CHARLOTTE, N.C., (June 17, 2015) AvidXchange, leading provider of accounts payable and payment automation solutions for midsize companies, today announced that the acquisition of Strongroom Solutions has been completed. The merger, originally announced last month, will provide AvidXchange’s clients in the real estate space with a more comprehensive solution for Home Owner Associations (HOA), further strengthening the company’s position as the leading payment provider to the real estate market. Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as exclusive financial and strategic advisor to AvidXchange in this transaction.
Now, as an AvidXchange company, Strongroom will continue its operations in Houston, Texas. AvidXchange will be making significant investments in the Houston location with plans to double the number of employees over the next 12 months. The additional hires will primarily be sales, marketing, and software development for the company.
Strongroom provides accounts payable software for financial institutions and companies that manage invoices and payments for hundreds of homeowner associations nationwide. Through the acquisition, Strongroom clients will also now be able to take advantage of AvidXchange’s AvidPay Network to maximize their electronic payments.
To learn more, visit avidxchange.com or avidxchange.com/strongroom-solutions/.
Strongroom Solutions, Inc., headquartered in Houston, TX, has been building accounts payable solutions to the Community Association Industry 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. For more information please visit our website at www.strongroomsolutions.com.
AvidXchange revolutionizes the way companies pay their bills. Serving more than 4,800 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for four consecutive years, as well as ranked among Deloitte’s Fast 500 this past year. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for six consecutive years. For more information, contact us at 800.560.9305 or [email protected]
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