Monthly Archives: September 2014

AvidXchange to Expand in Charlotte, adding 603 Jobs and New HQ Building

AvidXchange, which specializes in automated invoice and bill payment processes, will create 603 jobs in Charlotte in addition to the 200 jobs currently at its local headquarters.

Gov. Pat McCrory made the announcement this morning at the Charlotte Chamber.

“AvidXchange is one of North Carolina’s great homegrown success stories,” McCrory said. “Over the past 14 years, the company 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 plans to build a 115,000-square-foot headquarters at the N.C. Music Factory in uptown.

The N.C. Department of Commerce says the company plans to create 603 jobs in Mecklenburg County by the end of 2018 and invest more than $21.4 million. AvidXchange has more than 300 full-time employees in North Carolina, New Jersey and Georgia.

Under the terms of the company’s state Job Development Investment Grant award, AvidXchange is eligible to receive up to 12 annual grants equal to 48 percent of the state personal income tax withholdings from the eligible new jobs created. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over 12 years, the JDIG award could yield total benefits to AvidXchange of over $7.5 million.

New positions will include software development and engineering, finance, human resources, legal, research and development, and project management. The average wage for these positions will be approximately $52,000 annually.

“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 in the Charlotte metropolitan 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 Silicon Valley.”

AvidXchange focuses on accounts payable automation software for the middle-market. For the fourth consecutive year, the company was included in Inc. magazine’s Inc. 5000, ranking as the No. 197 fastest-growing software company in the U.S. in 2014. AvidXchange was the No. 20 fastest-growing company in the Charlotte area.

“AvidXchange’s phenomenal growth in a relatively short period of time is a testament to what the company and the Charlotte business community have to offer. What’s more, the direct and indirect impact felt to our local economy as a result of the more than 600 jobs created will be significant,” said Bob Morgan, Charlotte Chamber president and CEO.

Louis Stephens of Jones Lang LaSalle is representing AvidXchange in its real estate transaction, which is yet to be completed.

Source: Charlotte Business Journal