Real Estate

AvidXchange investing $41 million in Charlotte HQ

Dec. 17. AvidXchange, the accounts payable and payment automation company, will expand its Charlotte headquarters, creating 1,229 jobs. The fintech company, an industry leader in automating invoice and payment processes for mid-market companies, will invest $41 million in Mecklenburg County.

Salaries for the new positions will average $68,569, which is higher than the current Mecklenburg County average wage of $65,285.

North Carolina’s workforce helped cinch the deal, according to Gov. Roy Cooper, who announced the expansion.

AvidXchange has been recognized as the top midsize company of the year by the North Carolina Technology Association and was ranked among Deloitte’s Fast 500 list of companies earlier this year. It provides cloud-based software that simplifies the way companies pay their bills. The company automates the end-to-end payment process for mid-market companies in real estate, community association management, construction, financial services, energy and other industries.

AvidXchange  was launched 18 years ago in a coffee shop in Charlotte with five employees.

“Since then, we’ve grown to 1,200 employees, proud to call North Carolina home,” said CEO Michael Praeger. “I’m thrilled to have the state’s continued support as we look to double our employee base in the next five years.”

AvidXchange will add a variety of positions with this expansion, including software development, financial, marketing, and professional services personnel.

The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s expansion. Economic development incentives for the deal amount to almost $20 million.

AvidXchange’ s headquarters expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $2.6 billion.

The company will also get $3.3 million from Charlotte and the county, as well as $1.7 million in community college training.

Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $19,614,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. “JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company,” Gov. Cooper’s office said in a press release.

Partnering with the North Carolina Department of Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy, Mecklenburg County, the City of Charlotte, and the Charlotte Regional Business Alliance.

 

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