Medius, a leading provider of accounts payable automation solutions, recently announced the completion of its acquisition of expense management software company Expensya.
Benefits from the deal to the Company
With the completed acquisition of Expensya, Medius now has access to the Tunisian start-up’s AI-powered, mobile-first, powerful employee expense management capabilities for autonomous payables, payments, procurement, procurement and contracting, which complements Medius’ strengths in areas such as supplier onboarding.
With this acquisition, Medius provides a one-stop-shop for CFOs who want a complete picture of their financial performance. The acquisition also furthers Medius’ strategy to become the leading provider of AP automation with robust payment capabilities and industry-leading controls and fraud detection.
Additionally, the acquisition of Expensya Medius steps into new geographic boundaries, products to accelerate growth and cross-sell in highly competitive business application markets such as France, where Expensya has developed leading solutions for employee expense management. Added strengths. Medius can also benefit from the French electronic invoicing obligation, which is due to come into force on 1 July 2024.
The acquisition represents a landmark moment for fintech advancement in North Africa, and gives an essential boost to the Tunisian fintech sector.
Comments from the leadership of both the companies
Jim Lucier, CEO of Medius, comments: “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. We are delighted to have the team on board, and have already started working with them to amplify the Medius offering.”
Karim Jouini, CEO of Expensya, comments: “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 revolutionize 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 optimize cost and processes across the board.”
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