![]() ![]() When AvidXchange CEO and co-Founder Michael Praeger spoke to Invest: in 2020, he discussed the opportunity that the pandemic provided. Over 400 of those individuals were hired in 2020, half of which were net new jobs. In late 2018, the company announced a $41 million expansion with $25 million in state and local incentives, pledging to hire over 1,200 people over the next five years. While the company is preparing to go public, AvidXchange is also expanding its headquarters just north of Uptown. With new technology in place, businesses were better positioned to account for risk and changing customer needs, while modernizing their operations created for more efficient workflows. ![]() Its services became a critical product in a year where face-to-face interactions were reduced to a minimum and companies scrambled to go virtual.Īccording to AvidXChange’s own research, in a survey of over 500 middle-market businesses and employees, companies invested most heavily into cybersecurity (58%) and finance (42%), as well as customer services (40%), to accommodate customers and the new market conditions of the pandemic. The company, which was founded just over two decades ago, provides software to automate payments, invoicing and the accounting process for small and midsized businesses. While AvidXChange has refused to comment on the potential of its IPO, the firm has demonstrated a solid record of growth, up 133% from 2016 to 2019. The unemployment rate has nearly returned to pre-COVID levels, while the financial, manufacturing and technology sectors have provided a strong foundation for continued growth. ![]() The news comes as Charlotte’s economy is poised for a strong rebound. 2 minute read March 25 – Charlotte is flexing its financial muscle as locally-based business-to-business (B2B) payments firm AvidXchange considers an Initial Public Offering (IPO) that could see its valuation skyrocket to $7 billion. ![]()
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