Medius acquires Wax Digital to become the leader in cloud-based Source-to-Pay solutions
Stockholm, Sweden and Manchester, United Kingdom, November 19, 2019
Medius, the leader in cloud-based accounts payable automation, announced today that it has acquired Wax Digital, an industry leading procurement solutions provider headquartered in the U.K.
From sourcing and contracting with suppliers to placing orders, as well as matching, processing and paying invoices, the acquisition of Wax transforms Medius from a market-leading accounts payable-focused solution into a comprehensive product suite with full source-to-pay (S2P) capabilities. The combined company will allow current and future customers to generate increased automation, visibility and control across the entire purchasing process.
Both companies bring extensive experience and expertise in their respective areas, with native solutions built-out for the cloud with state-of-the-art technology, and easy, plug-and-play integrations into a range of ERP solutions. Together, Medius and Wax Digital will provide both purchasing and finance functions a unified solution for complete control of costs, cash and compliance.
“The decision to join forces with Wax underscores Medius’ commitment to supporting our customers’ eProcurement needs,” said Per Åkerberg, CEO of Medius. “We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally.”
The combined modular source-to-pay (S2P) suite enables current and future customers to identify and track savings opportunities, find potential suppliers and establish optimal agreements while gaining increased efficiency, visibility and control throughout the entire source-to-pay process.
“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,” said Paul Ellis, CEO of Wax. “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.”
The Medius and Wax Digital teams are highly complementary, sharing similar history, culture and competence. The combined company creates a power-house in S2P solutions with outstanding domain knowledge, experience and technology. The joint team consists of 350 employees across North America, U.K., the Nordics, Benelux, Poland and Australia processing more than $100 bn through the platforms annually.
“The Medius and Wax Digital combination is prescient on a number of levels,” said Jason Busch, Managing Director, Azul Partners and Spend Matters. “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. Perhaps most important, together they present a more holistic application footprint for procurement and finance organizations than many better known peers,” Busch notes.
For more information contact:
- Per Åkerberg, CEO Medius, per.akerberg@medius-group.com
- Paul Ellis, CEO, Wax Digital, paul.ellis@waxdigital.com
About Medius
Medius is a leading global provider of accounts payable (AP) invoice automation solutions helping companies drive their business forward by providing best-in-class process efficiency and greater financial control. Our cloud solutions MediusFlow and Ascendo Invoice enable 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.
Over 3,000 customers and 200,000+ unique users worldwide currently leverage Medius’ AP automation solutions. Thanks to advanced invoice matching capabilities, unique process efficiency KPIs and data-driven benchmarks our customers achieve continuous process improvements for performance levels well above industry averages. As such, Medius support the transformation of AP from a traditional, back-office function to a powerful, strategic center of business.
Founded in 2001, Medius is owned by the global investment firm Marlin Equity Partners. It has over 250 employees and offices in Sweden (HQ), the United States, Australia, Denmark, Norway, the Netherlands and Poland. For more information, please visit mediusflow.com.
About Wax Digital
Wax Digital delivers the web’s favourite integrated Source to Pay solutions to savings-focused organisations around the world. Our intuitive web3 software is deployed via the cloud to 260,000 users in over 100 countries, carrying tens of millions of transactions efficiently and securely every year.
Seamlessly integrated with back-office systems, suppliers and third-party data points, web3 creates a truly 360° spend management capability, bringing control, compliance and cost saving throughout the entire purchasing lifecycle. For more information, please visit waxdigital.com.
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