Medius, a leading provider of cloud-based spend management solutions, reports strong 2020 performance – with a 49% increase in new sales – despite the challenging macro environment. During the year, the company has also successfully integrated Wax Digital into the global business, following acquisition in Q4 2019.
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Medius’ new ACV (Annualized Contract Value) sales grew by 49% in 2020. The company has built a strong foundation for continued growth with its subscription-based sales model, with recurring revenue accounting for 78% of total revenues during the year. CARR (Contracted Annualized Recurring Revenue) at the end of the period was 543M SEK (66M USD).
Per Åkerberg, Medius CEO, comments: “I’m pleased to report that Medius’ position in the market and financial health remain strong – even after the difficult year that we’ve all experienced. We have seen positive developments on all key metrics and haven’t furloughed any of our employees during 2020.”
“On the contrary, we’ve grown our team given the high demand that we continue to experience for our products, from both new and existing customers.”
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In addition to supporting its customers during a challenging year, Medius successfully integrated Wax Digital, after acquiring the business in November 2019, to become the de-facto provider of spend management solutions. During 2020, the two companies have merged into one organization and integrated their respective solution sets to one modular suite supporting businesses in every step of the source to pay journey. The combined offering has led to Medius being recognized as a `Visionary’ and `Leader’ by global analysts Gartner and IDC, respectively.
Åkerberg continues: “With our fully integrated product offering we’re now in a position to offer a complete spend management suite, designed to holistically unify the CFO and CPO agenda in one streamlined, easy-to-use solution suite. The sales impact has been immediate – customers love the integrated solution suite or having the option to pick and choose the products that they need.”