Tungsten Corporation was founded in February 2012 by Edmund Truell and Danny Truell to identify and acquire a company, business or asset within the financial services sector which could grow into a business with a significant market presence in a segment with potential for sustainable long-term cash generation, return on equity and growth. They have been joined on the Board in a Non-Executive capacity by Arnold Hoevenaars (Chairman), Peter Kiernan, and Michael Spencer and the Company has been advised by Disruptive Capital Finance LLP. The founders of the Company and management team have to date invested £9.6 million into the Company to provide it with the funds required to undertake the identification and acquisition process.



The Tungsten Board, through its experience in the financial services sector, believed that the financial crisis of the last five years created an opportunity to acquire and/or build a presence in undervalued segments of the financial market where better management and improved use of technology could deliver enhanced returns. Disruptive Capital was exclusively engaged by the Tungsten Board for the purposes of identifying and recommending investment opportunities to the Company.



Admission to Trading on AIM

On 16 October 2013, Tungsten Corporation was admitted to trading on the AIM market of the London Stock Exchange, raising gross proceeds of £225 million. Tungsten’s market capitalisation on admission was £225 million.




Proceeds from the IPO will be used as follows:


1.£73 million to fund the cash element of the acquisition of OB10 Limited, the leading global business to business e-invoicing network:
2.£58 - £60 million to finance the acquisition of FIBI Bank (UK) Plc (subject to regulatory approval) and to provide solvency capital to support the invoice discounting activities of the Bank;
3.£15 million for working capital and business development purposes; and
4.£14 million to fund acquisition and transaction fees and expenses, with a further £2 million payable at the board of Tungsten’s discretion.

The Placing of £160 million represented the largest trading company IPO on AIM since 2008.



Tungsten’s strategic vision



The strategic vision of Tungsten is to create a leading cloud based global trading network, monetising the existing OB10 e-invoicing platform with the addition of value added services such as seamless electronically secure encrypted invoice discounting against “approved for pay” invoices, substantially reducing fraud and dilutions risks so evident in traditional “old model” supply chain finance; and the provision of spend analytics technology across OB10’s established network.


http://www.tungstencorporationplc.com/

Some way to go, but in next year or so a share price of c. 557p would see us knocking on the ftse250 door.

Siemens selects Tungsten Corporation plc

RNS


RNS Number : 8023S

Tungsten Corporation PLC

29 September 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 29 September 2014





Market update

Siemens selects Tungsten Corporation plc for electronic invoicing

London, 29 September - Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, has been selected by Siemens, the global electrical engineering and electronics giant, to bring e-Invoicing to its business and suppliers around the world.

Siemens receives and processes over 7m invoices annually from its global supplier base. In the last financial year, Tungsten Network processed 13.4m transactions.

"We are delighted that Siemens, one of the largest companies in the world, has entrusted Tungsten Network and our e-Invoicing services to automate its invoice-to-pay process," says Edmund Truell, Group CEO, Tungsten Corporation plc. "By bringing automation to Siemens' Global Shared Services, we will help the company achieve straight-through processing, significant cost savings and a stronger supply chain, while also increasing our supplier penetration in their sectors."

my pension pot has got another little slab of spare cash, so i may pop a few of these in there

HARRYCAT View HARRYCAT's profile - 14 Jul 2014 11:32 - 80 of 113

Write up in IC this week, so on punter's radar.
Market cap of £294m, Forward PE of 68, forecast earnings growth for 2015 440%.
Hmmmmmmm.......................

perhaps not quite as dumb as you first thought
i recollect the directors are buying too, but that needs to be checked

Ohhhhh Cyners your a mate, be very careful here.

If you must build it up over time.

Even though the figures in my earlier post (#80) were jaw dropping, I still thought that they were too good to be true, so I didn't invest. In the short term that clearly wasn't a good decision. In the long term............time will tell.

Good solid honest point Harry,

Tungsten brings compliant e-Invoicing to Qatar

RNS


RNS Number : 9387U

Tungsten Corporation PLC

22 October 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





For Immediate Release 22 October





Market update

Tungsten Network brings compliant e-Invoicing to customers in Qatar

Global e-Invoicing network now offers compliant invoice-processing automation in 47 countries



London, 22 October - Tungsten Corporation plc (LSE:TUNG)

Tungsten Corporation plc (LSE:TUNG) now delivers compliant e-Invoicing in Qatar.

