Tungsten secures contract with mystery HR software firm

Software firm Tungsten said on Monday that it had secured a contract with an unnamed "global human resources software leader" to support its new e-invoicing initiative in both Europe and the US.

Tungsten said its new mystery client had a turnover of roughly $14.0bn and was "one of the largest global automated payroll providers".

The customer's 16 European entities will use Tungsten's Total AR solution to streamline and digitise its accounts receivable processes, while in the US, the solution will allow the customer to send invoices to its customers via the Tungsten Network, eliminating manual invoice entry systems.

The AIM-listed group also highlighted that with over 650,000 invoices in scope, the contract award also underlined the growing momentum of customers taking Tungsten's Total AR solution.

Tungsten chief executive Andrew Lemonofides said: "We are incredibly proud to welcome the Customer as a strategic partner to the Tungsten Network. As a fellow solution provider to many Fortune 500 companies, we share a strong commitment to the success of our global customers. We welcome this opportunity to partner with a proven leader in business services, and we look forward to supporting their ongoing commitment to finance transformation."

As of 0945 BST, Tungsten shares were up 5.38% at 38.46p.