Latest news with #TungstenAutomation
Finextra
2 days ago
- Business
- Finextra
Sovos and Tungsten join forces for compliant accounts payable automation
Sovos, the always-on compliance company, and Tungsten Automation, the global leader in intelligent workflow automation solutions, today announced a strategic partnership to deliver a truly integrated compliant AP solution. 0 This collaboration addresses the critical business need for seamless integration between accounts payable automation and indirect tax compliance in an era of increasing global regulatory complexity. The partnership combines the Tungsten Automation Platform with Sovos' Tax Compliance Cloud to create a comprehensive solution for intelligent invoice automation and global tax compliance. The combined solution supports both paper and PDF invoice capture using OCR and AI-powered technology for advanced document processing and connects seamlessly with supplier portals while integrating with ERP and procurement systems. It provides global tax determination and ensures real-time compliance with e-invoicing regulations. This seamless approach reduces manual effort, accelerates processing times, and ensures multi-national organizations remain compliant with evolving global mandates - unlocking operational efficiency, audit readiness, and peace of mind at scale. Addressing a Critical Market Need Traditional AP workflows remain manual, error-prone, and disconnected from tax compliance requirements, resulting in operational inefficiencies, higher costs, and significant compliance risks. With new global tax mandates such as VAT in the Digital Age (ViDA) and Continuous Transaction Controls (CTC) taking hold, companies can no longer treat AP automation and tax compliance as separate initiatives. Businesses need invoice agility across all platforms and systems. 'The convergence of AP automation and tax compliance isn't just an operational advantage, it's become a business imperative,' said Peter Hantman, CEO, Tungsten Automation. 'Our partnership with Sovos addresses a critical C-Suite need in how enterprises approach their financial workflows. By integrating our proven automation capabilities with Sovos' comprehensive compliance expertise, we're delivering a solution that transforms AP from a cost center into a strategic advantage.' Seamless Integration Delivers Unprecedented Value The Compliant AP solution works through five integrated stages: Invoice capture & data extraction: Tungsten's AI-powered OCR technology extracts data from any invoice format with intelligent validation. Automated invoice matching & workflow routing: Automated matching against purchase orders and goods receipts within SAP systems Integrated tax determination & compliance validation: Sovos provides real-time tax determination at both the network and SAP stages Seamless ERP posting: Validated invoices are automatically posted to SAP with complete audit-ready documentation Real-time reporting & analytics: Comprehensive visibility into invoice status, AP cycle times, and tax liabilities 'This partnership represents the evolution of tax compliance from a reactive business requirement to a proactive growth enabler,' said Kevin Akeroyd, CEO, Sovos. 'By combining our deep tax expertise with Tungsten's automation leadership, we're not just solving today's compliance challenges, we're futureproofing our customers' operations against an evolving global regulatory landscape. This is exactly the kind of integrated innovation that transforms how businesses operate.' Proven Partnership Built on Operational Success This strategic alliance builds upon a long-standing relationship between the companies, with Sovos previously serving as the embedded tax compliance engine within Tungsten's platform. This new agreement formalizes a partnership that has been tested and refined through direct customer feedback and operational success. The solution offers unprecedented flexibility as a source system-agnostic platform that connects as a 'last mile compliance partner' to existing infrastructure without requiring system replacement. Companies can implement the joint solution without operational disruption while achieving up to 90% touchless processing, reducing 70% costs in audit or compliance-related penalties, and cutting per-invoice costs from approximately $10 to less than $2. Market Impact and Customer Benefits Key benefits of the integrated compliant AP solution include: Elimination of manual AP workflows with 90%+ touchless processing Guaranteed tax accuracy through integrated validation Dramatic reduction in AP processing costs Improved cash flow through faster, more accurate processing ViDA compliance readiness for evolving EU mandates Reduced implementation risk with proven solutions from established market leaders Deployment flexibility that adapts to existing systems without disruption
Business Wire
3 days ago
- Business
- Business Wire
