Announced by Medius, the leading spend management and source-to-pay (S2P) solutions provider has had a minority proportion of its organisation acquired by Advent International. Details of the acquisition were not disclosed.
While the private equity firm has acquired a minority interest in the business, Marlin Equity Partners continues to be the majority shareholder of the company.
Who is Medius?
Founded in 2001, Medius is a global leader in AP automation, payments, sourcing and procurement.
The spend management and S2P solutions provider has over 500 employees that serve thousands of global customers with its suite of products and services.
Medius helps its customers to automate the process of receiving, handling, approving, and paying invoices, as well as simplify the onboarding process and management of vendors.
Jim Lucier, CEO at Medius said: “Customers are under increasing pressure to optimize company spend across all sources and categories as they respond to the demands of an ever-changing digital and global economy. Medius addresses these challenges as the leading global provider of spend management solutions.”
What does this mean for Advent international?
Under a shared common goal, the acquisition will help to accelerate the development of Medius’ core technologies, leveraging artificial intelligence (AI) and machine learning to deepen the automation capabilities, as well as further its touchless invoicing process.
With the acquisition the two plan to strengthen Medius’ end-to-end , S2P solution with strategic business investment and M&A activity.
"We are thrilled to welcome Advent as a partner for Medius. The spend management market has an incredible amount of potential, and we believe Medius is uniquely positioned for continued success. Both Advent and Marlin share similar values, while having enormous technology know-how and far-reaching operational capabilities. The combination of our teams, as well as our global resources will drive significant value to Medius customers and further enhance Medius' strategic value,” said Jan-Olivier Fillols, Managing Director at Marlin Equity Partners.
Lucier added: “Medius has a big, bold vision for the future of the source to pay category, and has the market-leading technology, deep domain expertise and leadership team required to execute against it. We're delighted to welcome Advent, with the category insights and intelligence its team brings, as an investor in Medius.”
As part of the acquisition, Douglas Hallstrom who is a Director at Advent international will join the board at Medius.
Hallstrom commented: "Finance professionals are starting to recognize the savings and efficiencies that AP automation can deliver, as well as its ability to reduce costly mistakes and eliminate fraudulent payments. As a result, we anticipate strong growth in this segment of the fintech market. We were also impressed by Marlin's partnership-oriented culture and success achieved to date and believe Medius is uniquely positioned to become the category defining global business for the mid-market."
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