Expensya, a Tunisian-French software startup that automates expense management for businesses through its web, mobile, and API-based tools, was acquired by Sweden-headquartered Accounts Payable automation software startup Medius, in 2023.
The two companies did not share the financial details of the deal at the time but one of its investors,
Namek T. Zu’bi (Founding Managing Partner at Silicon Badia) had revealed that it was nine-figure transaction.
Karim Jouini, the founder of Expensya who started the company in 2014 with Jihed Othmani, spoke to TechCrunch recently to discuss the acquisition.
Speaking about how company’s nearly 200 employees, with slightly over half based in Tunisia, benefited from the exit, he told the outlet that the employees, including former ones adding up to 180, collectively made $10 million from the acquisition. He also stated that two-thirds of the amount was in cash, implying that the remainder was in stock options of Medius.
Expensya founder added that some of the employees made as much as $250,000, “It’s not exactly life-changing money, but it’s certainly path-changing,” he told the outlet.
(He apparently did not share the transaction details but citing unnamed sourced, TechCrunch reported that the it was a $100 million+ deal.)
Expensya had raised over $25 million in total financing before the exit, including $20 million Series B in 2021, and a $4.5 million round in 2018. The Series B came at a valuation of $83 million.
Selma Ribica, an angel investor who invested in one of company’s early rounds told the outlet that she did an 8x return on her investment (after dilution).
Expensya is the second notable exit from the Middle East & North Africa, with some details emerging on how its employees have profited from the exit.
Careem’s $3 billion exit resulted in at least 75 of its employees becoming millionaires, and another 200 earned at least $270,000. At the time of the company’s sale to Uber, all of its 4,000 employees reportedly had stock options.
