Boathouse Capital and AvidXchange acquire Piracle Payment Management Software Company
November 25, 2014
AvidXchange, Inc. (“AvidXchange), a Boathouse Capital portfolio company and provider of accounts payable and payment automation solutions for businesses, announced last week it has completed the acquisition of Piracle, Inc. (“Piracle”), a company that has offered payment management tools for more than 20 years to over 5,000 customers.
Based in Salt Lake City, Utah, Piracle provides customers with self-service software tools to generate electronic payments and manage their paper check printing process. Piracle’s programs, combining payment software, supplies and outsourced check printing facilities, are designed to work seamlessly with clients’ accounting systems to provide the utmost in security, simplicity and cost efficiency.
The acquisition not only offers clients of both AvidXchange and Piracle the benefit of a more robust set of product offerings, but also enables this new larger organization to accommodate 100% of their customers’ payments and preferred methods, based on their individual business needs. Piracle’s clients will continue to enjoy their current payment product suite and will now also have access to additional electronic payment solutions. The acquisition will enable Piracle’s clients to automate their entire Accounts Payable process-from invoice receipt through payment execution. The AvidXchange and Piracle teams will be working together over the next several months to create a unified team, ensuring a positive and smooth transition for employees and clients alike.
“AvidXchange’s priority is innovation. Aligning ourselves with leaders from Piracle, who have made a mark on the payment industry, was a clear choice on our journey toward developing the next big thing for business-to-business payments and broadening what we can offer our customers today,” stated Michael Praeger, CEO and Co-Founder of AvidXchange.
“AvidXchange has experienced phenomenal growth and success in recent years, due to both robust internal development initiatives and smart industry partnerships,” said Steve Gord, Partner at Boathouse Capital. “Mike and his team have built an exciting platform in the payments industry and we look forward to continuing to play a part in the company’s growth.”