The acquisition which comes just six weeks after the announcement represents a significant milestone for both companies.
Karim Jouini, CEO of Expensya while commenting on the acquistion said, “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.”
Founded in Tunisia in 2014 by Karim Jouini and Jihed Othmani, two former Microsoft software engineers, Expensya’s web, mobile and smart payment card solutions automate expense management for more than 6,000 customers with 700,000 active users in over 100 countries. 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.
Medius’ software platform uses artificial intelligence to connect and automate invoice capture, processing and payment for mid-to-large enterprise accounts payable teams, helping them automatically identify potential fraud or duplicate payments through anomaly detection technology that proactively identifies risks.
The acquisition of Expensya and its powerful, AI-powered, mobile-focused employee expense management capabilities is aimed at complementing Medius’ strengths in areas such as self-managed accounts payable, payments, procurement, sourcing, contracts and supplier onboarding.
Medius and Expensya have complementary geographic and product strengths that accelerate the ability to grow and cross-sell in the highly competitive enterprise application market.
Expensya has developed a leading payroll expense management solution in France and this transfer will enable Medius to capitalize on the electronic invoicing mandate in France.
According to Karim Jouini emphasized the unity of both companies is not only on paper but also in spirit! .He stated that very soon, both companies 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 comes after Expensya’s remarkable revenue growth, which has more than doubled in the past two years.
Expensya has also scaled 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, with Medius’s AP automation platform, will help 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.
The successful completion of the acquisition whose financial terms remain undisclosed is seen to be one of the largest deals in the MENA region after the acquisition of (AI) startup InstaDeep in January, valued at $648 million by Germany’s BioNTech SE.