Medius, a leading provider of accounts payable (AP) automation, has announced its intention to acquire Expensya, a company specializing in expense management software. Founded in Tunisia in 2014 by former Microsoft software engineers Karim Jouini and Jihed Othmani, Expensya offers web, mobile, and smart payment-card solutions that automate spend management for over 6,000 customers across more than 100 countries, with 700,000 active users.
Expensya’s software integrates seamlessly with leading ERP applications like SAP, Oracle, and Microsoft Dynamics, empowering companies to enable their employees to spend autonomously, reduce costs, save time, and optimize financial control within the Office of the CFO.
Medius, on the other hand, leverages artificial intelligence in its software platform to streamline invoice capture, processing, and payments for mid-market and enterprise AP teams. Its advanced technology enables automatic identification of potential fraud or duplicate payments through anomaly detection, proactively mitigating risks. By acquiring Expensya, Medius aims to enhance its capabilities in areas such as autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding, leveraging Expensya’s AI-enabled, mobile-first employee spend management functionalities.
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Both Medius and Expensya possess complementary geographic and product strengths, allowing for accelerated growth and cross-selling in the highly competitive business applications market. Expensya’s strong presence and expertise in employee spend management solutions in France will enable Medius to capitalize on the French e-invoicing mandate.
Jim Lucier, CEO of Medius, expresses his enthusiasm for the acquisition, highlighting Expensya’s innovative features and AI-powered innovation in transforming the spend management category. The shared ambition of both companies is to revolutionize finance by leveraging automation and AI, providing CFOs with transformative solutions and empowering their teams. Lucier warmly welcomes the entire Expensya team to the Medius family.
Although the exact value of the acquisition remains undisclosed, but it is understood that the acquisition is one of the largest in the MENA region and comes after Expensya’s impressive revenue growth. The company’s recurring revenue has more than doubled in the past two years, and it has expanded its workforce to over 200 employees, primarily located in Tunisia, France, and Germany. In May 2021, Expensya successfully raised $20 million in a Series B funding round.
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Karim Jouini, CEO of Expensya, emphasizes the need for a unified platform to efficiently manage all spend within mid-sized organizations. With the combined offering of Expensya’s employee spend management solution and payment cards, alongside Medius’s AP automation platform, the companies can now address the entire indirect spend of organizations and apply the power of AI to optimize costs and processes comprehensively. Jouini looks forward to embarking on the next chapter of Expensya’s journey with Jim and the rest of the Medius team.
Kevin Permenter, research director for Financial Applications at IDC, highlights how Medius’s planned acquisition of Expensya will enable financial leaders to gain a holistic view of their organization’s travel performance and financial position. By facilitating the flow of data between travel and expense activities and relevant finance functions, advanced software tools like these are crucial for businesses aiming to thrive in the post-pandemic period.
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This is the second major tech acquisition happening in the Tunisian startup ecosystem this year, after Tunisia-founded enterprise artificial intelligence (AI) startup InstaDeep was acquired in January for $648M by Germany’s BioNTech SE.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard