Over the last 16 years we’ve been on an incredible journey, and an integral part of our journey has been the addition of customers, team members, solutions, partners, and culture from EnergySolve, Piracle, and Strongroom. Each brand has been carefully woven into the AvidXchange brand, and we are pleased to move forward with one unified presence giving our customers, partners, and employees access to more resources and solutions than ever before.
A History of Innovation
In February of 2000, Michael Praeger and David Miller met at a Starbucks and discussed all of the opportunity that was available in technology and software. As entrepreneurs, they knew that there was a way they could make their mark on this space. Two months later, they founded AvidXchange. By 2003, their invoice approval software, AvidInvoice, was enabling companies to route invoices electronically and create intelligent workflows to automate their accounts payable processes.
In 2009, after reaching the 100 client mark, AvidXchange introduced the AvidBill Network, their electronic vendor invoice submission service, to further streamline the invoice process for customers and eliminate data entry. In 2011, AvidXchange formed a new Energy Information Services (EIS) group, delivered by EnergySolve.
Located in Somerset, NJ, EnergySolve provides electronic utility bill capture, auditing, late fee avoidance, and bill payment services to generate significant energy-related cost savings to their customers. For over a decade, EnergySolve energy management consulting has helped customers negotiate better rates and develop a comprehensive utility management plan by capturing energy consumption.
The service, now known as AvidXchange Utility, offers automated bill payment for utility bills, the ability to negotiate and procure competitive utility rates in deregulated states, Energy Star integration and benchmarking, tools to determine upgrades to reduce consumption, and state-specific reporting of energy usage requirements. These services automate the way companies track and report energy spending and support green initiatives.
In 2012, AvidXchange introduced AvidPay, their business bill payment service, to enable clients to eliminate paper checks from their payment processes and complete their automated Accounts Payable experience– from invoice receipt through vendor payment.
Piracle was acquired in 2014 to deliver a full payment suite of applications to our joint customer base, which exceeded 4,000 customers. Based in Salt Lake City, Utah, Piracle provides customers with self-service software tools to generate electronic payments and manage their paper check printing process for more than 20 years. Piracle’s programs – combining payment software, supplies, and outsourced check printing facilities – are designed to work flawlessly with clients’ accounting systems to provide the utmost in security, simplicity, and cost efficiency.
In 2015, AvidXchange acquired Strongroom, an industry leader in the Home Owner Associations (HOA) space. Headquartered in Houston, Texas, Strongroom has provided accounts payable software solutions to over 200 small and midsize businesses since 2007. As a Software-as-a Service (SaaS) platform, Strongroom enables real-time, secure invoice management and approvals for Association Managers and Board members.
By acquiring Strongroom, AvidXchange further strengthened its position as the leading payment provider to the real estate market while providing Strongroom clients with an easy way to maximize their electronic vendor payments.
2017: The neXt Era
Going into 2017, AvidXchange will bring brands like EnergySolve, Piracle, and Strongroom together under a unified vision of innovation. In The neXt Era, we look forward to giving our customers more resources, better support, and new ways to revolutionize the way they do business. Is your accounts payable department stuck in the past? We invite you to put your outdated, paper-based processes in the past and join us for the neXt era!
Is Your AP Dept. Stuck in the Past?
Ah, the glorious year of 1982. The Commodore 64 8-bit computer took video games to the next level, and Time Magazine named the Personal Computer as its first Machine of the Year! In the year 2017, however, the accounts payable process has been revolutionized by AP and payment automation solutions. Our desks are uncluttered and our lives are simplified – smartphones and tablets give us the freedom to work untethered, replacing fax machines, filing cabinets, and that ancient Rolodex.
If you’re interested in learning more about the accounts payable department of the future, check out our free eBook, Is Your Accounts Payable Department Stuck in 1982?, by clicking the image below!