Paytech Medius to acquire expense management firm Expensya
Medius, a provider of accounts payable (AP) automation solutions, is to acquire expense management software company Expensya for an undisclosed sum. Medius says the acquisition is “one of the largest in the MENA region”.
Founded in Tunis in 2014 by former Microsoft software engineers Karim Jouini and Jihed Othmani, Expensya says its web, mobile and smart payment-card solutions automate spend management for 6,000+ customers, with 700,000 active users in more than 100 countries.
Its software integrates with major enterprise resource planning (ERP) applications such as SAP, Oracle and Microsoft Dynamics.
In May 2021, it raised $20 million in a Series B funding round. Since then, it claims to more than doubled its recurring revenue and grown its headcount to 200+ employees mainly based in Tunisia, France and Germany.
Medius and Expensya: transforming spend management
Medius says the acquisition of Expensya will complement its strengths in areas such as autonomous AP, payments, procurement, sourcing, contracts and supplier onboarding.
The two firms also complement each other geographically. For example, Expensya has developed an employee spend management solution in France, which will enable Medius to capitalise on the French e-invoicing mandate.
“Together, we can offer CFOs solutions that can help them transform finance while empowering their teams,” says Jim Lucier, CEO of Medius.
He adds that both companies “share the ambition to transform the spend management category using the power of automation and artificial intelligence (AI)”.
Jouini, founder and CEO of Expensya, says the combination of the firm’s employee spend management solution and payment cards with Medius’s AP automation platform will “cover the whole indirect spend” of mid-size organisations.
Medius claims more than 4,000 customers across 102 countries and processes $180 billion in annual spend through its system. Last year, it acquired a US-based invoice payments specialist, OnPay.