Tungsten Corporation PLC GroupM UK joins Tungsten Network
September 17 2018 - 3:30AM
RNS Non-Regulatory
TIDMTUNG
Tungsten Corporation PLC
17 September 2018
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
17 September 2018
GroupM UK joins Tungsten Network
Deal enables GroupM UK to digitise accounts payable processes
through the e-invoicing network
Tungsten Network, a global business transaction network, has
launched a new strategic partnership with GroupM, the world's
leading media investment group.
The new partnership will see GroupM UK use Tungsten Network for
Accounts Payable processes across the wider group, including
Mediacom, Mindshare and Wavemaker. The deal with Tungsten Network
is the first of its kind across GroupM and will be run out of its
shared service centre Finance Plus.
GroupM UK alone receives 450,000 invoices every year through
4,000 different suppliers, comprising some of the industry's
leading firms such as Facebook, Google, ITV and Channel 4. The firm
already uses Tungsten to send invoices to its customers operating
on the Network, including consumer goods corporation Procter &
Gamble.
Rick Hurwitz, Tungsten Network CEO, said: "This exciting new
partnership with GroupM represents a significant move forward in
helping media companies digitise their Accounts Payable departments
and remove friction from their operations.
"Automating the approval and payment process enables media
companies to scale business operations more easily and improve the
productivity and efficiency of their finance operations. It reduces
the cost of handling invoices by more than 50 per cent - a vital
saving for an industry that is under pressure to transform and
where margins are tight."
In addition to e-invoicing, GroupM UK will use Tungsten Network
for PO services, facilitating the distribution of purchase orders
quickly and reliably.
GroupM UK's suppliers will also have access to Tungsten
Network's Invoice Status Service (ISS) on demand and in real-time,
providing the capability to track the progress of invoices from
submission to payment.
"We're always looking at ways to evolve and improve our
practices at GroupM, through utilising the latest technology and
capabilities," said David Bryan, GroupM Operations Director at
GroupM UK. "Tungsten offers an evolution to our existing financial
practices which should improve and expedite invoice processing,
benefitting both suppliers and clients."
Tungsten Corporation plc +44 (0)20 7280 7983
Richard Hurwitz, Chief Executive Officer
Daniel Brady, Global Communications Manager
Speed Communications
George Beard +44 (0)7980 816 170
Kerry Gould +44 (0)7872 811 735
tungsten@speedcomms.com
About Tungsten Network
Tungsten Corporation (LSE: TUNG) aims to be the world's most
trusted business transaction network by using data intelligently to
strengthen the global supply chain.
Tungsten Network is a secure business transaction network that
brings businesses and their suppliers closer together with unique
technology that revolutionises invoice processing, maximises
efficiency and improves cash flow. Delivering trusted connections
and streamlined transactions, the network also provides users with
real-time spend analysis and offers suppliers access to invoice
financing through Tungsten Network Finance, a form of alternative
finance for businesses.
Tungsten Network processes invoices for 74 percent of the FTSE
100 and 71 percent of the Fortune 500. It enables suppliers to
submit tax compliant e-invoices in 48 countries, and last year
processed transactions worth over GBP164bn for organisations such
as Alliance Data, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and
the US Federal Government.
About GroupM
GroupM is the leading global media investment management company
for WPP's media agencies including Mindshare, MediaCom, Wavemaker,
Essence and m/SIX, and the outcomes-driven programmatic audience
company, Xaxis. Responsible for more than US $108B in annual media
investment by some of the world's largest advertisers, GroupM
agencies deliver an advantage to clients with unrivaled insights
into media marketplaces and consumer audiences. GroupM enables its
agencies and clients with trading expertise, data, technology and
an array of specialty services including addressable TV, content
and sports. GroupM works closely with WPP's data investment
management group, Kantar. GroupM delivers unrivaled marketplace
advantage to its clients, stakeholders and people.
Discover more about GroupM at www.groupm.com.
Follow @GroupMWorldwide on Twitter
Follow GroupM on LinkedIn -
https://www.linkedin.com/company/groupm
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAEAPNXFAEPEEF
(END) Dow Jones Newswires
September 17, 2018 04:30 ET (08:30 GMT)
Tungsten (LSE:TUNG)
Historical Stock Chart
From Apr 2024 to May 2024
Tungsten (LSE:TUNG)
Historical Stock Chart
From May 2023 to May 2024