Medius, the global provider of cloud based source to pay solutions, has released details of its 2019 financial results, which displayed positive growth for the company.
In a statement, the company reported continued growth, customer success and product innovations for the year, as well as revenue growth and sales achievements.
Significantly, Medius closed the acquisition of Wax Digital at the end of 2019. Acquiring the UK based procurement solution provider enables Medius to move from offering accounts payable solutions to providing a comprehensive product suite with full source to pay (S2P) capabilities, the company states.
Together, Medius and Wax Digital will provide both purchasing and finance functions a unified solution for complete control of costs, cash and compliance, Medius states.
According to Medius, during 2020 the company will focus on leveraging the extended offering to generate more customer value by driving savings opportunities as well as increased efficiency, visibility and control throughout the entire source to pay process.
For revenue growth, Medius states subscription revenue grew by 34% (28% LY) and recurring revenue accounted for 76% (72% LY) of total revenue.
When it comes to sales, the total net customer base grew by 24% (24% LY) and new ACV (Annualized Contract Value) sales grew by 32% to 91 MSEK (68 MSEK LY) ($10.1M USD).
Total Contracted Annual Recurring Revenue (CARR) grew by 56% (24% LY) to 440 MSEK ($49M USD).
For customers, Medius invested in success initiatives throughout 2019. This includes the launch of a new support platform, self-service tools and back-end support systems. As a result, customer support resolution time is 33% shorter, Medius states.
In addition to this, Medius has invested in product innovation. This includes providing product updates, extensions and new functionality on a regular basis, as part of its cloud solution offerings.
A notable release was the launch of MediusFlow capture, which is built on machine learning technology and is already in use by 63 customers.
Using this, customers can enhance their user experience and achieve greater automation rates and end-to-end control of the invoice workflow through one comprehensive solution, Medius states.
Partnerships were also a key part of 2019 for Medius. During the year, the company signed global partner agreements with companies in the Microsoft Dynamics segment, including Columbus, Tolncrease and HSO.
Medius has also signed up new customers to its community of AP automation users. Major 2019 customer wins include consumer retail brands Christian Dior (LVMH), Scotch - Soda and Sandwich Fashion, distribution and manufacturing companies Bunzl, Beacon Roofing and Milwaukee Tool as well as travel industry businesses Viking Line and Toga.
Medius CEO Per Akerberg says, “2019 was a fantastic year in Medius' history and an important step in our ongoing growth journey. Our global team has delivered tremendous value to our customer base, enabling record-fast invoice processing, high process automation rates and full control of financial data.
“Together with our new colleagues, we are all very excited to continue to serve customers with best-in-class solutions throughout the entire source to pay process.