Sovos Partners with Tungsten Automation to Deliver Breakthrough Compliant Accounts Payable (AP) Solution
ATLANTA & IRVINE, Calif.--(BUSINESS WIRE)-- Sovos, the always-on compliance company, and Tungsten Automation, the global leader in intelligent workflow automation solutions, today announced a strategic partnership to deliver a truly integrated compliant AP solution. This collaboration addresses the critical business need for seamless integration between accounts payable automation and indirect tax compliance in an era of increasing global regulatory complexity. The partnership combines the Tungsten Automation Platform with Sovos' Tax Compliance Cloud to create a comprehensive solution for intelligent invoice automation and global tax compliance. The combined solution supports both paper and PDF invoice capture using OCR and AI-powered technology for advanced document processing and connects seamlessly with supplier portals while integrating with ERP and procurement systems. It provides global tax determination and ensures real-time compliance with e-invoicing regulations. This seamless approach reduces manual effort, accelerates processing times, and ensures multi-national organizations remain compliant with evolving global mandates - unlocking operational efficiency, audit readiness, and peace of mind at scale. Addressing a Critical Market Need Traditional AP workflows remain manual, error-prone, and disconnected from tax compliance requirements, resulting in operational inefficiencies, higher costs, and significant compliance risks. With new global tax mandates such as VAT in the Digital Age (ViDA) and Continuous Transaction Controls (CTC) taking hold, companies can no longer treat AP automation and tax compliance as separate initiatives. Businesses need invoice agility across all platforms and systems. "The convergence of AP automation and tax compliance isn't just an operational advantage, it's become a business imperative," said Peter Hantman, CEO, Tungsten Automation. "Our partnership with Sovos addresses a critical C-Suite need in how enterprises approach their financial workflows. By integrating our proven automation capabilities with Sovos' comprehensive compliance expertise, we're delivering a solution that transforms AP from a cost center into a strategic advantage." Seamless Integration Delivers Unprecedented Value The Compliant AP solution works through five integrated stages: Invoice capture & data extraction: Tungsten's AI-powered OCR technology extracts data from any invoice format with intelligent validation Automated invoice matching & workflow routing: Automated matching against purchase orders and goods receipts within SAP systems Integrated tax determination & compliance validation: Sovos provides real-time tax determination at both the network and SAP stages Seamless ERP posting: Validated invoices are automatically posted to SAP with complete audit-ready documentation Real-time reporting & analytics: Comprehensive visibility into invoice status, AP cycle times, and tax liabilities "This partnership represents the evolution of tax compliance from a reactive business requirement to a proactive growth enabler," said Kevin Akeroyd, CEO, Sovos. "By combining our deep tax expertise with Tungsten's automation leadership, we're not just solving today's compliance challenges, we're futureproofing our customers' operations against an evolving global regulatory landscape. This is exactly the kind of integrated innovation that transforms how businesses operate." Proven Partnership Built on Operational Success This strategic alliance builds upon a long-standing relationship between the companies, with Sovos previously serving as the embedded tax compliance engine within Tungsten's platform. This new agreement formalizes a partnership that has been tested and refined through direct customer feedback and operational success. The solution offers unprecedented flexibility as a source system-agnostic platform that connects as a 'last mile compliance partner' to existing infrastructure without requiring system replacement. Companies can implement the joint solution without operational disruption while achieving up to 90% touchless processing, reducing 70% costs in audit or compliance-related penalties, and cutting per-invoice costs from approximately $10 to less than $2. Market Impact and Customer Benefits Key benefits of the integrated compliant AP solution include: Elimination of manual AP workflows with 90%+ touchless processing Guaranteed tax accuracy through integrated validation Dramatic reduction in AP processing costs Improved cash flow through faster, more accurate processing ViDA compliance readiness for evolving EU mandates Reduced implementation risk with proven solutions from established market leaders Deployment flexibility that adapts to existing systems without disruption About Tungsten Automation Tungsten Automation, formerly Kofax, is the global leader in intelligent workflow automation solutions with a trusted