Tunisia-founded expense management software company Expensya is to be acquired by Swedish counterpart Medius for an undisclosed sum. Medius says the acquisition of Expensya and its AI-enabled, mobile-first, employee spend management capabilities would complement its own strengths in areas such as autonomous AP, payments, procurement, sourcing, contracts and supplier onboarding. It also said the two companies had complementary geographic and product strengths that accelerate the ability to grow and cross-sell in the highly competitive business applications market.

Expensya’s online platform automates company cost management. Its web, mobile, and API-based tools simplify businesses of all sizes to control their entire spending without wasting time on tedious manual tasks. On the other hand, Medius has developed a software platform that 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.

“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 optimize 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,” Karim Jouini, CEO of Expensya.