AvidXchange, a Charlotte, N.C.-based provider of accounts payable (AP) and payment automation solutions for the middle market, acquired Core Associates, the makers of TimberScan and complementary AP solutions used by more than 30,000 users nationwide.
The amount of the deal was not disclosed.
Through this acquisition, AvidXchange becomes one of the foremost AP automation providers for the construction market, offering a complete purchase-to-pay solution for Sage 300 CRE (formerly Timberline), Sage 100 Contractor, Acumatica and Sage Intacct Construction accounting systems.
All Core Associates’ customers will have access to the AvidPay Network of 680,000 suppliers to facilitate more efficient payment processing and give construction businesses multiple electronic payment options for suppliers.
Led by Frank Grenci, CEO and Co-Founder, Core Associates is a maker of AP workflow, invoice approval, document storage and forms-data management solutions. As a certified development partner for digital accounting and construction platforms such as Sage 300 CRE, Sage Intacct and Acumatica, Core Associates provides innovative software designed especially for job-intensive companies. Primarily serving the construction, property management and real estate industries, the company’s’ product portfolio includes hosted, mobile and cloud-based applications serving more than 30,000 users.
Led by Michael Praeger, CEO and Co-Founder, AvidXchange is an industry leader in automating invoice and payment processes for mid-market businesses. With 1,500 employees supporting 6,000 customers across North America, the company processes over $140 billion transactions annually across its network of more than 680,000 suppliers.
FinSMEs
05/01/2020