Following a detailed review of Qatari commercial and tax law, Tungsten Network, the global e-Invoicing network built on OB10, now enables customers to send and receive electronic invoices that qualify as a legal invoice in Qatar.

Qatar is Tungsten Network's 47th compliant country and the third Middle Eastern nation that Tungsten is legally and operationally compliant in, joining the United Arab Emirates and Saudi Arabia. Qatari suppliers on the Tungsten Network come from a variety of industries, including hospitality, legal, media and telecommunications.

"Achieving Qatari compliance brings us another step closer to our goal of becoming the world's largest electronic trading network," says Edmund Truell, Group CEO, Tungsten Corporation. "The Middle Eastern nation is one of the world's fastest growing economies and our expansion into Qatar was prompted by requests from a number of our customers who have identified it as an increasingly important market.

"We have invested significantly in our global compliance programme and are delighted to give our clients what they've asked for. Tungsten Network remains committed to bringing the benefits of secure, smart, fast electronic invoicing to more and more territories around the world."

24 Oct Canaccord... 405.00 Buy

TUNG TUNGSTEN, looking rather bullish from a tech view. Looks like it could move off a base here to resistance levels marked. Broker Canaccord as a 405p SP target, which more or less lines up with the resistance points on the chart. (gone long this lunch time)

Signal Update

Our system’s recommendation today is to BUY. The BULLISH HARAMI pattern finally received a confirmation because the prices crossed above the confirmation level which was at 301.0000, and our valid average buying price stands now at 304.6454. The previous SHORT signal was issued on 23/10/2014, 11 days ago, when the stock price was 306.6488. Since then TUNG.L has fallen by -0.65%.

Market Outlook

The bulls have strong evidence on their side and this evidence prompts us to make a bullish bet. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. It is probably the right time to be part of this boost and bullish market sentiment. The market is telling you about a possible new profit. Do not miss this chance.


http://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=TUNG.L

Hope your right DC got a £84 grand CFD on these and its not covered in the market. ahhhhhhhhhhhhhhhhhhhhh

Hope my interest isnt too much..............daily aghhhhhhhhhhhhhhhh

Is that all, lol pocket money. Serious that's a lot of dosh.

''Hope your right'' you say lol, so do I. Good luck.

Signal Update

Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 03/11/2014, 2 days ago, when the stock price was 304.6454. Since then TUNG.L has risen by +5.78%.

Market Outlook

Candlesticks warned us today to be on alert with a new bearish pattern. Market attention is now on the downside.



http://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=TUNG.L

Companies select Tungsten for invoice automation

RNS


RNS Number : 9988W

Tungsten Corporation PLC

14 November 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")







For Immediate Release 14 November 2014





Market update



More North American organizations select Tungsten Corporation to facilitate invoice automation

Atlanta, GA, 14 November - Tungsten Corporation plc (LSE:TUNG), the global electronic trading network, has been newly selected by three North American companies to deliver invoice automation workflow and advanced data capture technology.

The new customers are LegalShield, an Oklahoma-based provider of pre-paid legal services, Local Government Information Systems (LOGIS), an association of local government municipalities in Minnesota, and Agnico Eagle Mines, a major mining company headquartered in Toronto with primary operations in Quebec.

Following its recent acquisition of DocuSphere, Tungsten's suite of products has expanded to include intelligent capture Optical Character Recognition (OCR) technology to more efficiently extract invoice data, and an invoice automation workflow solution. This enhanced offering will better enable customers to reduce manual processing efforts, invoice processing cycle times and associated costs while improving visibility and control of their accounts payable.

"We are pleased that three new buyer organizations have selected DocuSphere's workflow and OCR tools as an entrée to the Tungsten Network. Since Tungsten acquired DocuSphere in September, we have made great progress in extending our portfolio deeper into the Procure-to-Pay process," said Richard Hurwitz, Tungsten's Chief Executive in the Americas.

"In addition, the DocuSphere team and tools have been well received by several major Tungsten customers in order to improve their Network integration. The combination of Tungsten and DocuSphere is proving compelling to users."

Tungsten Corporation expecting net revenue uplift after simplifying tariff

By John Harrington

November 18 2014, 7:17am
Tungsten is also working to roll out its Invoice Status Service to as many customers as possible, thereby reducing costs for both buyers and suppliers.
Tungsten is also working to roll out its Invoice Status Service to as many customers as possible, thereby reducing costs for both buyers and suppliers.


