TUNG.L Regulatory News (TUNG)

7 June 2021

RNS Reach

Tungsten Corporation plc

("Tungsten" or the "Company")

CUSTOMER WIN

Global human resources software leader selects Tungsten Network for streamlining Accounts Receivable

Tungsten Corporation plc (AIM: TUNG), a leading provider of digital financial management and software solutions, has been selected by a global human resources software leader ("the Customer"), whose turnover is $14bn, to support its new e-invoicing initiative in Europe and the U.S., with over 650K invoices in scope, underlining the growing momentum of customer's taking Tungsten's Total AR solution.

The Customer's 16 European entities will use Tungsten's Total AR solution to streamline and digitise its accounts receivable processes. In the U.S., the solution will allow the Customer to send invoices to its customers via the Tungsten Network, eliminating manual invoice entry systems. Anticipated benefits include productivity gains via process standardisation, resource efficiencies, and new operational capabilities.

The Customer is one of the largest global automated payroll providers, whose solutions are used by some of the biggest companies in the world. This deal will see Tungsten implement their Total AR solution for the Customer in the U.S. and Europe. 

"This is a significant win in the U.S. and Europe and a great win for us strategically," says Dave Hazard, Global Sales Director of Tungsten Network. "Our global footprint, combined with our partnership with FIS Worldpay (which has given Tungsten payment execution as part of its platform of solutions), was a key factor in our successful appointment, as this was a requirement for the Customer. Many of the Customer's largest clients are already buyers on our network, so we expect to be productive in a very short period of time." 

Andrew Lemonofides, CEO of Tungsten Network, says, "We are incredibly proud to welcome the Customer as a strategic partner to the Tungsten Network. As a fellow solution provider to many Fortune 500 companies, we share a strong commitment to the success of our global customers. We welcome this opportunity to partner with a proven leader in business services, and we look forward to supporting their ongoing commitment to finance transformation." 

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About Tungsten Corporation plc

Tungsten Corporation (AIM: TUNG) is the world's largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten's mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.

Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 50 countries, and last year processed transactions worth over £195bn for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.

Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 225 people.

Forward looking statements

This document contains forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tungsten as of the date of this statement. All written or oral forward-looking statements attributable to Tungsten are qualified by this caution. Tungsten does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Tungsten's expectations.

This is an RNS Reach announcement and the information contained is not considered to have a significant impact on management's expectations of the Group's performance. RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.