Medius, a cloud-based accounts payable company, has announced the acquisition of Wax Digital, a UK-based procurement solutions provider. The deal will expand the capabilities of Medius into supplier sourcing, contracting and order placing, and will connect those pre-transaction processes to its existing invoice payments functionality.
Medius believes that the combined modular source-to-pay (S2P) suite should enable 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.
The joint team consists of 350 employees across North America, UK, the Nordics, Benelux, Poland and Australia, processing more than US$100 billion through the platforms annually. The financial details were not disclosed of the acquisition.