Electronic invoicing leader Tungsten (LON:TUNG) is introducing a simplified pricing structure for suppliers using its e-invoicing platform.

The new structure follows a successful pilot scheme in the UK, which in the case of one major buyer, saw supplier adoption of Tungsten e-invoicing increase from 55% to 64% over a period of three months.

The new system is intended to remove any perceived barriers to adoption of the Tungsten system.

Once all users are on the new tariff, Tungsten expects that more than 80% of suppliers will no longer need to pay transaction fees to send an e-Invoice over the Tungsten Network.

Tungsten is projecting increased adoption from suppliers will, once the change to supplier tariffs and processes is fully implemented, result in increased net revenue and improved working capital for Tungsten, as well as an increase in the volume of transactions over the network.

At the same time, the supplier experience on Tungsten Network is being streamlined, Tungsten said.

Market Update

RNS


RNS Number : 6764Y

Tungsten Corporation PLC

03 December 2014




TUNGSTEN CORPORATION PLC



("Tungsten" or the "Company")



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



For Immediate Release 3 December 2014

Market Update

Tungsten announces Tungsten Early Payment is live in UK and US

London, 3 December 2014 -- Tungsten Corporation Plc (LSE: TUNG) today announced it is now extending its invoice financing service into the US. Tungsten Early Payment, which enables suppliers to control when they receive invoice payments, will now be available to certain US-based companies that use Tungsten Network to invoice their customers.

Edmund Truell, Group CEO of Tungsten, said: "The vision the management team and Board had when we set up Tungsten, just over a year ago, has come to fruition. We are successfully financing invoices for UK-based suppliers on our platform, and are now beginning to do the same for selected eligible suppliers in the US. As new supplier companies are invited to join Tungsten Network by their customers, they will be invited to sign up for Tungsten Early Payment at the same time."

Tungsten Early Payment enables suppliers to be paid for invoices when they need it. Suppliers select the invoice and payment date and Tungsten pays the invoice amount minus a discount charge. This integrated invoice finance offering has been designed with Tungsten Network suppliers in mind and provides a low cost and easy-to-access alternative to traditional forms of bank finance.

Tungsten Corp strikes key financing deal for its invoice business

By Giles Gwinnett

December 22 2014, 7:19am
The group's chief executive Edmund Truell and chairman of the banking arm - Tungsten Bank, said: 'The agreement with Insight is a significant milestone in the development of Tungsten.'
The group's chief executive Edmund Truell and chairman of the banking arm - Tungsten Bank, said: "The agreement with Insight is a significant milestone in the development of Tungsten."


Tech group Tungsten Corp (LON:TUNG) has struck a financing deal expected to run into several billion pounds for its early payment invoice financing business - a key part of its future growth plan.

The agreement is with Insight Investment Management (Global) - a global asset manager responsible for over £318bn in assets under management.

It has agreed to purchase approved-to-pay, investment grade receivables that have come through Tungsten Network's e-Invoicing platform in Europe and North America.

The group's chief executive Edmund Truell and chairman of the banking arm, Tungsten Bank, said: "The agreement with Insight is a significant milestone in the development of Tungsten.

"We can now execute on our ambitious strategy for our Tungsten Early Payment invoice financing business, which is an important element of our future growth.

"We now have the wherewithal to finance invoices on a significant global scale, having already successfully financed invoices for UK-based suppliers on our platform.

"Tungsten will now offer Tungsten Early Payment to a wider audience. These arrangements also help reinforce a key part of Tungsten's financing proposition, which is to make available supply chain finance to Tungsten Early Payment Suppliers once they have taken cash advances."

The terms of the Insight deal were not disclosed.

The funding under the multi-year agreement is expected to total several billion pounds. Together, with the existing capital within Tungsten bank, it now has all the required funding at this stage for its invoice finance proposition, so the company no longer needs to pursue alternative financing options, such as a bond issue, it said.

Meanwhile, Tungsten added that it continued to expand the Tungsten Network and is working to extend its service to all G20 countries while aiming to bring onto the network all of the invoice flow of our major buyers.

Tungsten Corp now fully embarked on invoice finance strategy

By Giles Gwinnett

December 31 2014, 2:00pm
To give an idea of the scale already attained, the group deals with more transactions than Paypal and its client book reads like a “who’s who” of the great and the good....
To give an idea of the scale already attained, the group deals with more transactions than Paypal and its client book reads like a “who’s who” of the great and the good....


