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FT Partners Advises AvidXchange on its Acquisition of Core Associates

Overview of Transaction

  • On January 4, 2021, AvidXchange announced it completed its acquisition of Core Associates
  • Founded in 2008, Core Associates offers industry-leading AP workflow, invoice approval, document storage and forms-data management solutions primarily serving the construction and real estate verticals
  • Core Associates serves more than 30,000 users nationwide
  • AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses
  • The Company serves clients spanning multiple industries including Real Estate, Financial Services, Energy and Construction

Significance of Transaction

  • Through this acquisition, AvidXchange becomes one of the foremost AP automation providers for the construction vertical, offering the only complete purchase-to-pay solution for Sage 300 CRE, Sage 100 Contractor, Acumatica and Sage Intacct
  • This is AvidXchange’s sixth acquisition in eleven years

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to AvidXchange
  • FT Partners has been AvidXchange’s advisor since 2009, working with the Company on multiple capital raises in excess of $950 million, as well as all six of the Company’s acquisitions since 2010
  • This transaction underscores the long-term nature of many of FT Partners’ relationships as well as our deep expertise in advising leading Financial Management Solution providers