FOR IMMEDIATE RELEASE – September 22, 2014
CONTACT: Mark Horne, Managing Partner
555 Briarwood Circle, Suite 210
Ann Arbor, Michigan 48108
(734) 747-9401 phone/ (734) 929-1811 fax
Tungsten Corporation Acquires DocuSphere – 2nd Exit for PVP II
Plymouth Ventures is pleased to announce that PVP II portfolio company DocuSphere has been acquired by Tungsten Corporation. Based in Perrysburg Ohio, DocuSphere is a leading provider of accounts payable automation and workflow software.
Tungsten Corporation is a publicly traded company based out of London, England (TUNG: LSE). The combination of Tungsten’s supplier portal and e-Invoicing services with DocuSphere’s workflow and connectivity technology will help companies streamline their accounts payable functions from receipts of e-Invoice to payment.
Plymouth Venture’s PVP II originally invested in DocuSphere (also known as Image Integration Systems) in December of 2010, and the equity investment provided growth capital for increased sales and marketing activity, along with additional product development.
Mark Horne of Plymouth Ventures commented: “Today’s positive outcome was the result of a real collaborative effort with management, along with important support from Rocket Ventures and the State of Ohio. The DocuSphere team was able to create significant value by developing best in class technology along with an impressive collection of Fortune 500 customers.”
Bradley White, CEO and President of DocuSphere, said, “We are extremely pleased to complete this sale to Tungsten. By becoming part of the Tungsten Network, we will provide additional value and services to our customers and greater opportunities for our employees. We appreciate the partnership with Plymouth and Rocket that enabled us to get to this point, and Mark Horne’s leadership and experience was critical in getting this combination completed.”
About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Jeff Barry, Kevin Terrasi, and Evan Ufer. Plymouth was founded by Ian Bund who remains active as a Senior Advisor. The firm is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.