Tungsten Corporation (LON:TUNG), the electronic invoicing, supply chain finance and spend analytics business, is now fully embarked on the invoice finance strategy, which adds a new leg to the business and should see it generate “considerable” revenues and profits.

That’s the view of chief executive Edmund Truell, who recently spoke to Proactive.

The aim behind the move is to give the option for suppliers, which use Tungsten Network for processing of e-Invoices, to have those invoices paid early if they need the cash, offering an alternative to traditional bank financing.

And the firm's ambitions have been bolstered by a billion pound financing deal for this side of the business, which was recently struck with Insight Investment Management.

It means Tungsten won't have to go back to market to raise more money in the short term.

Insight has agreed to purchase approved-to-pay, investment grade receivables that have come through Tungsten Network's e-Invoicing platform in Europe and North America.

"Essentially we can grow to the enormous scale that we've had the ambition for without having to endlessly go back, either for equity, or indeed to pursue a bond issue, which was something we had been looking at but will not be doing in the short term," Truell said.

It comes following Tungsten’s acquisition of FIBI Bank (UK) plc earlier this year, which has now been authorised as a UK bank.

“This (the invoice financing business) should be the most lucrative part of the (overall Tungsten) operation,” Truell told Proactive.

Tungsten, which only listed on AIM last year, already operates Tungsten Network (formerly called OB10 – a business Tungsten acquired at the same time as the listing), which is the world’s largest compliant electronic invoice network.

It is said to be able to reduce buyers’ invoice-processing costs by 60%, by allowing buyers to create and send electronic invoices to suppliers, cutting out time consuming and costly paper processes, as well as reducing human error.

The company currently serves over half of the US’s Fortune 500 and 67% of the FTSE 100, connecting the world’s largest companies and government agencies to their thousands of suppliers around the globe.

To give an idea of the scale already attained, the group deals with more transactions than Paypal and its client book reads like a “who’s who” of the great and the good, including such names as Aviva (LON:AV.), General Motors, General Electric, Deutsche Lufthansa and Kellogg’s.

So now, it can add banking to its list of successful operations - and this side of the business is currently the group’s focus.

Earlier this month (December), Truell said management’s “vision”, which it had more than a year ago when Tungsten was established had now “come to fruition”.

He was referring to the early payment financing service following the acquisition of the bank, which is already live in the UK and most recently the US. Germany will be next.

The system allows suppliers to be paid by Tungsten for invoices, or indeed other expenses such as corporate parties, earlier than they would otherwise.

Tungsten pays the invoice amount minus a small discount charge.

Truell explained how the firm now needs to prove that this side of the business is a reality and will be successful.

“It has been a slow and careful process to make sure the systems are in place so this financing option can be rolled out globally,” he pointed out.

“We are going in the right direction. We just want to make absolutely sure this works properly,” said Truell.

One of the reasons, the group has held off from signing off on any loans until recently has been the large amount of fees Tungsten must itself stump up to fund transactions like this.

Going live in the UK and US will help to convince the market that Tungsten really is putting its money where its mouth is, explained Truell.

The ingenuity behind the banking concept lies with the fact Tungsten already has a ready-made customer base through the invoice business, to which it can roll out its financing option.

Truell says the group deals with millions of invoices and has 171,000 suppliers on Tungsten Network, which they can potentially enroll.

So the next few months should see plenty of newsflow at the company as the financing plans are rolled out and Truell hopes another “big buyer” - a Fortune 500 type - is added to the client list.

Half year results are due in the second week of January, which should throw light on how things are progressing.

The prelims in July showed a company that was invested for growth.

There was a 20% growth in the value of e-invoicing processing in the year to 30 April to US$152bn from US$126bn the year before.

The volume of e-invoices processed increased to 12.5mln in 2014, up more than 16% from 10.8mln in 2013.

Truell explained how the group’s tie-up in Brazil with a local partner is now complete, which will be a very important market, as it looks to enrol further big buyers to Tungsten Network in one of the world’s largest economies.

In addition, the strategic partnership with PNC Bank, the fifth biggest commercial bank in the US, is also progressing, with the a lot of work having now taken place integrating the Tungsten Network service into PNC’s existing offering.