Medius, which offers source to pay solutions, has received a minority investment from private equity firm Advent International.
After the close of the deal, Marlin Equity Partners will remain the majority shareholder of Medius.
The FinTech company hopes to deepen is core technology, including its AI and machine learning capabilities, and further its touchless invoicing process. It also hopes to strengthen its end-to-end, source-to-pay solution via strategic business investments and M&A activity.
Sweden-based Medius develops AP automation, payments, sourcing and procurement services. Its products and services include the automation of receiving, handling, approving and paying invoices, as well as the simplification of onboarding and managing vendors.
Its services are used by LUSH, Puma, Nissan, Xerox, Marc Jacobs and more.
Marlin Equity Partners managing director Jan-Olivier Fillols said, “The spend management market has an incredible amount of potential, and we believe Medius is uniquely positioned for continued success. Both Advent and Marlin share similar values, while having enormous technology know-how and far-reaching operational capabilities. The combination of our teams, as well as our global resources will drive significant value to Medius customers and further enhance Medius’ strategic value.p>
As part of the deal, Advent director Douglas Hallstrom will join the Medius board of directors.
Earlier in the week, all-in-one bill payment platform doxo closed its Series C funding round on $18.5m. The company consumers manage all their bills and due dates from a single location.
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