LONDON, December 4, 2014 /PRNewswire/ --
Tungsten Corporation plc (LSE: TUNG) today announced Frank McKay has joined Tungsten's Office of the Group Chief Executive as Senior Advisor, working closely with Edmund Truell, Group CEO. He has been tasked with accelerating the company's progress towards its medium term goals of:
- $1,000 bn of invoice value on the Tungsten e-Invoicing Network
- $100 bn of invoice financing through Tungsten Finance
- $10 bn of savings for clients using Tungsten Analytics.
Edmund Truell, Group CEO, said: "The Board and I are delighted to welcome Frank to Tungsten as Senior Advisor. I have seen first-hand his ability to drive growth and develop successful businesses, and Tungsten is already benefiting from his operational insight. The company is being transformed from a global processing business to a more complex Group that automates the financing of invoices on a large scale for our supplier customers, whilst providing powerful analytical insights for our multi-national buyer customers."
McKay was previously CEO at Travis Perkins, which supplies the building industry, where his tenure culminated in the acquisition of Wickes. He also was responsible for the repositioning of Brakes Group, the food industry supplier, and managing its sale to Bain Capital; and is a non-executive board member at Telent, the tech and telecoms services company, and was a Senior Advisor to the Telent management team as the company underwent significant transformation.
McKay said: "Tungsten is a global leader in electronic invoicing. It has a disruptive vision to extend this leadership position into Tungsten Finance and Tungsten Analytics. I am looking forward to working with the talented Tungsten management team to deliver the enormous potential in these businesses and continue to execute on the business plan."
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, the world's largest compliant electronic invoice network, 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; and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 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 the US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network; and acquired DocuSphere in September 2014, a provider of accounts payable automation solutions.
Contact: James Culverhouse, Equus, +44-020-7223-1100, [email protected] .
SOURCE Tungsten Corporation plc