Medius, an eminent provider of accounts payable (AP) automation based in Stockholm, Paris and Tunis, has disclosed plans to acquire Expensya, an expense management software enterprise.
Founded in Tunis in 2014 by ex-Microsoft software engineers Karim Jouini and Jihed Othmani, Expensya has garnered significant renown for its web, mobile, and smart payment-card solutions.
The reason driving this acquisition remains firmly rooted in the complementary nature of both firms’ operations and their shared interest in AI-powered solutions. Although the deal’s value has not been publicly announced, its strategic alignment suggests significant investment from Medius.
At its core, Medius focuses on using artificial intelligence to streamline and automate AP tasks such as invoice capture, processing and payments for mid-market and enterprise AP teams. Its unique offering lies in its capacity to identify potential fraud or duplicate payments, utilising anomaly detection technology to proactively identify risks.
Conversely, Expensya’s innovative approach helps companies empower their employees to spend independently, thus saving time and optimising financial control within the CFO’s office. Its software, integrated with leading ERP applications like SAP, Oracle, and Microsoft Dynamics, services more than 6,000 customers with over 700,000 active users spanning across 100 countries.
Expensya’s robust, AI-enabled employee spend management capabilities are poised to amplify Medius’s strengths in areas such as autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding. Their complementary geographic and product strengths are set to catalyse growth and cross-selling opportunities in the highly competitive business applications market. This move also enables Medius to capitalise on the French e-invoicing mandate, given Expensya’s strong footing in France.
One of the largest acquisitions in the MENA region, this announcement follows a period of impressive revenue growth for Expensya. In the past two years, the company has doubled its recurring revenue and grown its headcount to over 200 employees primarily based in Tunisia, France, and Germany.
Medius CEO Jim Lucier lauds the acquisition saying, “Expensya has developed a leading employee spend management solution in Europe, with innovative features and AI-powered innovation. Its founders, Karim and Jihed, and its leadership team share our ambition to transform the spend management category using the power of automation and AI. Together, we can offer CFOs solutions that can help them transform finance while empowering their teams. We are delighted to welcome the whole team to the Medius family.”
Likewise, Karim Jouini, CEO of Expensya comments, “Mid-size organisations and their CFOs are clearly looking for one common platform to efficiently manage all their spend. 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. We look forward to writing the next chapter of our story with Jim and the rest of the Medius team.”
Kevin Permenter, research director for Financial Applications at IDC, predicts that the planned acquisition will equip financial leaders with a comprehensive view of their organisation’s travel performance and financial position. This, he explains, will be made possible by the interflow of data from travel and expense activities between relevant finance functions.
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