Accounts payable service provider Medius has bought procurement software firm Wax Digital for an undisclosed sum.
Medius, which provides cloud-based invoice automation, said the deal would allow “current and future customers to generate increased automation, visibility and control across the entire purchasing process”.
Wax Digital, headquartered in the UK, provides source-to-pay software and claims to have £35bn of spend under management with 260,000 users in 102 countries.
Per Åkerberg, CEO of Medius, said: “The decision to join forces with Wax underscores Medius’s commitment to supporting our customers’ e-procurement needs.
“We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally.”
The joint company consists of 350 employees across North America, the UK, the Nordics, Benelux, Poland and Australia. It will process more than $100bn through the platforms annually.
Paul Ellis, CEO of Wax, 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.
“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.”
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