Swedish software company, Medius, plans to acquire Expensya, a Tunisian company. The cost of the acquisition is unknown.
Karim Jouini (CEO) and Jihed Othmani (CTO) founded Expensya in 2014 to offer automated expense management tools for European companies.
Integrated with leading Enterprise resource planning (ERP) systems, such as SAP, Oracle, and Microsoft Dynamic, Expensya assists businesses in enabling their staff to make independent purchases, cut costs, save time, and improve financial control in the Chief Financial Officer (CFO) office.
Jouini says that mid-sized companies and their CFOs are looking for a single platform to manage their spending effectively.
So, Expensya's employee spend management solution and payment cards combined with Medius's AP automation platform now cover all indirect spending for businesses, and we can use AI to support finance teams in streamlining costs and procedures across the board.
Further, Kevin Permenter, Research Director for Financial Applications at IDC, says the acquisition will allow data flow from travel and expense activities between the relevant finance functions, giving financial leaders a thorough understanding of their organisation's travel performance and financial position.
Founded in 2001, Medius provides cloud-based spend management technology.
With the help of anomaly detection technology, Medius' software platform links and automates invoice capture, processing, and payments for mid-market and enterprise AP teams, enabling them to proactively identify risks by automatically identifying potential fraud or duplicate payments.
Expensya's acquisition will strengthen Medius' positions in areas such as autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding.
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Expensya, which uses artificial intelligence to eliminate manual data entry and automate expense processing, will also offer AI-enabled, mobile-first employee spend management capabilities.
Medius and Expensya have complementary geographic and product strengths that speed up their ability to expand and cross-sell in the fiercely competitive business applications market.
Medius can now take advantage of the French e-invoicing mandate, as Expensya has developed a top employee spend management solution in that country.
The acquisition, touted as one of the biggest in the MENA region, comes after an impressive revenue growth period for Expensya.
Expensya says it has grown to employ over 200 people, most of whom live in Tunisia, France, and Germany. Its recurring revenue more than doubled during that time.
What’s more, in 2017, Medius was acquired by a California-based private equity company, Marlin Equity Partners.
In March 2022, Marlin sold a small portion of Medius to Advent International, another private equity firm.