Accounts payable (AP) automation provider Medius has completed the acquisition of expense management software company Expensya.
The financial terms of the deal were not disclosed.
Founded in 2014, Expensya supports companies to assist their employees to spend autonomously, reduce costs, save time, and streamline financial control in the office of the chief financial officer (CFO).
The Tunisia-based firm’s web, mobile, and smart payment-card solutions automate spend management for over 6,000 customers.
Expensya CEO Karim Jouini said: “In a sector as quick-footed as expense management, you can either wait for disruption to attack your business, or you can be the disruptor. With this acquisition, both Expensya and Medius come as disruptive forces ready to revolutionise the industry.
“Expensya’s AI capabilities, employee spend management solution, and payment cards, with Medius’s AP automation platform, means we can 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.”
Having completed the acquisition, Medius aims to bank on Expensya’s artificial intelligence (AI)-driven, mobile-first, employee spend management capabilities.
The capabilities will complement Medius’ strengths in areas like payments, procurement, autonomous AP, sourcing, contracts, and supplier onboarding, said the AP automation provider.
Through the acquisition, Medius plans to advance its strategy to become a strong provider of AP automation with strong payment capabilities along with control and fraud detection.
Besides, Expensya’s acquisition will take Medius to new geographical frontiers by adding product strengths that expedite the ability to grow and cross-sell in highly competitive business application markets like France.
Medius announced its intent to acquire Expensya last month.
Medius CEO Jim Lucier said: “Expensysa’s growth has been astronomical over the last two years – and why wouldn’t it be – as the founders, Karim and Jihed, have built powerful AI-innovation that will take us to new heights in spend management.
“This partnership already puts us in and amongst the biggest players within the spend management space and together we can offer CFOs solutions that can help them transform finance while empowering their teams.”
