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/

All the news coming after hours today. TUNG to buy DocuSphere, provider of accounts payable automation servies, to bring additional strength to the Tungsten offering. The annoucement states DocuSphere adds certified integration tools that cover 80% of the ERP software used by Fortune 2000 companies. Also provides increased control over speed, cost and quality of implementation with no need to rely on third parties.

TUNG to raise c. £12m in placing but don't see the price yet...

Book to open immediately and closes 9am tomorrow. Funds already raised possibly?? - they've not asked me!

Thanks Greyhound.

Tungsten Corp strengthens offering with DocuSphere acquisition; announces £12mln placing

By Giles Gwinnett

September 02 2014, 5:32pm
For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.
For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.


Tungsten Corp (LON:TUNG), the e-invoicing specialist, is to strengthen its offering with the acquisition of DocuSphere, it told investors, as it unveiled plans to raise around £12mln throgh a share offer.

DocuSphere provides accounts payable automation services and by integrating its technology, Tungsten Network customers will benefit from quicker reliable connection to the Tungsten e-Invoicing network, it said.

For the year to end November 2013, DocuSphere generated revenue of $3.3mln, a net loss of $0.4mln. Revenue for the 12 months to July 2014 was $3.7mln.

The placing will finance the acquisition for up to US$6.5mln in total cash, or around £4mln.

Canaccord Genuity has been appointed sole bookrunner, broker and agent to the placing, whose price will later be determined.

Chief executive of Tungsten said of the purchase:

"This addition to our service portfolio will allow us to take greater control of the results we deliver to our customers by eliminating any reliance on third-party middleware providers. This adds another building block to our to our already powerful e-Invoicing services.

"We are launching Tungsten Bank's offer of early payment to suppliers and the innovative Tungsten Network Analytics technology to give real-time spending insights for our buyers. Combined, we continue to work towards becoming the world's largest electronic trading network."

The acquisition looks a good add-on. Placing looks like a done deal, pretty small when you look at market cap, not necessary to underwrite and strong interest shown by management - so little in the way of discount to current price??

On our way again - market waking up to the potential of latest add-ons despite small placing.

Placing complete at 340p

Seeing on Bloomie: Aviate buy.

"It is clear to us from the annoucement and talking to the CEO that things are developing more quickly than planned at the IPO. That is very positive, but requires investment ahead of the pick-up in growth."

"In our view TUNG has a lot of upside should it achieve 100% e-invoicing penetration of its existing customer base..."

There appears to be considerable momentum such that I wouldn't be surprised to see us hit £4 before a pause for breath. The fact that interest is only now starting to gain and already we know things are moving ahead at a quicker rate than expected. Placings (which will surely happen again) are success driven and the one we've just seen was not really at a discount to current market price (at the time). More news in the coming months seems likely.

400p hit. I thought it would be quick but not that quick!

:-))

Good write-up in Investors Chronicle this week. Increased my holding this morning

Canaccord upped price target today to 405p. (surprised that's not higher).

Interesting AGM statement. Sanofi now added and existing customers like BT and Amgen are expanding their scope of work to include new services. "We believe that we can reach our $1 trillion goal by addressing the full scope of our current buyers"

"Our focus for the coming year is on improving the customer experience. ....we are now compliant in 46 countries having recently added the UAE, Saudi and Turkey. We continue to work on adding new geographies that are important to our multinational buyers, including India, China, Qatar, Chile and Japan.

Newsflow should keep this one moving northwards in my opinion. TUNG now represents the largest constituent of my portfolio.

a paragraph from IC:

Investors would be wise to follow their (management) lead. As companies and governments increasingly embrace e-invoicing to pay suppliers, Tungsten’s growth should be stellar. The group’s transaction flow volumes have nearly doubled to over £100bn since 2011, yet it’s estimated that a mere 3 per cent of invoices are currently settled electronically. Broker Canaccord Genuity expects the company to turn profitable in the current financial year (to end-April 2015), with earnings rising five-fold in 2016 to 23.2p a share

Tungsten announce 7 of top 12 pharma companies on Tungsten network. Latest organisations include Fresenius Medical Care NA and Dana-Farber Cancer Institute.

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.......................