Medius Acquires Wax Digital to Become the Leader in Cloud-Based Source-To-Pay Solutions
From sourcing and contracting with suppliers to placing orders, as well as matching, processing and paying invoices, the acquisition of Wax transforms Medius from a market-leading accounts payable-focused solution into a comprehensive product suite with full source-to-pay (S2P) capabilities. The combined company will allow current and future customers to generate increased automation, visibility and control across the entire purchasing process.
Both companies bring extensive experience and expertise in their respective areas, with native solutions built-out for the cloud with state-of-the-art technology, and easy, plug-and-play integrations into a range of ERP solutions. Together, Medius and Wax Digital will provide both purchasing and finance functions a unified solution for complete control of costs, cash and compliance.
“The decision to join forces with Wax underscores Medius’ commitment to supporting our customers’ eProcurement needs,” said Per Åkerberg, CEO of Medius. “We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally.”
The combined modular source-to-pay (S2P) suite enables current and future customers to identify and track savings opportunities, find potential suppliers and establish optimal agreements while gaining increased efficiency, visibility and control throughout the entire source-to-pay process.
“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,” said Paul Ellis, CEO of Wax. “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.”
The Medius and Wax Digital teams are highly complementary, sharing similar history, culture and competence. The combined company creates a power-house in S2P solutions with outstanding domain knowledge, experience and technology. The joint team consists of 350 employees across North America, U.K., the Nordics, Benelux, Poland and Australia processing more than $100 bn through the platforms annually.
“The Medius and Wax Digital combination is prescient on a number of levels,” said Jason Busch, Managing Director, Azul Partners and Spend Matters. “Both organizations share similar high rates of customer satisfaction, are driving compatible strategies on Microsoft’s technology stack and bring a diverse set of product and commercial synergies. Perhaps most important, together they present a more holistic application footprint for procurement and finance organizations than many better known peers,” Busch notes.