Karim Jouini, CEO of Expensya.

Swedish business expense management firm Medius plans to acquire Tunisian-founded expense management software company Expensya for an undisclosed sum.

The planned acquisition comes after a period of impressive revenue growth for the African company.

In the past two years, Expensya more than doubled its recurring revenue and grew its headcount to more than 200 employees based in Tunisia, France, and Germany.

The company raised $20 million in a Series B funding round in May 2021.

Founded in Tunisia in 2014 by former Microsoft software engineers Karim Jouini and Jihed Othmani, Expensya’s 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.

Expensya says it helps companies to empower their employees to spend autonomously, reduce cost, save time and optimise financial control in the office of the CFO.

Its software integrates with ERP applications including SAP, Oracle and Microsoft Dynamics.

While, Medius’ software platform 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.

In a statement, Medius says: “The acquisition of Expensya and its powerful AI-enabled, mobile-first, employee spend management capabilities will complement Medius’s strengths in areas such as autonomous AP, payments, procurement, sourcing, contracts and supplier onboarding.

“Medius and Expensya have 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 France and this move enables Medius to capitalise on the French e-invoicing mandate.”

Jim Lucier, CEO of Medius, says: “Expensya has developed a leading employee spend management solution in Europe, with innovative features and AI-powered innovation.

“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, says mid-size firms and their CFOs are ‘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,” says Jouini.