Charlotte-Based AvidXchange to Be Acquired in $2.2 Billion Deal

AvidXchange, a Charlotte-based payments software company, is being acquired for $2.2 billion by global investment firm TPG in partnership with Corpay, a leader in corporate payments.

The transaction values AvidXchange shares at $10 each, which is a 22 percent increase from the company’s closing price on May 6. TPG will take a majority ownership stake through its private equity platform, while Corpay will hold a minority interest.

“We are pleased to have reached an agreement that delivers significant value for AvidXchange stockholders and positions our business for long-term growth and success for our valued customers,” said Michael Praeger, CEO of AvidXchange. “With TPG and Corpay, we will have the resources and long-term focus to scale our platform and provide more innovative solutions that help our customers across the country transform their accounts payable processes.” 

The company, headquartered on Hamilton Street, will become privately held once the deal is finalized in the fourth quarter of 2025. AvidXchange is known for its accounts payable automation software and holds naming rights to Charlotte’s Music Factory entertainment complex.

Next chapter: AvidXchange announces agreement to be acquired by TPG in partnership with Corpay. pic.twitter.com/vEVXriS0tn

— AvidXchange, Inc. (@AvidXchange) May 6, 2025