Accounts payable (AP) automation provider Medius has announced its intention to acquire expense management software company Expensya. Founded in Tunisia in 2014 by Karim Jouini and Jihed Othmani, Two former Microsoft software engineers, Expensya’s web, mobile and smart payment card solutions automate spend management for more than 6,000 clients with 700,000 active users in more than 100 countries. The company helps companies empower their staff so they can spend autonomously, reduce costs, save time, and thus optimize control in the CFO’s office. Their software integrates with leading ERP applications such as SAP, Oracle, and Microsoft Dynamics.
For its part, the Medius software platform uses artificial intelligence to link and automate the capture, invoice processing and payment for accounts payable teams in midsize and large businesses, helping them automatically identify potential fraud or duplicate payments using anomaly detection technology that proactively identifies risks.
The acquisition of Expensya and its powerful AI-based and mobile-oriented employee spend management capabilities will complement Medius’ strengths in areas such as autonomous accounts payable, payments, procurement, sourcing, contracts and the incorporation of suppliers. Medius and Expensya have complementary geographic and product strengths, that accelerate the ability to grow and cross-sell in the highly competitive business applications market. Expensya has developed a leading professional expense management solution in France and this transfer allows Medius to capitalize on the electronic invoicing mandate in that country.
In the words of Jim Lucier, CEO of Medius: «Expensya has developed a leading European employee expense management solution, with innovative features and AI-powered innovation. Its founders, Karim and Jihed, and their executive team share our ambition to transform the expense management category using the power of automation and AI. Together we can offer CFOs solutions that help them transform finance while empowering their teams. We are delighted to welcome the entire team to the Medius family.”
The acquisition, one of the largest in the region ORE, follows a period of impressive revenue growth for Expensya. In the last two years, the company has more than doubled its recurring revenue and increased its workforce to over 200 employees, mainly in Tunisia, France and Germany. The company raised $20 million in a series B funding round in May 2021.
