Kofax rebrands as Tungsten Automation

A leader in the global capture market for over 40 years, Kofax has retired its brand name and will now be known as Tungsten Automation.

Acquired by Kofax in 2022, Tungsten is a global B2B e-invoicing network that facilitates and streamlines complex invoice-to-pay processes.

Tungsten provides a platform for onboarding of suppliers, PO exchange, invoice processing, e-invoicing, compliance and payment processing.

"Tungsten Automation represents a pivotal moment in our journey as we continue to expand our portfolio of solutions and bring the latest technological innovations to meet the ever-changing needs of our customers," said Reynolds Bish, CEO - Tungsten Automation.

"This change highlights the depth and breadth of our trusted workflow automation solutions, culture of innovation, and continued commitment to staying ahead of the curve in helping our customers improve their efficiency and reduce costs with intelligent automation solutions they can trust."

Market Analyst at Infosource, Ralph Gammon, commented, “According to the FAQ page on the name change, “From our roots as a leading document capture company, we've evolved to a prominent global leader in Intelligent Automation.” But, if you pull back the covers, is this really true? Based on a May 2022 interview by CEO Reynolds Bish with the OC Register (during the company’s most recent acquisition by a couple of private equity firms), we’ll estimate that Kofax’s annual revenue is somewhere north of $700M. From public filings, we know that Kofax generated approximately $300M in primarily Capture-related revenue when it was acquired by Lexmark in 2015 and the Nuance acquisition brought another $200M in Capture and Print Management software revenue. Add in smaller acquisitions of TIS, Ephesoft, and Psigen, and what percentage of Kofax’s current revenue do you think still comes from Capture?

“It’s somewhat unclear why the Tungsten name has been chosen, aside from it not being Kofax, which obviously is connected strongly to the Capture market that the company is trying to diversify out from.”

"Choosing Tungsten Automation as our new name means embracing a promise of enduring reliability, innovations recognized by leading industry analysts and a commitment to success in the dynamic world of intelligent automation. With a broad portfolio of solutions dedicated to solving inefficiencies across a wide parameter of use cases in the financial, healthcare, supply chain and government industries amongst others," Bish said.