The Charlotte-based fintech software provider has acquired Core Associates, an accounts payable (AP) firm based out of Jupiter, Florida.
The company is the maker of TimberScan, a complementary AP solution estimated to have 30,000 users.
With this acquisition, AvidXchange said it becomes “one of the foremost” automated “purchase-to-pay” solutions for the construction industry.
“Existing and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills,” said Michael Praeger, CEO and Co-Founder of AvidXchange, in a statement.
It will help reduce what was previously a month-long process down to only two or three days using a single solution,” said Frank Grenci, Core’s CEO and co-founder.
The acquisition is the latest in a string of deals that AvidXchange has made over the years.
Others included BankTel Systems, an AP firm based in Columbus, Mississippi, back in 2019.