Charlotte-based fintech company AvidXchange is being acquired for $2.2 billion in an all-cash deal by private equity firm TPG and global payments company Corpay, according to a company announcement this morning.
The transaction, valued at $10 per share, represents a 22% premium over AvidXchange’s May 6 closing price of $8.20 and a 45% premium over its March 12 closing price, the day before reports of a potential sale emerged. Once the deal closes, AvidXchange will become a private company
TPG, based in San Francisco, will take a majority stake through its U.S. and European private equity platform. Atlanta-based Corpay will hold a minority interest in the company.
“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 AvidXchange CEO Michael Praeger in a press release. “Over the last 25 years, AvidXchange has established itself as a leader in AP automation and payment software by building a differentiated platform primed for growth. 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.”
Founded in 2000 by CEO Michael Praeger and co-founder David Miller in a Charlotte coffee shop, AvidXchange grew into a major fintech player, going public in 2021 and employing 1,600 people nationwide—with nearly 1,200 based in Charlotte.
In 2017, AvidXchange moved into its headquarters at the Music Factory, and secured naming rights to the venue.
The sale is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals. No financing conditions are attached to the deal.
