AvidXchange Expands Corporate Headquarters in Charlotte, North Carolina
According to company officials, its expansion was 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.
"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 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 Roy Cooper said. "North Carolina'stalented 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.
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