King Abdullah University of Science and Technology in the Middle East Adopts e-Invoicing with OB10

LONDON, October 3, 2013 /PRNewswire/ --

KAUST becomes the first OB10 buyer customer in Saudi Arabia

King Abdullah University of Science and Technology (KAUST), an international, graduate research university near Jeddah, Saudi Arabia, has selected OB10 as its global e-Invoicing provider.

     (Photo: http://photos.prnewswire.com/prnh/20131003/643445 )
  

The university's goal is to receive all invoices electronically to eliminate costly and manual paper-based processing, expedite approval, and free-up staff to focus on activities that add greater value.

KAUST requires a scalable solution that can keep pace with its ambitions to expand rapidly. Having heard about the success of electronic invoicing at Imperial College in the UK, and visited the Finance and Procurement teams in London, OB10 was a leading contender.

"We identified OB10 as the provider that would reduce the number of paper invoices we process, deliver early efficiencies and enable prompt payment to suppliers," says Ian Hastings, Head of Procurement Services.

KAUST is the first organisation to join the OB10 network as a buyer in the Middle East. "We are very excited to enter this rapidly expanding economic region with such a well-regarded institution," says Luke McKeever, CEO of OB10. "Organisations in the Middle East are just as eager to enhance their procure-to-pay processes with world-class, scalable solutions that also benefit their suppliers."

About OB10

OB10, the global e-Invoicing network that recently announced its intention to join forces with Tungsten Corporation plc and seek admission to trade on the Alternative Investment Market, streamlines the complex invoice-to-pay process to enable prompt payment.

Operational across Europe, the Americas and Asia, OB10 can reduce the cost of invoice processing by 60% and deliver an ROI in less than a year.

The OB10 network connects large organisations to their thousands of suppliers around the world. Buyer customers on the network include Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, Motorola, Tesco, US Federal Government and Whirlpool.

About KAUST

King Abdullah University of Science and Technology (KAUST) is an international, graduate research university dedicated to advancing science and technology through interdisciplinary research, education, and innovation. Students, faculty, scientists, and engineers conduct fundamental and goal-oriented research to address the world's pressing scientific and technological challenges related to water, food, energy, and the environment.

http://www.kaust.edu.sa

Contact: Sandra Higgison, Head of Global Communications +44(0)20-7406-5772 sandra.higgison@OB10.com.

SOURCE OB10 and KAUST



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