Breaking News! Wax Digital and Medius join forces for a complete AP and S2P product suite

Exciting news in the market this morning as UK-head-quartered e-procurement firm Wax Digital announces its acquisition by global accounts payable (AP) invoice automation solution provider, Medius. The presss release is here.

Sweden-based Medius, part of global investment firm Marlin Equity Partners, offers process efficiency and financial control through its two cloud solutions, MediusFlow and Ascendo Invoice. They provide ‘unprecedented levels of automated and truly touchless invoice processing, shortened lead times, improved vendor relationships as well as greater control and visibility of financial metrics’ to its 3,000+ customers and 200,000+ unique users worldwide.

Wax Digital, with whom Spend Matters is very familiar having featured them many times on the site over the years, offers integrated source-to-pay cloud solutions to 260,000 users in over 100 countries, carrying tens of millions of transactions efficiently and securely every year, bringing 360° spend management capability, control, compliance and cost saving throughout the entire purchasing lifecycle.

Together they will form a force in the industry providing both purchasing and finance functions with a unified solution for complete control of costs, cash and compliance. The Wax Digital suite will strengthen Medius’ market-leading accounts payable solution resulting in a ‘comprehensive product suite with full source-to-pay capabilities,’ says this morning’s press release, and ‘the combined company will allow current and future customers to generate increased automation, visibility and control across the entire purchasing process.’

Medius CEO Per Åkerberg affirms: "We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally.”

The Medius and Wax Digital teams are highly complementary, according to our GM Jenny Draper:

“Wax Digital has a great working culture with an impressive customer list. Not only will this acquisition be a powerful shot in the arm for Wax, but also for Medius who will be bringing a smart, lean team into the fold as well as a dedicated client base. This should be positive news for those customers as it opens the door to further service scope and technology investment.”

Wax Digital CEO Paul Ellis commented that “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. 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.”

“Exciting news indeed!” said Spend Matters analyst Magnus Bergfors:

“For Medius it means that they now can compete with the big suite players in more procurement-centric deals that they might not have been included in before and in Wax they get some really good complementary procurement and sourcing modules. I’ve always been impressed by Wax Digital’s ability to develop and maintain a competitive S2P suite with the comparatively limited resources they’ve had. And with this acquisition they will hopefully get additional resources for product development but also in the sales and marketing area to increase visibility and global presence.”

The joint team will comprise 350 employees across North America, the UK, the Nordics, Benelux, Poland and Australia processing more than $100 bn through the platforms annually.

We look forward to hearing more about how Medius and Wax are planning to move forward!

 

(And to hear what our founder and managing director for Spend Matters Nexus and Azul Partners, Jason Busch, had to say, read this. Jason will also be offering a deep dive on the reasons for the deal in a series of briefs on Spend Matters Nexus.)

 

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