Medius, the leader in cloud-based accounts payable automation, announced that it has acquired Wax Digital, an industry-leading procurement solutions provider headquartered in the U.K.

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 a 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, the U.K., the Nordics, Benelux, Poland, and Australia processing more than $100 bn through the platforms annually.