The acquisition will strengthen Medius’s spend management offering
Medius, a Sweden-based provider of accounts payable (AP) automation, has announced its intention to acquire expense management software company Expensya for an undisclosed sum.
The acquisition will bring employee spend management capabilities to the Medius suite of solutions.
Expenysa was founded in Tunisia in 2014 by former Microsoft software engineers Karim Jouini and Jihed Othmani.
The company’s web, mobile and smart payment card solutions automate spend management for more than 6,000 customers, with 700,000 active users in more than 100 countries.
Now headquartered in France, Expensya’s solutions helps companies to “empower” their employees to spend autonomously, reduce cost and save time.
Its software integrates with ERP applications including SAP, Oracle and Microsoft Dynamics.
Medius’s software uses AI to link and automate invoice capture, processing and payments for mid-market and enterprise AP teams, to help them identify potential fraud or duplicate payments.
The acquisition follows a period of rapid revenue growth for Expensya. In the past two years, it has doubled its recurring revenue, grew its headcount to more than 200 employees and raised $20m in a series B funding round.
Jim Lucier, chief executive officer of Medius, commented: “Expensya has developed a leading employee spend management solution in Europe, with innovative features and AI-powered innovation.
“Together, we can offer chief financial officers’ solutions that can help them transform finance while empowering their teams.”
Karim Jouini, chief executive officer of Expensya, said: “By combining our employee spend management solution and payment cards, with Medius’s AP automation platform, we now cover the whole indirect spend of companies and can apply the power of AI to help finance teams to optimise cost and processes across the board.”