Media Alert: Medius Completes Acquisition of Expense Management Firm Expensya
25th July 2023: Medius, a leading provider of accounts payable (AP) automation, has today announced that the acquisition of expense management software company Expensya is complete.
Now that the acquisition of Expensya has been wrapped up, Medius can bank on the Tunisian startup’s powerful AI-enabled, mobile-first, employee spend management capabilities that complement Medius’s strengths in areas such as autonomous AP, payments, procurement, sourcing, contracts and supplier onboarding.
By taking Expensya under its fold, Medius forms a one-stop shop for CFOs as they look to gain a holistic viewpoint on their financial performance. The acquisition is also a further step-forward in Medius’s strategy to be the leading provider of AP automation with robust payment capabilities and industry‑leading control and fraud detection.
Not only that, but the acquisition of Expensya has taken Medius to new geographical frontiers adding product strengths that accelerate the ability to grow and cross-sell in highly competitive business application markets like France, where Expensya has developed a leading employee spend management solution. Medius can also capitalize on the French e-invoicing mandate, which is due to come into effect on July 1st 2024.
The acquisition represents a landmark moment for fintech advancement in North Africa, and gives an essential boost to the Tunisian fintech sector.
Jim Lucier, CEO of Medius, comments: “Expensysa’s growth has been astronomical over the last two years - and why wouldn't it be - as the founders, Karim and Jihed, have built powerful AI-innovation that will take us to new heights in spend management. This partnership already puts us in and amongst the biggest players within the spend management space and together we can offer CFOs solutions that can help them transform finance while empowering their teams. We are delighted to have the team on board, and have already started working with them to amplify the Medius offering.”
Karim Jouini, CEO of Expensya, comments: “In a sector as quick-footed as expense management, you can either wait for disruption to attack your business, or you can be the disruptor. With this acquisition, both Expensya and Medius come as disruptive forces ready to revolutionize the industry. Expensya’s AI capabilities, employee spend management solution, and payment cards, with Medius’s AP automation platform, means we can now cover the whole indirect spend of companies and can apply the power of AI to help finance teams to optimize cost and processes across the board.”
Medius links invoice capture, processing and payment to replace the worry and wondering of managing AP with calm and confidence. Medius goes far beyond basic automation by using artificial intelligence to do most of the work – so invoices get confirmed, coded and paid; AP teams get to go home and rest easy; and businesses can trust their budgets and forecasts. Medius has more than 4,000 customers across 102 countries and processes $180 billion in annual spend through its system. Visit medius.com to learn more.
Expensya eliminates the administrative hassle of processing employee initiated spend. It facilitates companies in empowering their employees to spend independently while maintaining budgetary control. Its innovative solution generates benefits for employees, finance teams, and managers alike , enabling companies to transition from retroactively tracking expenses to pre-approving budgets.
Expensya uses artificial intelligence to eliminate manual data entry and automate the processing of expenses. Expensya is an easy-to-adopt and easy-to-adapt employee spend management solution that offers full control over spending while improving the bottom line of its customers. With a workforce of 200 individuals representing 20 different nationalities spread across 4 countries, Expensya has more than 6,000 client companies and over 700,000 users across 100 countries.