Medius plans to acquire Expensya to accelerate its ability to grow and cross-sell in the business applications market.
The acquisition would add Expensya’s artificial intelligence (AI)-powered, mobile-first employee spend management solutions to Medius’s accounts payable (AP) platform, Medius said in a Wednesday (June 7) press release.
“Together, we can offer CFOs solutions that can help them transform finance while empowering their teams,” Medius CEO Jim Lucier said in the release. “We are delighted to welcome the whole team to the Medius family.”
PYMNTS research has found that when it comes to managing non-payroll spending, automation is where a great deal of the smart money is going.
Among Software-as-a-Service (SaaS) firms, for example, 55% of firms now use a system to automate the management of non-payroll spending, according to “Improving Financial Performance: The Speed of Spend Management System Adoption,” a PYMNTS and Airbase collaboration.
The report also found that among SaaS firms that are not currently using such a system, 84% are at least somewhat interested in using one, and 64% are very or extremely interested.
The Medius platform, which uses AI to link and automate invoice capture, processing and payments, is used by more than 4,000 mid-market and enterprise customers across 102 countries, according to the press release.
Expensya’s spend management solution, which uses AI to eliminate manual data entry and automate expense processing, has more than 6,000 client companies in 100 countries, the release said.
“Mid-sized organizations and their CFOs are clearly looking for one common platform to efficiently manage all their spend,” Expensya CEO Karim Jouini said in the release. “By combining our employee spend management solution and payment cards with Medius’ AP automation platform, we 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.”
The announcement of this planned acquisition comes about 15 months after Medius acquired OnPay Solutions, a company that helped clients streamline AP processes and lower costs by automating invoice payments.
When announcing that acquisition in March 2022, Medius said the deal would enable it to integrate payment processing directly into its source-to-pay platform.
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