StockMarketWire.com - Tungsten Corporation has signed a five year agreement to license @UK's Spend Analysis software, branded as 'TungstenAnalytics'.

This is contingent upon the successful flotation of Tungsten on AIM, which is expected to take place in October.

@UK will receive up front establishment fees and installation costs, together not expected to be greater than £0.5m. The total maximum value to @UK over the initial five year period is £3.4m.

Tungsten has conditionally agreed to acquire OB10 Limited, a leading global business-to-business e-invoicing platform, with a network of 122 buyers and 140,000 suppliers (of which 77,939 were active in the past 12 months), providing a large line-level item global data set.

Under the five year rolling licence agreement, @UK's Spend Analysis software will enable 'TungstenAnalytics' to be delivered across this global network.

An analysis by TungstenAnalytics of an anonymous sample of UK invoice data identified potential cost savings related to price variance of 1% of total spend; it is believed that a price benchmarking exercise could produce further savings of up to 4%.

Tungsten Corporation group chief executive Edmund Truell said: "We have an exciting opportunity to create a disruptive global player, by enhancing the offering of OB10's leading global e-invoicing network which already serves a number of the world's largest corporates and governments. In addition, we believe that TungstenAnalytics can provide considerable savings for buyers on the platform from which we would expect to benefit."

@UK plc chairman Ronald Duncan said: "Tungsten carried out extensive market testing and our unique ability to rapidly analyse complex data down to line item level and immediately provide significant savings to our customers was fully proven. We look forward to working with Tungsten to deliver the benefits of TungstenAnalytics to the Tungsten customer base and our wider value proposition."


At 1:45pm: [LON:ATUK] share price was +3p at 32.25p



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