Morgan Advanced Materials chooses Tungsten to deliver AP efficiencies
Multinational company intends to transform its accounting processes with Tungsten’s technology
Atlanta, 30 March, 2015 - Morgan Advanced Materials, a world leader in advanced materials technology that operates in more than 50 countries, has signed with Tungsten Corporation plc (LSE:TUNG), the global electronic invoicing, analytics and invoice financing company, to bring greater efficiencies to its North American accounts payable (AP) processes.
Morgan Advanced Materials is implementing a JD Edwards enterprise resource planning (ERP) system and is seeking to concurrently implement an AP automation solution to streamline its invoice process within its North America operations. Tungsten's All-in-One For JD Edwards AP product integrates with JD Edwards software and enables the processing of all invoices.
Rick Hurwitz, Tungsten Chief Executive Officer (Americas), said: "I'm delighted that Morgan Advanced Materials, a FTSE 250 company, has chosen to work with Tungsten to streamline its payables process. Tungsten acquired Docusphere last summer in order to extend our portfolio of P2P technologies to better help our clients operate more efficiently and effectively. We look forward to achieving just that with the team at Morgan Advanced Materials."
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 invoicing 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 acquired DocuSphere, a provider of accounts payable automation solutions, in September 2014.
Contact: James Culverhouse, Equus, +44 020 7223 1100, [email protected].
* Tungsten Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Tungsten Bank is registered on the financial services register with firm reference number 139209.
About Morgan Advanced Materials
Morgan Advanced Materials is a global materials engineering company which designs and manufactures a wide range of high specification products with extraordinary properties, across multiple sectors and geographies.
From an extensive range of advanced materials the company produces components, assemblies and systems that deliver significantly enhanced performance for its customers’ products and processes. Its engineered solutions are produced to very high tolerances and many are designed for use in extreme environments.
The Company thrives on breakthrough innovation with materials scientists and applications engineers working in close collaboration with customers to create outstanding, highly differentiated products that perform more efficiently, more reliably and for longer.
Morgan Advanced Materials has more than 9,000 employees across 50 countries serving specialist markets in the energy, transport, healthcare, electronics, security and defence, petrochemical and industrial sectors. Morgan Advanced Materials (MGAM) is listed on the London Stock Exchange in the engineering sector.
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