Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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010721

Posted January 07, 2021

 

AvidXchange is expanding its footprint yet again.

The Charlotte-based fintech software provider has acquired Core Associates, an accounts payable (AP) firm based out of Jupiter, Florida.

The company is the maker of TimberScan, a complementary AP solution estimated to have 30,000 users.

With this acquisition, AvidXchange said it becomes “one of the foremost” automated “purchase-to-pay” solutions for the construction industry.

“Existing and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills,” said Michael Praeger, CEO and Co-Founder of AvidXchange, in a statement.

It will help reduce what was previously a month-long process down to only two or three days using a single solution,” said Frank Grenci, Core’s CEO and co-founder.

The acquisition is the latest in a string of deals that AvidXchange has made over the years.

Others included BankTel Systems, an AP firm based in Columbus, Mississippi, back in 2019.

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