Tungsten Corporation, the investment vehicle established by Edi and Danny Truell, has confirmed its acquisition of business-to-business e-invoicing network OB10 for £99m, as well as its intention to seek admission to list on the AIM market of the London Stock Exchange.
Tungsten has signed a five-year rolling licence agreement with @UK PLC to deploy its analytic software technology to enable TungstenAnalytics to be delivered across Tungsten’s global e-invoicing network following the acquisition.
It also confirmed plans to acquire an unnamed UK bank – previously reported to be the UK unit of First International Bank of Israel – to “specialise in the provision of supply chain financing”.
CEO Edi Truell said, “We have an exciting opportunity to create a disruptive global player, by enhancing the offering of OB10’s leading global e-invoicing network which already serves a number of the world’s largest corporates and governments. In addition, we believe that TungstenAnalytics can provide considerable savings for buyers on the platform from which we would expect to benefit.
“The strategy for the group to include a clean, duly authorised, UK bank into the middle of the flow of billions across the global network should provide suppliers with access to accelerated invoice settlement on a transparent and simple to execute basis. Tungsten thus aims to transform the financial aspects of the global supply chain.”
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