Accounts payable automation company Medius is expanding into the eProcurement arena with the takeover of Wax Digital.
The companies announced their deal in a press release Wednesday (Nov. 20), noting the acquisition of Wax Digital will expand the capabilities of Medius into supplier sourcing, contracting and order placing, and will connect those pre-transaction processes to Medius's existing invoice payments functionality.
Medius pointed to the capabilities of identifying savings opportunities and strengthening buyer-supplier relationships as key motivations behind the takeover.
“The decision to join forces with Wax underscores Medius' commitment to supporting our customers' eProcurement needs,” said Medius CEO Per Åkerberg in a statement. “We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally.”
“We are 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 Wax Digital CEO Paul Ellis in another statement. “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.”
Financial details of the acquisition were not disclosed.
Earlier this year Medius VP of Products Daniel Saraste discussed with PYMNTS the biggest challenges corporates face today in accounts payable, leading to delayed and late invoice payments. Achieving full automation without human touch is key to addressing friction, he said, adding, “Once this level of confidence and control is achieved, then it makes a ton of sense to start looking at how you can capitalize on it.”
Wax Digital's takeover announcement occurs only days after the company announced a collaboration with supply chain payments company Tradeshift, which revealed plans to integrate Wax's web3 eProcurement technology for streamlined sourcing, contract lifecycle management, supplier proposal and contract negotiation tools.
