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Description of business:
Tungsten's strategy is to monetise its leading global e-invoicing network which processes over 100 billion per year for many of the world's largest companies (including working with 61 per cent. of the FTSE 100 and 53 per cent. of the Fortune 500), by offering supply chain financing through its own bank. Additionally, it will offer innovative analytics software to apply to the vast repository of invoice data and so save its buyers' money. On Admission, the Company will complete the acquisition of OB10 Limited, a leading global business-to-business e-invoicing network for 99 million. Founded in 2000, OB10 Limited is a leading global e-invoicing network headquartered in London, UK, with offices in Europe, North America and Asia Pacific. The network hosts 122 large corporate and governmental buyer groups on its global network, servicing over 140,000 suppliers. The Company also has (i) an acquisition agreement (subject to appropriate regulatory approvals) in respect of FIBI Bank (UK) Plc, a duly authorised UK bank to specialise in the provision of supply chain financing with a particular focus on invoice discounting; and (ii) a five year rolling licence agreement with @UK PLC to deploy its analytic software technology to enable TungstenAnalytics, a comprehensive and innovative line level spend analytics solution, to be delivered across the Company's global e-invoicing network following Admission.

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Tungsten Corporation PLC

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