Charlotte, N.C. (November 20, 2014) – AvidXchange, Inc. (“AvidXchange”), a provider of accounts payable (AP) and payment automation solutions for businesses, announced today that it completed its acquisition of Piracle, Inc. (“Piracle”), a company that has offered payment management tools for more than 20 years to over 5,000 customers. AvidXchange’s mission is to revolutionize the way companies pay their bills, and Piracle will be an integral part of this mission moving forward. 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. 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.
The acquisition not only offers clients of both AvidXchange and Piracle the benefit of a more robust set of product offerings, but also enables this new larger organization to accommodate 100% of their customers’ payments, and preferred methods, based on their individual business needs. Piracle’s clients will continue to enjoy their current payment product suite, and will now also have access to additional electronic payment solutions. The acquisition will enable Piracle’s clients to automate their entire Accounts Payable process—from invoice receipt through payment execution. The AvidXchange and Piracle teams will be working together over the next several months to create a unified team, ensuring a positive and smooth transition for employees and clients alike.
“AvidXchange’s priority is innovation. Aligning ourselves with leaders from Piracle, that have made a mark on the payment industry, was a clear choice on our journey toward developing the next big thing for business-to-business payments, and broadening what we can offer our customers today,” states Michael Praeger, CEO and Co-Founder of AvidXchange. “Over the last several years we’ve entered into new markets through innovation and expanded offerings, and Piracle will assist us in our continued growth in existing and new markets. We now have the opportunity to maximize electronic payments for Piracle’s clients, and create systems and operations that will scale for our future expansion as one company.”
“Piracle is built on a set of values that focuses on the customer and innovation. When we started working with AvidXchange it felt like we were looking in the mirror,” states John Bechard, CEO of Piracle. “We were looking for a strategic partner to help us fulfill our customer value proposition around AP automation, and we were fortunate to connect with AvidXchange. Together, we can offer solutions that are unique in the marketplace and continue building on our leadership position,” added Bechard.
AvidXchange revolutionizes the way companies pay their bills. Accounts Payable automationincreases 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 theAvidBill Network. Standard integration to more than 50 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/ info@AvidXchange.com
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