Medius snaps up US-based invoice payments specialist OnPay
Business spend management platform Medius has acquired US-based OnPay Solutions, an invoice payments provider, for an undisclosed sum.
The deal will see Medius integrate payment processing – what it calls the “last mile” of accounts payable (AP) automation – into its source-to-pay platform, enhancing operational efficiency for customers and boosting the platform’s fraud and risk detection capabilities.
Medius CEO Jim Lucier says the acquisition provides his company with the technology and expertise needed to deliver an end-to-end solution that automates the process of receiving, handling, approving and paying an invoice, as well as onboarding and managing vendors.
The acquisition will also see Medius open a new corporate office in the second half of 2022 in Jacksonville, Florida to support the company’s growth in North America.
Founded in 2009 by Neal Anderson and Juliet Negrete-Anderson, OnPay Solutions provides ‘no touch’ virtual cards, ACH transfers and cheque and wire payment services for more than 400 customers ranging from mid-sized companies to larger enterprises and institutions.
Medius says integrating this technology, as well as OnPay’s network of 360,000 vendors and 40 banking integrations, strengthens its ability to automate payment processing through its own platform as well as existing third-party payment partners.
OnPay president and CEO Neal Anderson says the deal will provide the firm with the opportunity “to scale our solution domestically and internationally, as well as provide new AP automation opportunities for our existing clients”.