Medius Acquires US-Based OnPay Solutions to Strengthen 'Last Mile' Payment Automation
CEO Jim Lucier to open corporate office in Jacksonville, Florida, to support NA growth
STOCKHOLM, March 29, 2022 /PRNewswire/ -- Medius, a leading provider of accounts payable (AP) automation solutions, today announced the acquisition of OnPay Solutions, an invoice payments provider, for an undisclosed sum. The deal will enable Medius to integrate payment processing – AP automation's 'last mile' – directly into its source-to-pay platform, enhancing its customers' operational efficiency and strengthening their anomaly, fraud and risk detection capabilities.
Founded in 2009 with a mission to improve the lives of accounting professionals globally, and lead by Neal Anderson and Juliet Negrete-Anderson, OnPay Solutions helps its clients streamline AP processes and lower costs by automating invoice payments. The company provides 'no touch' virtual card, ACH, check and wire payments for more than 400 customers ranging from mid-sized companies to some of the US's biggest enterprises and institutions.
By combining OnPay Solutions' technology, its network of 360,000 vendors and 40 different banking integrations with its source-to-pay suite, the acquisition strengthens Medius's ability to automate payment processing through its own platform as well as existing third-party payment partners including Nomentia, Transfermate and Corpay. It will deliver superior operational efficiency for clients by simplifying and streamlining the payments workflow, as well as improving anomaly, fraud and risk detection through true end-to-end visibility into the invoicing process.
"Payment processing is the last mile in AP automation," comments Jim Lucier, CEO of Medius. "Enhancing our end-to-end solution that automates the process of receiving, handling, approving and paying an invoice, as well as onboarding and managing vendors, requires best in class technology and deep domain expertise at each stage of the journey. The team at OnPay Solutions brings both and we are delighted to welcome them to the Medius family."
Neal Anderson, President and CEO of OnPay Solutions comments: "OnPay Solutions is a payments-led solution that has built deep, enduring relationships with its clients over the last decade. We are delighted to be joining the Medius team and are excited about the opportunity it provides to scale our solution domestically and internationally, as well as the new AP automation opportunities it will create for our existing clients."
The deal also expands Medius's footprint in the domestic US market with the addition of OnPay Solutions' team of 35 permanent staff. To support this growth, in the second half of 2022, CEO Jim Lucier plans to open the company's first US-based office in OnPay Solutions' hometown of Jacksonville, Florida.
Lucier continues: "Jacksonville is a burgeoning tech hub bursting with talent and following a similar trajectory to cities like Austin, Miami and Nashville. It is already home to a number of innovative fintech businesses, and we're proud to add Medius's name to that list."
In addition to enhancing its payment processing technology and unlocking new integrations, Medius and OnPay Solutions also offer a progressive pricing model designed to return even more value back to clients. Organizations that use Medius Pay to automate their invoice payments benefit from a guaranteed annual dividend – a cash rebate – on their spend, opening up a new revenue stream into their organization.
Cohen & Company Capital Markets (a division of J.V.B. Financial Group, LLC), served as exclusive financial advisor to OnPay Solutions. Stoel Rives LLP is acting as legal counsel to Medius, and Morris, Manning & Martin, LLP, is acting as legal counsel to OnPay Solutions.
For more information, please contact:
Dan Bird, Fight or Flight for Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 / Medius@fightflight.co.uk +44 330 133 0985
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