AvidXchange Holdings, Inc. (AVDX)

AvidXchange Holdings, Inc. was founded in 2000 and is headquartered in Charlotte, North Carolina. Michael Praeger, one of its founders, led the company as chief executive officer for most of its history. The company set out to replace paper-based invoice handling with electronic workflows for businesses that processed large volumes of supplier bills.

The business centered on accounts payable automation for middle-market companies in North America. Its cloud-based software captured invoices, routed them through review and approval, and prepared them for payment. A companion payments network, known as AvidPay, allowed buyers to pay suppliers by methods such as virtual card, ACH, and check, while a supplier network connected both sides of each transaction.

AvidXchange served customers in industries including real estate, homeowners associations, construction, healthcare facilities, social services, education, and media. It sold through a direct sales force and through partnerships with accounting, enterprise resource planning, and property management software providers. A cash management tool called Cashflow Manager was offered alongside the core platform to give customers more visibility into payables timing.

The company grew with the backing of private investors over roughly two decades, including TPG, which had invested earlier in its history. AvidXchange completed its initial public offering in October 2021 and listed its common stock on the Nasdaq Global Select Market under the symbol AVDX. After going public, management focused on increasing payment volume and moving toward profitability, while the stock traded well below its offering price for much of its public life.

On May 6, 2025, AvidXchange announced a definitive agreement to be acquired by funds affiliated with TPG, with Corpay, the payments company, joining as a minority investor. Stockholders were to receive $10.00 in cash for each share, a transaction valuing AvidXchange at approximately $2.2 billion. The agreement reflected a view that the company could pursue its growth plans more effectively as a private business.

AvidXchange stockholders approved the merger at a special meeting held on September 16, 2025. After regulatory approvals and other customary closing conditions were satisfied, the transaction was completed on October 15, 2025, and AvidXchange became a privately held company. TPG acquired a majority interest, and Corpay acquired a minority interest.

Upon completion, the common stock ceased trading on the Nasdaq Global Select Market, and a Form 25 delisting notice was filed with the Securities and Exchange Commission on the same day. Holders of record received the merger consideration of $10.00 per share in cash. The company continues to operate its accounts payable automation and payment business from Charlotte under its new ownership.