CHARLOTTE, N.C., (May 19, 2015) AvidXchange, leading provider of accounts payable and payment automation solutions for midsize companies, announced today the acquisition of Strongroom Solutions, further strengthening its 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. With the majority of AvidXchange’s clients in the real estate space, the merger will provide these clients with a more comprehensive solution for Home Owner Associations (HOA), and will also optimize clients’ payment mix with expanded payment offerings.
Based in Houston, Strongroom is the industry leader in the HOA vertical and has provided accounts payable software solutions to over 200 small and midsize businesses since 2007. The company has developed a SaaS platform that provides payables services that are highly integrated to over 20 different accounting systems, with specific focus on the HOA industry. Due to the high degree of system and process compatibility with AvidXchange, migration to AvidXchange’s AvidPay Network can be rapidly executed and provide Strongroom clients with an easy way to maximize their electronic vendor payments.
“We made a name for ourselves by starting in the real estate space so we were seeking a highly complementary acquisition target in that space that could be seamlessly and quickly integrated with AvidXchange products,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “With Strongroom’s dominant position in the HOA vertical and our leadership in the real estate space, we are able to offer our combined 3,000+ real estate related customers tremendous benefits.”
“Strongroom is excited to join the AvidXchange team,” commented Tyler Gill, CEO of Strongroom Solutions. “We are proud of the reputation we have built in providing innovative accounts payable solutions to the Home Owner Association (HOA) vertical market. AvidXchange’s beginnings in Real Estate and emphasis on delivering best-in-class customer support immediately spoke to me and the Strongroom team. I am looking forward to extending our leadership position in the HOA sector and other verticals through our merger,” added Gill.
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 info@AvidXchange.com.
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