Travers Smith LLP has advised August Equity LLP (August) and management on the sale of the Wax Digital Group (Wax) to Medius, a cloud-based invoice automation software provider backed by Marlin Private Equity.
Founded in 2001, Wax is a high growth, cloud based spend management software provider offering its clients an integrated source-to-pay software platform as well as standalone source-to-contract and purchase-to-pay modules. Its solutions are deployed in over 100 countries with 250,000+ users worldwide. August initially invested in Wax in November 2015 and supported the management team in growing its SaaS platform and helped their expansion into Europe and the US through the development of a channel partner base (with channel partners including KPMG, Datel and Exostar). Wax has been consistently recognised by the research and advisory company, Gartner, as a Magic Quadrant "visionary" vendor during August's ownership.
Medius is a leading global provider of accounts payable invoice automation solutions, helping companies drive their business forward by providing best-in-class process efficiency and greater financial control. Over 3,000 customers and 200,000+ unique users worldwide currently leverage Medius’ accounts payable automation solutions. Founded in 2001, Medius has over 250 employees and offices in Sweden, the United States, Australia, Denmark, Norway, the Netherlands and Poland.
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Genna Marten, assisted by Private Equity & Financial Sponsors Associates Tom Lloyd, Rachel Taggart and Kapish Jitendra Davé. Tax advice was provided by Tax Partners Hannah Manning and Russell Warren, assisted by Tax Associate Hugh Brooks. The team also included Finance Partner Barry Newman, assisted by Senior Associate Daniel Domb.
Private Equity & Financial Sponsors Partner Ian Shawyer and Private Equity & Financial Sponsors Senior Associate Katie McGarry separately advised certain members of management on their new equity arrangements in the Medius group.