4 Jun 2014 07:00
TUNGSTEN CORPORATION PLC
("Tungsten")
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 4th June, 2014
MARKET UPDATE
UK public sector gains easier access to the benefits of electronic invoicing and spend analytics
Tungsten Network accredited as a supplier on the UK government's G-Cloud 5 Framework
London, 4 June - Tungsten (LSE:TUNG) is delighted to announce that Tungsten Network, the global e-Invoicing network built on OB10, has been accredited as a supplier of the UK Government Crown Commercial Service, G-Cloud 5 Framework.
Managed by the Crown Commercial Service, this is a pan government collaborative framework agreement for use by UK public-sector bodies, including central government departments and their arm's length bodies and agencies, non-departmental public bodies, NHS bodies and local authorities.
Tungsten Network sees this development as a major step in cementing its relations with the public sector and strengthening its operations. Accreditation will help to accelerate business development as public-sector bodies benefit from pre-negotiated terms and fixed prices. It also eliminates the need for the public sector to tender competitively for the services covered by the framework, which in the UK can cost over £45,000 per process, the highest in Europe.
Edmund Truell, Group CEO, Tungsten Corporation, said, "We are delighted to be part of the G-Cloud 5 framework. This is another key development for Tungsten Network as we expand our customer base, and bring the value of electronic invoicing to governments and their citizens around the world."
LONDON, 4 June 2014
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, built on OB10 e-Invoicing, 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 to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten connects the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 44 countries, and processes transactions worth over $180 billion per year for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Sandra Higgison, Head of Global Communications +44 20 7406 5772
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100