Surpassed Job Commitment Made in 2015 by 42%, Hired 683 New Employees in Charlotte From 2015 – 2017
CHARLOTTE, N.C. (December 18, 2018) – AvidXchange™, a leading fintech provider of accounts payable (AP) and payment automation solutions for midsize companies, announced that it will expand its corporate headquarters, adding over 1,200 new jobs made possible in part by a recently awarded North Carolina Job Development Investment Grant. This announcement comes on the heels of the company confirming that it exceeded its original Job Development Investment Grant commitment made in 2015 by 42%. This is in addition to commitments made to grow the company’s operations center in Sandy, Utah, with plans to add up to an additional 218 jobs there over the next five years.
The announcement was made by AvidXchange CEO Michael Praeger and North Carolina Governor Roy Cooper during a press conference on Tuesday at the company’s headquarters.
AvidXchange will add a variety of positions with this expansion, including software development, financial, marketing, and professional services personnel. Salaries for the new positions will average $68,569, exceeding the current Mecklenburg County average wage. The new positions will be introduced progressively over the next five years. The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led the state’s support for the company’s expansion.
“AvidXchange has realized incredible growth over the past four years. When we broke ground on our new campus in 2015, we had 300 employees. Today we have more than 1,200 and we expect to double that again in the next five years,” said AvidXchange CEO Michael Praeger. “Our employees are the heart of our business, allowing us to continue to innovate and provide amazing service to our customers. I’m thrilled to have the support of the Charlotte community and State of North Carolina to continue to help us grow here.”
The North Carolina Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants to new and expanding companies to help offset the cost of locating or expanding a facility in the state. 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. Over the term of this grant, the project is anticipated to grow the state’s economy by an estimated $2.6 billion. This is the second time AvidXchange has been awarded a JDIG. The first grant, worth a potential $7.5 million over its 12-year life, coincided with the company’s groundbreaking of its Charlotte headquarters in 2014. AvidXchange’s first JDIG commitment called for the addition of 481 new North Carolina jobs between 2015 and 2017. AvidXchange surpassed its commitment to the state by adding 683 jobs within the time frame.
“North Carolina leads the nation in the IT and financial services industries,” Governor Cooper said. “North Carolina’s talented workforce helps companies like AvidXchange develop big ideas and build innovative products.”
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, Mecklenburg County, the City of Charlotte, Duke Energy and the Charlotte Regional Business Alliance.
About AvidXchange™
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Construction, Health and Human Resources, and Hospitality. AvidXchange has been recognized as the top software company in North Carolina by the North Carolina Technology Association, one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte’s Fast 500 this past year, and was recently named the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or [email protected].