The e-invoicing company Tungsten has appointed new senior adviser Frank McKay to help guide it towards an extremely ambitious set of targets.
With McKay’s help, the firm aims to process $1,000 bn worth of invoices through its e-Invoicing Network, provide $100 billion of invoice financing through Tungsten Finance and create $10 billion of savings for clients using its Tungsten Analytics software.
Group CEO Edmund Truell welcomed McKay’s appointment, saying in a statement: “I have seen first-hand his ability to drive growth and develop successful businesses, and Tungsten is already benefiting from his operational insight.”
“The company is being transformed from a global processing business to a more complex Group that automates the financing of invoices on a large scale for our supplier customers, whilst providing powerful analytical insights for our multi-national buyer customers.”
McKay joins from the home improvement retailer Travis Perkins, where he oversaw the acquisition of Wickes. In the past, he has managed the sale of Brakes Group to Bain Capital, and he remains on the board of the telecoms company Telent, where he previously acted as Senior Adviser.
London-based Tungsten, which claims to provide services to two-thirds of the FTSE 100, enjoyed a surge in share prices when the company expanded into the US earlier this year, and says that it hopes to sign up 17,000 US businesses over the next few months.
However, the rapid growth has taken its toll on profits, with the company posting an £11m loss in the last financial year, despite taking £19.5m in revenue.
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