TIDMTUNG
Tungsten Corporation PLC
17 March 2015
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 17 March 2015
Market update
Honda Logistics selects Tungsten for AP automation in North
America
London, 17 March - Tungsten Corporation plc (LSE:TUNG), the
global electronic invoicing, analytics and invoice financing
company, has been selected by Honda Logistics North America (HLNA)
to automate its accounts payable (AP) processes.
HLNA will be using Tungsten's All-in-One for JD Edwards Accounts
Payable solution, which integrates with the JD Edwards accounting
software that HLNA currently uses.
Following its acquisition of DocuSphere in 2014, Tungsten's
suite of services includes dedicated AP automation solutions
tailored for Oracle E-Business Suite, SAP and JD Edwards ERP
systems respectively. Tungsten's complete AP solution can help
clients reduce AP processing costs, improve accuracy, accelerate
turnaround times, increase visibility, immediately record
liabilities, and eliminate lost or missing invoices.
"I'm pleased to see this major subsidiary of Honda recognise the
benefits of working with Tungsten on AP automation," said Rick
Hurwitz, Tungsten CEO (Americas). "HLNA currently processes 10,000
invoices per month and expects its volume to increase by 30% over
the next three years. Automating its accounts payable processes
will reduce overhead costs, increase efficiency - especially given
the high number of invoices HLNA receives that do not have purchase
orders - and eliminate the burden of manual data entry.
"HLNA was particularly impressed with Tungsten's overall
functionality and scalability, and our extensive JD Edwards
experience. We look forward to helping it achieve its accounts
payable goals."
HLNA, a subsidiary of Honda Logistics Japan, holds majority
interest in subsidiaries providing supply chain solutions for
automotive OEMs and their suppliers in the North American/European
operating region, including affiliated organisations in Canada and
the United Kingdom.
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 7280 7901
Juliana Wheeler, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Neustria Partners (Investors and Analysts)
Robert Bailhache/Nick Henderson/Charles Gorman +44 20 3021 2580
Equus Group (Media)
Piers Hooper / Sam Barton/ James Culverhouse +44 20 7223 1100
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoice network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank*; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and the US Federal Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts
payable automation solutions, in September 2014.
Contact: Juliana Wheeler, Head of Global Communications, +44 20
7280 7973.
juliana.wheeler@tungsten-network.com
* Tungsten Bank is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Tungsten Bank is registered on the
financial services register with firm reference number 139209.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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