TUNG.L Regulatory News (TUNG)

13 April 2021

Tungsten Corporation plc

("Tungsten" or the "Company")

Global technology services leader selects Tungsten Network for digital transformation

Tungsten Corporation PLC (AIM:TUNG), a leading provider of digital financial management products and software solutions, is pleased to announce that NTT Ltd., a leading global technology services company, has selected Tungsten, the leader in invoice digitisation, to support its goal of 90% invoice digitisation.

NTT will be the first Tungsten customer to implement Total AR, Total AP, and the Tungsten Workflow together. The combined solutions will solve de-centralised and paper-based financial challenges and speed consolidation of 15 in-country based finance operations teams into one Global Shared Service Centre. Anticipated benefits include information acceleration, resource efficiencies, streamlined processes, resulting in productivity gains.

As with all customers, Tungsten will provide NTT with ongoing and global compliance for 15 countries, including Germany, a key NTT market impacted by recent regulatory changes concerning electronic invoicing.

Scott Carolan, SVP, Business Operations for NTT Ltd. In Europe, says, "Like many businesses, we are looking at how digital transformation can improve the way we operate to better serve our clients. Finding the right partner to enable this is critical. Working with Tungsten Network is a great step forward to enable our clients to receive and view invoices directly in our systems, receiving an instant confirmation when our invoices have been posted."

Andrew Lemonofides, CEO of Tungsten Network, says, "We couldn't be any prouder to have a leader in innovation like NTT be the first to implement our solutions for AP, AR, and Workflow together. We're happy our supplier network and proven supplier onboarding success is a key value for NTT Ltd. Our customers' success is our success, and we welcome the opportunity to partner with NTT along its path to 'touchless' global processing."

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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 300 people.

About NTT Ltd: 

NTT Ltd. is a leading global technology services company. We partner with organisations around the world to shape and achieve outcomes through intelligent technology solutions. For us, intelligent means data driven, connected, digital and secure. As a global ICT provider, we employ more than 40,000 people in a diverse and dynamic workplace that spans 57 countries, trading in 73 countries and delivering services in over 200 countries and regions. Together we enable the connected future. Visit us at hello.global.ntt