AvidXchange Holdings in Charlotte, N.C., which provides accounts payable automation software and payment solutions for middle-market businesses, is being acquired.
The company said in a press release that it agreed to sell to TPG and Corpay for $2.2 billion in cash. TPG will buy a majority interest through TPG Capital, while Corpay will have a minority stake. The deal is expected to close in the fourth quarter.
“We are pleased to have reached an agreement that delivers significant value for … stockholders and positions our business for long-term growth and success for our valued customers,” Michael Praeger, AvidXchange’s CEO, said in the release.
“Over the last 25 years, AvidXchange has established itself as a leader in AP automation and payment software by building a differentiated platform primed for growth,” Praeger added. “With TPG and Corpay, we will have the resources and long-term focus to scale our platform and provide more innovative solutions that help our customers across the country transform their accounts payable processes.”
Financial Technology Partners, Barclays and Latham & Watkins advised AvidXchange. J.P. Morgan Securities, Moelis, RBC Capital Markets, and Davis Polk & Wardwell and Schulte Roth & Zabel advised TPG. Goldman Sachs and Eversheds Sutherland advised Corpay.