29th Sep 2014 07:45
LONDON (Alliance News) - Tungsten Corp PLC Monday said it has been selected by German engineering conglomerate Siemens AG to bring e-Invoicing to its business and suppliers around the world.
According to Tungsten, Siemens receives and processes more than 7 million invoices annually from its supplier base. In the last financial year, Tungsten Network processed 13.4 million 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," Tungsten Chief Executive Edmund Truell said in a statement.
"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," Truell added.
Tungsten shares were Monday quoted up 1.8% at 370.25 pence.
By Samuel Agini; [email protected]; @samuelagini
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