In a major development reshaping the accounts payable automation landscape, AvidXchange has agreed to be acquired by global alternative asset management firm TPG in partnership with Corpay for $2.2 billion. The all-cash transaction, announced on May 6, 2025, values AvidXchange shares at $10.00 each—representing a 22% premium over its closing price that day.
Founded in Charlotte, North Carolina in 2000, AvidXchange’s initial mission was to transform how middle-market companies manage their bills. Since then, the company went public at $25/share in 2021 and expanded its capabilities through acquisitions such as FastPay, Core Associates, and BankTEL Systems.
According to their website, AvidXchange serves over 8,000 North American companies. In the past five years, the company’s AvidPay Network has processed payments for 1.2 million suppliers, totaling $231 billion in spend management in 2023.
In 2023 the company suffered two breaches which, according to their May 7, 2025 financial report resulted in at least $179,000 of response costs, including professional service and legal fees, incurred in connection with a cybersecurity incident that was detected in April 2023, net of insurance recoveries.
AvidXchange Holdings, Inc. (NASDAQ: AVDX) (“AvidXchange” or the “Company”), a leading provider of accounts payable (AP) automation software and payment solutions, today announced that it has entered into a definitive agreement to be acquired by TPG (NASDAQ: TPG), a global alternative asset management firm, in partnership with Corpay, a global leader in corporate payments. TPG and Corpay will acquire AvidXchange for $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion. TPG will acquire a majority interest in AvidXchange through TPG Capital, the firm’s U.S. and European private equity platform. Corpay will acquire a minority interest in the Company.
The purchase price represents a 22% premium over the Company’s closing price of $8.20 on May 6, 2025, a 16% premium over the 90-day volume weighted average price as of the same date, and a 45% premium over the $6.89 closing price as of March 12, 2025, the last trading day before media reports of a potential transaction involving the Company. Upon completion of the transaction, AvidXchange will become a private company with additional flexibility to continue investing in growth and delivering integrated payment solutions that enable greater efficiency, visibility, and control for customers.
