Edmund Truell Named Entrepreneur of the Year

LONDON, October 10, 2014 /PRNewswire/ --

2014 AIM Awards recognise Tungsten CEO's vision, flair and business acumen 

The Alternative Investment Market (AIM) of the London Stock Exchange has announced Tungsten Corporation CEO and founder Edmund Truell as Entrepreneur of the Year. The AIM Awards, sponsored by PwC, rewards companies and individuals who have harnessed AIM to fuel growth and fulfil strategy. Edmund was recognised for his, "vision, flair, drive and business acumen to take his business forward, via an AIM listing, at a pace impossible without access to public funding."

Tungsten Corporation was admitted to AIM in October 2013 following its acquisition of OB10, a leading global electronic invoicing network. The Placing of £160 million represented the largest trading company IPO on AIM since 2008.

"This is a prestigious accolade and testament to the efforts of the Tungsten team that I've worked with to build this company," says Edmund. "Uproar is the music of capitalism and the economy needs entrepreneurs to take risks and disrupt the status quo, which is precisely what I've tried to do throughout my career."

"I see this award as recognition of the success and potential of the entire Tungsten business, which is empowering the global supply chain through electronic invoicing, supply chain finance and spend analytics."

About Edmund Truell 

Edmund has over 30 years of financial services experience including leadership positions in banking, private equity, pensions, insurance and debt investment. He trained at Bankers Trust Co in New York, following which he was appointed a Director of Hambros Bank in 1991; Chief Executive of Hambro European Ventures in 1994; led the 1998 buyout and formation of Duke Street Capital (DSC); and was responsible in 2000 for creating and building DSC Debt Management, which was sold to Babson Capital in 2004.

He was Chairman of the British Venture Capital Association from 2001 to 2002. After selling out of DSC in March 2007, he co-founded a regulated insurance company, Pension Insurance Corporation, which now has over £16bn in assets under management and has insured over 100,000 pension fund members. In January 2013, he was appointed as Chairman of the London Pension Fund Authority, which has grown to £4.8 billion of assets. He is qualified as a Chartered Financial Analyst and is a Trustee of The Truell Charitable Foundation.    

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 through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its $750bn repository of line-level invoice data.

Tungsten serves 53% of the Fortune 500 and 66% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and last year processed transactions worth over $187bn 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.

Contact: Sam Barton/Piers Hooper, Equus, +44(0)20-7223-1100, [email protected].  

SOURCE Tungsten Corporation plc