Medius, a provider of source-to-pay solutions, today announced that global private equity firm Advent International has acquired a minority stake in the company. Following the deal, Marlin Equity Partners remains the firm’s majority shareholder. The terms of the transaction were not disclosed.
Founded in Stockholm in 2001, the company provides AP automation, payments, sourcing, and procurement with more than 500 employees serving thousands of customers across the globe. The company’s suite of products and services automates the process of receiving, handling, approving, and paying an invoice, and simplifies the onboarding and managing of vendors.
The common goal is to accelerate the development of core technology, including leveraging AI and ML to deepen its automation capabilities, and further the company’s vision of a touchless invoicing process. An additional aim is to strengthen the company’s end-to-end, source-to-pay solution through strategic business investments and M&A activity in the coming months.
“We are thrilled to welcome Advent as a partner for Medius,” said Jan-Olivier Fillols, a managing director at Marlin Equity Partners. “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.”
“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,” its CEO Jim Lucier said. “We’re delighted to welcome Advent, with the category insights and intelligence its team brings, as an investor in Medius.”
As part of the deal, Douglas Hallstrom, director at Advent, will join the Medius board.
“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,” Hallstrom said. “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.”