Boathouse Capital Realizes Extraordinary Result on AvidXchange Investment
November 5, 2015
Boathouse Capital today that it has successfully exited its investment in AvidXchange, a provider of accounts payable and payment automation solutions for midsize companies. The exit was the result of an equity and debt growth financing led by Bain Capital Ventures.
Founded in 2000 and headquartered in Charlotte, NC, Avid provides a software and services solution that streamlines the entire Accounts Payable process–from invoice receipt through vendor payment. Serving more than 5,200 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, Energy, and Construction.
During Boathouse’s five year investment, AvidXchange completed three acquisitions, entered the payments automation space, added 350+employees and achieved 500% revenue growth. Avid has been named to Inc. 5000’s list of fastest growing private companies three years in a row and Deloitte’s Fast 500 this past year.
Steve Gord, General Partner at Boathouse Capital, said, “Avid has performed at an amazing level throughout our partnership and has accomplished an eye-popping transition from a small point solution to a comprehensive financial technology provider. We are grateful to have had the opportunity to invest in Michael Praeger and his team and are extremely proud of the 6x return yielded to our investors.”
“I thoroughly enjoyed partnering with the Boathouse team over the past five years. My team and I valued the continued support that Boathouse provided throughout our partnership as we worked to achieve our goals. We are excited about the future of our business and are committed to continuing to achieve excellent outcomes,” said Michael Praeger, CEO and Co-Founder of AvidXchange.