Charlotte, NC (September 15, 2014) – Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker announced today that AvidXchange will expand its headquarters operations in Charlotte. The company plans to create 603 jobs in Mecklenburg County by the end of 2018 and invest more than $21.4 million.
“AvidXchange is one of North Carolina’s great homegrown success stories,” said Governor McCrory. “Over the last 14 years it has gone from being run from the founder’s basement to one of the top businesses in its industry. It is another great example of the business opportunity North Carolina offers.”
AvidXchange was founded in 2000 in Charlotte and has more than 300 full-time employees in North Carolina, New Jersey and Georgia. The company helps small to medium-sized businesses automate their accounts payable process. In August, AvidXchange was recognized by Inc. magazine as one of the country’s fastest growing private companies for the fourth consecutive year and the 20th fastest growing company in the Charlotte metro area. AvidXchange has also been recognized by the Charlotte Business Journal as one of the Best Places to Work in Charlotte for the last five years and has received the Fast 50 designation for the past three years.
“One of our top priorities in North Carolina is to work with our existing industries to help them grow and prosper here,” said Secretary Decker. “AvidXchange’s phenomenal growth proves that should continue to be one of our key strategies to building North Carolina’s economy.”
“AvidXchange is deeply rooted in the Queen City, and as we continue to prosper, it is important for us to grow and contribute to the city that has supported us from our days as a small startup to the Inc. 5000’s 20th fastest-growing company within the Charlotte metro area,” said Michael Praeger, CEO of AvidXchange. “We are thrilled to announce that Charlotte will be the headquarters for our new and expanding corporate campus and are excited about the hundreds of technology jobs and world-class talent that we will bring to the city. It is my hope that we can help Charlotte become a leader of innovation much like the Silicon Valley.”
As part of its expansion, AvidXchange will be making improvements to its current facility as well as constructing additional buildings on its campus. AvidXchange will be adding a wide array of roles focusing on technology and business process as well as professional services and software development. The compensation for these positions is higher than the average annual wage in Mecklenburg County. Compensation for the new positions will vary by job function, but the average total compensation will be approximately $61,651 plus benefits. The average annual wage in Mecklenburg County is $59,046.
Congratulations to AvidXchange on announcing these new jobs in Mecklenburg County,” said House Speaker Thom Tillis. “This will help them maintain their position as one of the fastest growing companies in Charlotte. North Carolina continues to be one of most business-friendly states in the country, and this expansion is a great example of the benefits that brings to our state.”
“These new jobs are a welcome addition to Mecklenburg County and Charlotte,” said Representative Becky Carney. “AvidXchange has been a great corporate citizen and it is good news to see the company expanding its presence here.”
The project was made possible in part by an award to AvidXchange from the state Job Development Investment Grant (JDIG) program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, AvidXchange is eligible to receive up to twelve annual grants equal to 48 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over twelve years, the JDIG award could yield aggregate benefits to AvidXchange of over $7.5 million.
In addition, an estimated $2.5 million in additional funds from the company’s JDIG award could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state’s more economically prosperous counties such as Mecklenburg, 25 percent of the company’s grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations.
AvidXchange revolutionizes the way companies pay their bills. Accounts Payable automation increases control and visibility into the bill payment process to reduce processing time, allow early payment discounts and eliminate late fees. Automation eliminates paper by electronically capturing invoices, using intelligent business rules to route invoices for approval and storing all information electronically providing anytime, anywhere access to invoice status and history.
AvidXchange makes it easy to automate and backs this great customer experience with a 45-day implementation guarantee. As the first SaaS technology vendor to automate invoice processing, AvidXchange works with suppliers to electronically send and receive all invoices through the AvidBill Network. Standard integration to more than 40 accounting systems speeds adoption and simplifies setup. AvidInvoice significantly reduces operating costs and improves productivity in a company’s accounts payable department.
AvidPay eliminates 100% of paper checks from company’s payment processes, maintains vendor information and payment preferences, and facilitates payments for every invoice, every vendor, and every bank. Headquartered in Charlotte North Carolina, AvidXchange is privately held with over 300 employees nationwide. Contact us at 800.560.9305/ [email protected]
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