Kofax Buys Tungsten to Implement Invoice Improvements

Kofax, which works with intelligent automation for digital workflow transformation, has acquired B2B eInvoicing network Tungsten Corporation, according to a press release Monday (June 20).

Tungsten works with complex invoice-to-pay processes, per the release, and it also provides a platform for onboarding suppliers, PO exchange, invoice processing, eInvoicing, compliance and payment processing.

Meanwhile, Kofax has an invoice processing and accounts payable (AP) automation portfolio, through which it offers automation in various country formats and languages.

The two companies combined will reportedly offer more support for various company journeys, offering a cloud platform with numerous services like direct supplier onboarding, eInvoicing and PDF data extraction.

Kofax CEO Reynolds C. Bish said the Tungsten acquisition “will provide more comprehensive and higher value invoice processing and accounts payable automation solutions to our customers.”

“We’re excited to welcome Tungsten and its employees into the Kofax family, as we lean into addressing growing enterprise needs for e-invoicing compliance driven by government directives rapidly coming into effect throughout the world,” Bish continued.

“Finance procurement leaders are looking beyond traditional invoice OCR and workflow capabilities to modern e-invoicing, supplier management, and value-added services — accelerating how they pay and relate with suppliers,” said Tungsten CEO Paul Cooper. “A full technology suite from Kofax will bring efficiencies to how they work with their suppliers, compliantly invoice, and focus on leveraging data to drive insights while reducing cost.”

Kofax has made other acquisitions as of late, including the August 2021 purchase of Printix.net, which supplies 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 be investing in Printix, which would be folded into Kofax.

He said this would allow Kofax to keep working with its automation platform, adding more customer and partner work and putting a strong position on the Software-as-a-Service (SaaS) print management software market.