A supply with data of the deal says Medius might pay a number of hundred million for Expensya.
Medius, the Swedish enterprise expense administration firm, plans to acquire Tunisian-born however Paris-headquartered Expensya for an undisclosed sum. A press assertion seen by TechCabal describes the acquisition as “ one of the largest in the MENA region.”
Expensya was based in 2014 by Karim Jouini (CEO) and Jihed Othmani (CTO) to present automated expense administration instruments for European companies. Expensya’s software program permits companies to supply autonomous spending (inside specified guidelines and limits) releasing up time and streamlining worker expensing. Integrations with well-liked ERP purposes like SAP, Oracle and Microsoft Dynamics enable monetary comptrollers to preserve management and visibility throughout all enterprise spending and simplify workers reimbursement.
Initially inbuilt Tunis, Expensya is headquartered in Paris however nonetheless maintains the majority of its again workplace operation in Africa. Per TechCabal reporting final 12 months, solely 50 of 160 workers had been based mostly exterior Africa with the remainder understanding from an workplace within the Tunisian capital.
Before this acquisition, Expensya had raised a complete of $25.6 million, with the newest being a $20 million Series B that was introduced in April 2021. Press statements saying the pending acquisition say Expensya greater than doubled its recurring income in two years (from 2021) and grew its buyer base to 6000 companies (700,000 lively particular person customers) unfold throughout 100 nations. Expensya now employs greater than 200 workers, primarily based mostly in Tunisia, France, and Germany.
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“Mid-size organizations and their CFOs are clearly looking for one common platform to efficiently manage all their spend,” stated Karim Jouini, CEO of Expensya. “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.”
Founded in 2001, Medius is a cloud-based spend administration expertise supplier based mostly in Stockholm, the Swedish capital.
In 2017, California-based personal fairness agency Marlin Equity Partners acquired Medius for an undisclosed sum. In March, Marlin offered a minority stake in Medius to Advent International, one other personal fairness agency, for an undisclosed sum. Industry watchers reported that the minority single-asset stake sale was shut to $500 million after Marlin revalued Medius downwards, suggesting that Medius retained a price considerably above the billion-dollar mark.
“Expensya has developed a leading employee spend management solution in Europe,” Jim Lucier, Medius CEO stated in a broadcast press assertion “Its founders, Karim and Jihed, and its leadership team share our ambition to transform the spend management category,” he added. Medius is very eager to leverage Expensya’s expertise to increase its spend administration automation platform for journey companies. According to Kevin Permenter, analysis director for Financial Applications at International Data Corporation, “Medius’s planned acquisition of Expensya will help financial leaders get a holistic view of their organization’s travel performance and financial position by enabling data from travel and expense activities to flow between the relevant finance functions.”
Medius has sought to develop its enterprise suite by buying rising companies working in the identical or, adjoining house. In 2019 it acquired Wax Digital, a UK Procurement cost supplier. And in 2022, it purchased OnPay Solutions, a US-based Accounts Payable and cloud-based bill processing firm.
The acquisition, when accomplished, would be the second 9-figure acquisition of a startup of Tunisian origin. In January this 12 months, Oxford University spinoff, BioNTech, acquired InstaDeep, one other Tunisian-born startup for $680 million. The deal represented the biggest startup exit to date for an African-born startup.
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