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FT Partners Advises AvidXchange on its $253mm Minority Financing

Overview of Transaction

  • On September 14, 2015, AvidXchange announced a minority $235mm Series E financing round; on November 28, 2016, AvidXchange announced an $18mm extension from strategic investors
  • Bain Capital Ventures led the equity round with additional investments from the Foundry Group, TPG, KeyBank, and Nyca Partners
  • Fifth Third Bancorp led the strategic extension with additional participation from Pivot Investment Partners
  • As part of this financing, Matt Harris of Bain Capital Ventures, Hans Morris of Nyca Partners, and Brad Feld of the Foundry Group joined AvidXchange’s Board of Directors
  • AvidXchange is a best-in-class business-to-business software company that is revolutionizing how companies pay their bills by automating the invoice and payment processes
  • The Company focuses on serving midmarket clients and spans multiple industries including Real Estate, Financial Services, Energy and Construction

Significance of Transaction

  • The transaction will further help AvidXchange expand as the leading independent business-to-business invoice and payment solution provider
  • Firmly positions the Company to continue to grow the core business, invest in infrastructure and product development and pursue opportunistic acquisitions

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to AvidXchange and its Board of Directors
  • FT Partners leveraged its deep knowledge, extensive experience and broad industry relationships to help achieve a highly favorable outcome for the Company
  • Transaction demonstrates FT Partners’ continued success advising $100mm+ financings