Medius to buy Wax Digital, giving the AP automation expert full source-to-pay prowess

AP automation provider Medius today announced that it is buying Wax Digital, the UK-based suite provider of source-to-pay capabilities.

Medius, which is based in Sweden, sees the deal as a chance to have a “comprehensive product suite with full source-to-pay (S2P) capabilities,” it said in a press release. “The combined company will allow current and future customers to generate increased automation, visibility and control across the entire purchasing process.”

Terms of the deal were not disclosed. Medius is owned by the global investment firm Marlin Equity Partners, which is based in California and has offices in London.

The joint Medius-Wax Digital team will consist of 350 employees across North America, the UK, the Nordics, Belgium, the Netherlands, Luxembourg, Poland and Australia — processing more than $100 billion through the platforms a year, the press release said.

“Wax is delighted to have found a highly complementary partner in Medius who shares our mission of delivering best-in-class source-to-pay software solutions,” Wax Digital CEO Paul Ellis said in the release. “The acquisition combines two market-leading cloud offerings to create a business of scale, and we look forward to working with the Medius team to help drive our next phase of growth.”

Medius CEO Per Åkerberg said the acquisition highlights Medius’ goal of supporting customers’ digital needs worldwide.

“We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally,” Åkerberg said in the statement.

Jason Busch, the managing director for Spend Matters Nexus and Azul Partners (which advised Marlin on the transaction), said combining Medius and Wax Digital makes sense for a number of reasons.

“Both organizations share similar high rates of customer satisfaction, are driving compatible strategies on Microsoft’s technology stack and bring a diverse set of product and commercial synergies,” Busch said in the release. “Perhaps most important, together they present a more holistic application footprint for procurement and finance organizations than many better-known peers.”

For a deep dive on the companies’ backgrounds, strengths/weaknesses and reasons for this deal, Spend Matters Nexus will offer its insight in a series of briefs, starting today.

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