Tungsten acquisition paying off

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EDMUND Truell, boss of Tungsten Corporation, said that its first weeks of ownership of e-invoicing platform OB10 have confirmed that it is “an exciting opportunity”.

Aim-listed Tungsten was founded in February 2012 by Edmund Truell and Danny Truell. Tungsten completed its acquisition of OB10 in October.

In addition to e-invoice processing, Tungsten will also provide working capital to SMEs via invoice discounting.

In Tungsten’s first interim results as a public company, Mr Truell said there has been “good progress” made since the acquisition of OB10 in preparing the business to be integrated with a financing platform and its spend analytics offering. Tungsten made a pre-tax loss of £5.5m in the six months to October 31, 2013.