Two companies are partnering to acquire Charlotte-based AvidXchange. The accounts payable automation company was founded in 2000 in a Charlotte coffee shop. At the end of last year, it had more than 1,600 employees, with headquarters just north of uptown Charlotte. TPG, based in Texas, and Atlanta-based Corpay will pay $10 per share for AvidXchange in a deal worth more than $2 billion. The deal is expected to close in the fourth quarter of this year.
“We are pleased to have reached an agreement that delivers significant value for AvidXchange stockholders and positions our business for long-term growth and success for our valued customers,” said Michael Praeger, CEO of AvidXchange, in a statement. “Over the last 25 years, AvidXchange has established itself as a leader in AP automation and payment software by building a differentiated platform primed for growth. With TPG and Corpay, we will have the resources and long-term focus to scale our platform and provide more innovative solutions that help our customers across the country transform their accounts payable processes.”
