In a momentous announcement, Karim Jouini, CEO of Expensya, has revealed that the acquisition of Expensya by Medius is now officially closed. The successful completion of this acquisition comes merely six weeks after the initial announcement, representing a significant milestone for both companies. Jouini expressed his delight, stating, “Today marks a significant milestone! Just six weeks after the announcement, I am thrilled to say that the Expensya / Medius agreement is officially sealed! I am filled with gratitude for our unstoppable dream team (Special shoutout to Stéphanie Rogeau-Barré #BestCFO ever!) Their unwavering spirit has allowed us to overcome the colossal logistical challenge of aligning nearly 200 shareholders across multiple continents — all within a record time.”
The acquisition brings together two industry leaders in the financial software domain. Expensya, founded in Tunisia in 2014 by Karim Jouini and Jihed Othmani, specializes in offering advanced expense management solutions to over 6,000 customers across more than 100 countries, with an impressive user base of 700,000 active users. Their software seamlessly integrates with leading ERP applications, making expense management more efficient and empowering companies to optimize financial control within the Office of the CFO.
read also Egyptian Fintech Cayesh Lands Funding from Visa at Seamless North Africa
On the other hand, Medius is renowned for its cutting-edge accounts payable (AP) automation solutions, leveraging artificial intelligence to streamline invoice capture, processing, and payments for mid-market and enterprise AP teams. The company’s advanced technology allows for automatic identification of potential fraud or duplicate payments through anomaly detection, proactively mitigating risks.
With this strategic acquisition, Medius aims to enhance its capabilities in various key areas, including autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding. Expensya’s AI-enabled, mobile-first employee spend management functionalities will further augment Medius’s offerings, making the combined entity a formidable force in the financial software industry.
In his announcement, Karim Jouini emphasized the unity of both companies, stating, “Today, we are united not only on paper but also in spirit! Very soon, we will function as a cohesive force providing the broadest and most ambitious platform for financial directors. A big step forward for us, and a giant leap for our industry.”
The acquisition is expected to open up new growth opportunities for both Medius and Expensya, as their complementary geographic and product strengths enable accelerated expansion and cross-selling within the competitive business applications market. Expensya’s strong presence and expertise in employee spend management solutions in France, in particular, will allow Medius to capitalize on the French e-invoicing mandate.
Egypt’s Payment Provider Fawry Partners with Smart Schools for Secure Tuition Fee Solutions
The financial terms of the acquisition have not been disclosed; however, it is understood to be one of the largest deals in the MENA region. The acquisition comes on the back of Expensya’s remarkable revenue growth, which has more than doubled in the past two years. Expensya has also expanded its workforce to over 200 employees, with primary locations in Tunisia, France, and Germany. The company previously secured $20 million in a Series B funding round in May 2021.
The integration of Expensya’s employee spend management solution and payment cards, alongside Medius’s AP automation platform, will enable the combined entity to address the entire indirect spend of organizations. Leveraging the power of AI, the companies aim to comprehensively optimize costs and processes, providing a holistic and transformative solution to financial leaders.
Industry experts, such as Kevin Permenter, research director for Financial Applications at IDC, have commended the acquisition for its potential to provide financial leaders with a holistic view of their organization’s travel performance and financial position. In a post-pandemic business landscape, such advanced software tools are critical for businesses aiming to thrive and navigate efficiently.
The successful completion of the acquisition marks yet another significant milestone in the Tunisian startup ecosystem. With this acquisition and the recent acquisition of Tunisia-founded enterprise artificial intelligence (AI) startup InstaDeep in January, valued at $648 million by Germany’s BioNTech SE, the region continues to gain attention for fostering innovative and high-growth tech companies.
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