Luke McKeever leaves Tungsten / OB10

We published an update on OB10 / Tungsten last week and commented that there was a fair bit of change going on, with the new Tungsten parent company getting the banking side of the business in place, whilst incorporating the OB10 e-Invoicing business into the new group.

And today, the firm announced that Luke McKeever, the CEO of OB10, is leaving. It sounds amicable enough - but who knows. Luke may have done very well out of the OB10 acquisition, so perhaps he just wants to go and lie in the sun with his millions. Or perhaps there is more to it than that – we will of course try and find out. The announcement says this.

Luke McKeever comments: "Tungsten is in an enviable position, with excellent people and a wonderful customer base. The new capabilities and senior talent that Tungsten has brought to bear will help to underpin a very bright future. I would like to thank the team for their magnificent support over the past three years and wish them and our customers success in this exciting phase of growth."

The announcement suggests there is no direct replacement but it looks like OB10 is now part of the overall group structure, with Edmund Truell as MD. And Lincoln Jopp has been appointed Group Chief Operating Officer. He's a 20-year, decorated career soldier (googling him throws up some interesting and scary stories), who left the Army after rising to Lt Colonel level. That's an interesting step, from the front line to the Board of a not insignificant company in a totally non-military market. We look forward to meeting him.

The other announcement from the firm today is that they have discounted their first invoice – so progress is being made on that front.

“Selected UK suppliers have been invited to discount invoices over the Tungsten Network, with the first discount having been successfully processed last week. This will provide useful market experience as a prelude to full mobilization, should the final change of control approval be forthcoming from the Prudential Regulatory Authority. Whilst still of necessity a limited activity, this discounting has been done on the terms anticipated in our business model. The Board continues to be hopeful that the required approval will be obtained by the end of May 2014 and a further announcement will be made in this context, when appropriate”.

More to come on this as well.


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