Kofax, which will work with intelligent automation for digital workflow transformation, has obtained B2B eInvoicing network Tungsten Corporation, in accordance to a press launch Monday (June 20).
Tungsten works with complex invoice-to-fork out procedures, for each the launch, and it also supplies a platform for onboarding suppliers, PO exchange, invoice processing, eInvoicing, compliance and payment processing.
In the meantime, Kofax has an invoice processing and accounts payable (AP) automation portfolio, via which it provides automation in many country formats and languages.
The two businesses mixed will reportedly give additional assist for numerous organization journeys, giving a cloud platform with quite a few providers like direct provider onboarding, eInvoicing and PDF data extraction.
Kofax CEO Reynolds C. Bish mentioned the Tungsten acquisition “will give extra complete and better price bill processing and accounts payable automation options to our buyers.”
“We’re excited to welcome Tungsten and its workforce into the Kofax spouse and children, as we lean into addressing developing enterprise requirements for e-invoicing compliance driven by governing administration directives swiftly coming into influence throughout the globe,” Bish continued.
“Finance procurement leaders are hunting outside of standard bill OCR and workflow capabilities to contemporary e-invoicing, provider management, and benefit-additional expert services — accelerating how they pay out and relate with suppliers,” reported Tungsten CEO Paul Cooper. “A comprehensive engineering suite from Kofax will deliver efficiencies to how they work with their suppliers, compliantly bill, and concentrate on leveraging information to drive insights although reducing cost.”
Kofax has produced other acquisitions as of late, including the August 2021 acquire of Printix.web, which materials cloud-dependent print management units.
Bish claimed in a press launch at the time that Kofax would be investing in Printix, which would be folded into Kofax.
He stated this would permit Kofax to keep functioning with its automation system, including extra consumer and spouse get the job done and placing a potent situation on the Program-as-a-Provider (SaaS) print administration computer software marketplace.