A company that helps businesses automate payment processes focusing on energy, metered utilities and telecom fields, AvidXchange will expand its headquarters operations center in Charlotte, North Carolina. The company plans to invest more than $21.4 million and create 603 jobs in Mecklenburg County by the end of 2018.
"AvidXchange is deeply rooted in the Queen City, and as we continue to prosper, it is important for us to grow and contribute to the city that has supported us from our days as a small startup to the Inc. 5000’s 20th fastest-growing company within the Charlotte metro area,” said Michael Praeger, CEO of AvidXchange. “We are thrilled to announce that Charlotte will be the headquarters for our new and expanding corporate campus and are excited about the hundreds of technology jobs and world-class talent that we will bring to the city. It is my hope that we can help Charlotte become a leader of innovation much like the Silicon Valley."
“AvidXchange is one of North Carolina’s great homegrown success stories,” said Governor Pat McCrory. “Over the last 14 years it has gone from being run from the founder’s basement to one of the top businesses in its industry. It is another great example of the business opportunity North Carolina offers.”
“One of our top priorities in North Carolina is to work with our existing industries to help them grow and prosper here,” Commerce Secretary Sharon Decker said. “AvidXchange’s phenomenal growth proves that should continue to be one of our key strategies to building North Carolina’s economy.”
The project was made possible in part by an award to AvidXchange from the state Job Development Investment Grant program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, AvidXchange is eligible to receive up to twelve annual grants equal to 48 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over twelve years, the JDIG award could yield aggregate benefits to AvidXchange of over $7.5 million.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, NC Community College System, NC Works, Mecklenburg County, City of Charlotte, Charlotte Chamber of Commerce, Charlotte Center City Partners and North Carolina Economic Development Partnership.