Boathouse Capital Supports AvidXchange’s Acquisition of Strongroom Solutions, Inc.
June 10, 2015
Boathouse Capital (“Boathouse”) is pleased to support AvidXchange in its most recent acquisition, Strongroom Solutions, Inc. (“Strongroom”). Boathouse Capital provided acquisition financing to support the transaction. AvidXchange, leading provider of accounts payable and payment automation solutions for midsize companies, today announced that the acquisition of Strongroom Solutions has been completed. The merger, originally announced last month, will provide AvidXchange’s clients in the real estate space with a more comprehensive solution for Home Owner Associations (HOA), further strengthening the company’s position as the leading payment provider to the real estate market.
Strongroom Solutions, Inc., headquartered in Houston, TX, has been building accounts payable solutions to the Community Association Industry since 2007. As a Software-as-a Service (SaaS) platform, Strongroom enables real-time, secure invoice management and approvals for Association Managers and Board members.
Michael Praeger, CEO and Co-Founder of AvidXchange remarked, “Strongroom is a highly complementary acquisition that can seamlessly integrate with Avid’s products and provide a more customized solution for our clients. Avid will be able to utilize Strongroom’s Homeowner Association network and enhance their level of service by providing AvidPay’s electronic payment capabilities.”
“Avid has performed at an extraordinary level throughout our partnership with a strong commitment to customer service and a proactive approach to addressing the constantly evolving needs of its customers. The acquisition of Strongroom is a perfect example of Avid never settling for he status quo and why they continue to excel as an extremely valuable partner in their core markets,” said Steve Gord, Partner. Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as exclusive financial and strategic advisor to AvidXchange in this transaction.
Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as exclusive financial and strategic advisor to AvidXchange in this transaction.