History
Company History
February 2000
Mike Praeger and David Miller met for coffee at a Starbucks inside a Barnes & Nobles. They shared war stories and eventually came to realize that they both thought there was "big opportunity" providing marketplace services to the Real Estate industry.
They assembled a team, raised a little capital, and got started building a business.
Two years later, at Anderson's Restaurant (sadly, it's since closed), they met again to discuss the future. There was still big opportunity, but customer's didn't seem all that interested, the markets had cooled off dramatically, and it was slow going and tough sledding.
Then, in June 2002, something wonderful happened.
On a sales call at Branch Properties in Atlanta, Richard Ross told us he had no interest in our purchasing product. It's always tough to hear something like that. However, he said, he loved our invoice presentment module and would buy it if we would sell just that.
Especially in those days, any sale was hard to come by, so we studied that idea carefully during the long drive back to Charlotte, or at least as carefully as you can study any idea riding at 90 mph with take-out in one hand and a cell phone in the other.
By the time we got home, we agreed to Richard's idea, and AvidInvoice was born.
AvidXchange started growing rapidly.
Prospects seemed interested in our new product and we had some early success selling it. That success continued, uninterrupted, and we now find ourselves the leader provider of invoice management solutions within real estate, and one of the largest in any market.
We don't expect to slow down anytime soon.
Great Moments in AvidXchange History
Date Event
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February 2000
David Miller and Mike Praeger meet for the first time.
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April 2000
AvidXchange files its incorporation papers.
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May 2000
During a fund-raising trip to Goldman Sachs in New York, Steve Feldman, Managing Director at Whitehall, enters our conference meeting room, looks at our presentation already up onscreen, and says, "AvidXchange. AvidXchange? I guess all the good real estate names were taken."
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October 2000
Daniel Levine, Levine Properties becomes our first customer.
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September 2002
Branch Properties becomes the first AvidInvoice customer.
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June 2003
AvidInvoice leaves Beta and enters production.
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January 2004
AvidXchange introduces a Bill Processing Tool that customers can use to manage their own data-entry.
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April 2005
An HVAC contractor, working on the roof and directly above our data center, busts a pipe and shorts our building's internet connections. Our applications go "down."
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May 2005
AvidXchange production applications move into a third-party hosting facility.
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May 2006
AvidXchange and Intuit Real Estate Solutions (IRES) enter into a strategic partnership. AvidXchange business with IRES customers soon doubles.
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September 2006
Our first User Conference takes place at the Peninsula Yacht Club on Lake Norman with 75 attendees.
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June 2007
AvidXchange surpasses 100 customers. Tim Johnson, a brew master earlier in life, surprises the team with a celebratory beverage: Avid Pale Ale.
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October 2007
AvidXchange customers enter more than 200,000 new invoices in a month for the first time. These invoices total more than $1.1 Billion.