legacy of 40 years, with a team of 2,200 employees in 32 countries, serving 25,000+ global customers. Our commitment to innovation and customer success has earned us industry recognition, including being named a Leader in Intelligent Automation, IDP and Process Orchestration by key analysts. We are trusted to help businesses gain unprecedented efficiencies and reduce costs through workflow automations that will propel their businesses into the future. About Sovos Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos Tax Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries. More than 100,000 customers -- including half the Fortune 500 -- trust Sovos' tax and regulatory expertise and unparalleled integration with their business applications. Learn more at
Globe and Mail
5 days ago
- Business
- Globe and Mail
Tungsten Automation Appoints Peter Hantman as Chief Executive Officer
Tungsten Automation Corporation ('Tungsten Automation' or 'the Company'), a leading provider of AI-powered document and workflow automation solutions backed by Clearlake Capital Group, L.P. (together with its affiliates, 'Clearlake') and TA Associates ('TA'), today announced the promotion of Peter Hantman to Chief Executive Officer and his appointment as a Member of the Board of Directors, and the appointment of Robert Watson as Chief Financial Officer, both effective as of July 1, 2025. Mr. Hantman succeeds Reynolds C. Bish, who will continue to serve the Board of Directors of the Company (the 'Board') in his newly appointed role as Executive Chairman of the Board. Mr. Hantman joined the Company as President and Chief Operating Officer in November 2023 and assumed responsibility for sales, services, product management, strategy and marketing. Since then, he has driven growth while completing the transition to a SaaS recurring revenue model, and will now lead the Company going forward in his role as Chief Executive Officer, managing the executive management team while accelerating growth and innovation. 'I'm honored to become Chief Executive Officer at such an important time in our customer's transformation to GenAI enabled document and workflow automation,' said Mr. Hantman. 'Tungsten Automation has built a strong foundation of customer trust, partner collaboration and dedicated employees at scale, and I look forward to continue accelerating value creation for our customers, partners, employees and shareholders.' With over 30 years' experience in technology companies, Mr. Hantman has a proven track record of success in scaling high growth enterprise SaaS companies while affecting business transformation. Prior to joining Tungsten Automation, he served as Chief Operating Officer of e2open, a publicly listed supply chain SaaS company where he led most go-to-market functions and earlier served as Chief Financial Officer over a 13 year span. Mr. Bish, outgoing Chief Executive Officer of the Company, will continue to serve the Board as Executive Chairman of the Board. He will assist Hantman and the executive management team as needed, drive Tungsten Automation's acquisition efforts and coordinate Board activities. Mr. Bish said, "I'm proud of what we've accomplished during the last 17 years, and I have total confidence in Pete's leadership going forward.' Harry Taylor, Managing Director at TA Associates, said, 'Pete has demonstrated strong vision, leadership and execution during his time as President and Chief Operating Officer, and we're confident he will build on Tungsten Automation's position as an important technology provider in this rapidly growing market.' 'We've been impressed by Peter's strategic vision and operational excellence,' said Paul Huber, Partner & Managing Director at Clearlake. 'Under his leadership, Tungsten Automation will be well positioned to accelerate innovation, expand its global footprint and deliver even greater value to customers and investors alike.' Robert Watson joins Tungsten Automation from Athenahealth, a software and services company where he most recently served as interim Chief Financial Officer. Prior to that he worked in financial leadership roles at Rackspace Technology and Cinemark, and before that at Hewlett-Packard for over 16 years. Robert has extensive, highly relevant experience in financial leadership on a global scale. 'I'm excited to join Tungsten Automation at this pivotal moment in its growth journey,' said Mr. Watson. 'The opportunity to contribute to a high-performing company and help scale operations globally is incredibly energizing.' About Tungsten Automation: Tungsten Automation is a provider of intelligent workflow automation solutions with a trusted legacy of 40 years, more than 2,200 employees in 32 countries and serving 25,000 global customers. Recognized by customers, partners and industry analysts as a leader in IDP, intelligent automation, and process orchestration, Tungsten helps businesses achieve transformative efficiency through AI-powered solutions.
