Tunisia-founded expense management software company Expensya is to be acquired by Swedish counterpart Medius for an undisclosed sum.
Founded in 2014 by Karim Jouini and Jihed Othmani, Expensya offers a software-as-a-solution (SaaS) platform that helps businesses of all sizes manage their expenses. Its web, mobile and smart payment-card solutions automate spend management for more than 6,000 customers with 700,000 active users in more than 100 countries.
The company raised a US$20 million Series B funding round in May 2021, off the back of previous rounds in 2016, 2017 and 2018, and in the past two years has more than doubled its recurring revenue and grown its headcount to more than 200 employees based in Tunisia, France, and Germany.
Medius, meanwhile, has developed a software platform that uses artificial intelligence to link and automate invoice capture, processing and payments for mid-market and enterprise account payable teams helping them to automatically identify potential fraud or duplicate payments using anomaly detection technology to proactively spot risks.
The company said the acquisition of Expensya and its powerful AI-enabled, mobile-first, employee spend management capabilities would complement its own strengths in areas such as autonomous AP, payments, procurement, sourcing, contracts and supplier onboarding. It also said the two companies had complementary geographic and product strengths that accelerate the ability to grow and cross-sell in the highly competitive business applications market.
“Expensya has developed a leading employee spend management solution in Europe, with innovative features and AI-powered innovation,” said Jim Lucier, CEO of Medius.
“Its founders, Karim and Jihed, and its leadership team share our ambition to transform the spend management category using the power of automation and AI. Together, we can offer CFOs solutions that help them transform finance while empowering their teams.”
Karim Jouini, CEO of Expensya, said mid-size firms and their CFOs were “clearly looking” for one common platform to manage their spending efficiently.
“By combining our employee spend management solution and payment cards, with Medius’s AP automation platform, we now cover the whole indirect spend of companies and can apply the power of AI to help finance teams optimise cost and processes across the board. We look forward to writing the next chapter of our story with Jim and the rest of the Medius team,” he said.
