Medius reports record high growth and innovation success in 2018
15 February 2019
Medius, the leader in cloud-based AP invoice automation, experienced a record year in 2018 with high sales growth in all countries for both the Medius and Ascendo Invoice solutions. Medius now has over 150,000 unique users globally of its cloud solutions.
- Sales success: The total net customer base grew by 24% (10% LY) and new ACV (Annualized Contract Value) sales grew to 68 MSEK (57 MSEK LY) ($7.5M USD). The total ACV stock grew by 24% (23% LY) to 276 MSEK ($31M USD).
- Revenue growth: Recurring revenue accounted for 72% (69% LY) of total revenue and subscription revenue grew by 28% (33% LY).
- Product innovation: Medius launched more product innovations than any prior year in the company’s history. Research and development investments continue to focus on helping customers achieve a more efficient AP process and increase their control of the entire business.
- Global expansion: Medius has seen great traction from investments in key growth markets like North America and APAC, and plan to further accelerate international growth during 2019.
Medius has experienced high sales growth in EMEA, as well as in North America and APAC. Two of the highlights are a 60% year over year ACV growth in North America and 32% growth for Ascendo Invoice, Medius’ SME solution offered in Sweden. New customer wins include brands like Bolist, Canada Goose, Christian Dior (LVMH), DUX International, Hemtex, Isadora, J.Lindeberg, Plantagen, Puma North America and Terraform Power.
“2018 was another fantastic year for Medius and our growth clearly demonstrates how well our cloud solutions and best practice workflows suit the global market,” said Per Åkerberg, CEO of Medius. “We have seen new customers in many different industries, but our success in the retail segment has really established the position of Medius as the preferred solution for retailers using Microsoft Dynamics ERPs and struggling with complex invoice automation scenarios.”
Product innovation to drive customer success
During 2018, Medius has continued its focus on product innovation and has launched a number of innovations helping customers to achieve greater control and increased efficiency:
- Supplier notifications helps customers to improve vendor relationships
- CFO dashboard improves the financial visibility and aids customers in optimizing cash management and completing financial statements each month, on time
- Built-in capture offers one unified end-to-end user experience and full audit trail
- Further improved mobile solutions support invoice management on the go.
“Innovation for Medius is truly about adding value for our customers in their day-to-day operations,” said Per Åkerberg, CEO at Medius. “We constantly look for ways to speed up on-boarding and increase usability so that customers can enjoy the benefits of increased control and process efficiency even faster. By using our process performance KPIs and benchmarks, our customer base has achieved an average of 68% touchless processing, and the leaders up to 97%. In addition, we have been able to reduce our customers need for product support by 20%, mostly thanks to product innovation and self-service functionality. Going forward the self service capabilities and productized onboarding are key in continuing to increase speed to value for our customers, as well for our partners deploying Medius.“
For more information, please contact:
- Per Åkerberg, CEO, Medius AB, firstname.lastname@example.org
- Thomas Müllertz, CMO, email@example.com
Medius is a leading global provider of accounts payable (AP) invoice automation solutions helping companies drive their business forward by providing best-in-class process efficiency and greater financial control. Our cloud solutions Medius and Ascendo Invoice enable unprecedented levels of automated and truly touchless invoice processing, shortened lead times, improved vendor relationships as well as greater control and visibility of financial metrics.
Over 3,000 customers and 150,000+ unique users worldwide currently leverage Medius’ AP automation solutions. Thanks to advanced invoice matching capabilities, unique process efficiency KPIs and data-driven benchmarks our customers achieve continuous process improvements for performance levels well above industry averages. As such, Medius support the transformation of AP from a traditional, back-office function to a powerful, strategic center of business.
Founded in 2001, Medius is owned by the global investment firm Marlin Equity Partners. It has over 230 employees and offices in Sweden (HQ), the United States, Australia, Denmark, Norway, the Netherlands and Poland. For more information, please visit Medius.com.