AvidXchange is expanding its footprint yet again.
The Charlotte-based fintech software provider has acquired Core Associates, an accounts payable (AP) firm based out of Jupiter, Florida.
The company is the maker of TimberScan, a complementary AP solution estimated to have 30,000 users.
With this acquisition, AvidXchange said it becomes “one of the foremost” automated “purchase-to-pay” solutions for the construction industry.
“Existing and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills,” said Michael Praeger, CEO and Co-Founder of AvidXchange, in a statement.
It will help reduce what was previously a month-long process down to only two or three days using a single solution,” said Frank Grenci, Core’s CEO and co-founder.
The acquisition is the latest in a string of deals that AvidXchange has made over the years.
Others included BankTel Systems, an AP firm based in Columbus, Mississippi, back in 2019.
Launched more than 20 years ago in the back of a Charlotte coffee shop with five employees, AvidXchange is now one of the country’s largest B2B payment networks.
In 2017, its value soared past $1 billion, becoming a “unicorn” according to private equity standards, when it closed on $300 million in financing.
Most recently, it cracked the Inc 5000 list of fastest-growing privately-held US firms for the eighth time.
AvidXchange says it had a three-year growth rate of 133% and was ranked 2,958th. Inc’s rankings are based on information provided by companies.
The fast-growing firm is in the process of doubling the size of its headquarters in Charlotte.
It already has a second primary location just outside Salt Lake City, Utah.