Saturday, May 21, 2022

AvidXchange keeps on growing

A rendering of AvidXchange’s planned $41 million corporate headquarters expansion.

Charlotte’s AvidXchange keeps on growing, aided by state incentives. The automated-payments provider plans a $41 million expansion of its corporate headquarters, just north of downtown, with a 200,000-square-foot building adjacent to its existing site.

The sister buildings will be connected by a two-story cafe and will include a rooftop taproom. The expanded headquarters will house customer relations and career and development centers, while providing room for growth as the company estimates it will add 1,200 people over the next five years. It now employs about 1,000 in Charlotte, having added more than 600 in the last three years.

“As our business has grown, so too has our love for the city and the belief that somehow, we can also be part of shaping the skyline of Charlotte,” AvidXchange CEO Michael Praeger said when announcing the plan. “[The expansion] is really a reflection of the significant growth we’ve experienced over the past several years.”

The expansion was aided by $24.6 million in state and local incentives, with the new annual salaries slated to average $68,500.

AvidXchange will also upgrade its facility across the street from its headquarters to include indoor basketball and volleyball courts, a track, and conference rooms.

The fintech firm also announced a strategic partnership with SAP Concur, a Bellevue, Wash.-based software company that provides expense-management services to businesses. It is owned by German software giant SAP SE. The partnership will expand AvidXchange’s payment network to more than 5,000 suppliers. The companies hope to automate payments for businesses to increase efficiency.

AvidXchange is Charlotte’s largest technology company with annual revenue of $125 million, according to an Inc. magazine report. The company has raised more than $540 million in capital since it was formed in August 2000.

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