as Tungsten Network, and its technology has been integrated into Tungsten’s operations.
As part of the move, former OB10 CEO Luke McKeever departed the company last month, and Lincoln Jopp was appointed group chief operating officer.
Tungsten Network connects supply chains and enables payment through compliant e-invoicing. The company’s Analytics service gives companies immediate line-level insight into to spend data, and its Finance activities give suppliers easy access to flexible supply-chain financing through dedicated funds.
Tungsten acquired London-based OB10 for £99 million ($167 million) as part of an effort to expand its B2B trade activities. As a reorganized company, Tungsten Network recently agreed to convert $20 billion worth of annual paper transactions to electronic invoices for an existing customer, install the Invoice Status Service to more than $33 billion of invoices to give suppliers visibility of the status of their invoices, and signed a record level of revenues from suppliers, Tungsten said in the name-change announcement.
“The transition of OB10 into Tungsten Network underlines the central role eInvoicing plays for our customers and our business,” Edmund Truell, Tungsten group CEO, said in a statement. “The reorganization is bearing fruit, with the first of our customers agreeing to be serviced globally on an enormous scale.”
PB10 was founded in 2000, and it has among its customers Kellogg’s, Tesco, BP, GM and dozens of other companies. It processed transactions worth more than $185 billion last year for its client organizations.