The Swedish software business Medius has announced its intention to buy the Tunisian company Expensya. It is not clear how much the acquisition will cost.
Expensya was established in 2014 by current CEO Karim Jouini and current CTO Jihed Othmani with the intention of providing European businesses with automated cost management tools.
Expensya helps businesses empower their staff to make independent purchases, reduce expenses, save time, and enhance financial management in the office of the Chief Financial Officer (CFO) by integrating with popular enterprise resource planning (ERP) systems, including SAP, Oracle, and Microsoft Dynamic. This makes it possible for organisations to save money, save time, and improve financial control.
According to Jouini, mid-sized enterprises and their chief financial officers are looking for a single platform on which to manage their spending properly.
Therefore, the employee spending management system and payment cards provided by Expensya, along with the accounts payable automation platform provided by Medius, now cover all indirect expenditures incurred by enterprises. Furthermore, we are able to apply AI to assist finance teams in the process of simplifying expenses and procedures across the board.
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The acquisition will enable data flow
In addition, Kevin Permenter, Research Director for Financial Applications at IDC, has stated that the acquisition will enable data flow from travel and expense activities between the relevant finance functions.
This will provide financial leaders with a comprehensive understanding of their organization’s travel performance and financial position.
The cloud-based expenditure management technology offered by Medius was initially launched in the year 2001.
The software platform offered by Medius links and automates invoice gathering, processing, and payments for enterprise and mid-market accounts payable teams. This gives these teams the ability to proactively identify risks by automatically recognising probable instances of fraud or duplicate payments.
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How the acquisition of Expensya will help Medius
The acquisition of Expensya will help Medius improve its standing in a variety of markets, including autonomous accounts payable, payments, procurement, sourcing, contracts, and supplier onboarding.
Expensya, which employs artificial intelligence to reduce human data entry and automate the processing of expenses, will soon offer capabilities for employee spend management that are AI-enabled and mobile-first.
Both Medius and Expensya have regional and product strengths that are complementary to one another, which speeds up their potential to expand and cross-sell in the business applications market, which is intensely competitive.
Because Expensya has built a leading employee spend management system in France, Medius is now in a position to take advantage of the French government’s mandate for electronic invoicing.
An amazing period of revenue growth for Expensya precedes the announcement of the acquisition, which is being called one of the largest in the MENA region.
According to Expensya, the company now employs more than 200 workers, the majority of whom are based in Tunisia, France, and Germany. During that time period, the company’s recurring revenue increased by more than double.
In addition, the private equity firm Marlin Equity Partners, headquartered in California, completed its acquisition of Medius in the year 2017.
In March of 2022, Marlin completed the sale of a minor stake in Medius to Advent International, which is a competing private equity firm.