May 13, 2014, 2:38 AM

B2B payments network OB10 relaunches as Tungsten Network

OB10 is now operating as the Tungsten Network, an Internet-based B2B trading network and payment system operated by London-based Tungsten Corp., Tungsten said last week.

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Since acquiring the OB10 business-to-business network and online payment system last October for 99 million British pounds ($167 million), Tungsten Corp. plc has been building out its business as a provider of B2B trade services.

Tungsten was founded in February 2012 by brothers Edmund Truell and Danny Truell with the initial goal of acquiring another company. Tungsten raised 225 million British pounds (US$379.1 million) in an initial public offering of stock last fall, when it listed its shares on the London Stock Exchange.

By acquiring OB10, it gained a ready-made B2B network plus some 122 buying organizations.

Tungsten notes that OB10 processed electronic invoices with a total value of more than 109.8 billion British pounds (US$185 billion) last year for such clients as Deutsche Lufthansa AG, General Motors Corp., IBM Corp., Kellogg Co., Whirlpool Corp. and agencies of the governments of the United States and of the United Kingdom. Last week it said it had reached an agreement with an existing customer, which it declined to name, to convert some $20 billion of annual paper-based payment transactions into its electronic invoicing system.

Tungsten also entered into a 5-year rolling license agreement last fall with @UK plc, a provider of online analytics software, to use @UK’s technology for the TungstenAnalytics software in Tungsten’s global e-invoicing network. That will allow clients to analyze their spending for each invoice line item across all of their suppliers in the Tungsten Network.

"The transition of OB10 into Tungsten Network underlines the central role e-invoicing plays for our customers and our business,” says Edmund Truell, Group CEO, Tungsten Corp. The reorganization is bearing fruit, with the first of our customers agreeing to be serviced globally on an enormous scale.”

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