Boathouse Capital Exits AvidXchange

Boathouse Capital, a Philadelphia-based private equity firm, announced has exited its investment in AvidXchange, a Charlotte, NC-based provider of accounts payable and payment automation solutions for midsize companies.

The firm realized a 6x return on the investment.

The exit was the result of an equity and debt growth financing led by Bain Capital Ventures totalling $22.5m.

Founded in 2000 by Michael Praeger, CEO, AvidXchange provides a software and services solution that streamlines the entire Accounts Payable process–from invoice receipt through vendor payment. The company serves more than 5,200 midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction throughout North America.

During Boathouse’s five year investment, AvidXchange completed three acquisitions, entered the payments automation space, added 350+employees and achieved 500% revenue growth. It has also 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.

FinSMEs

06/11/2015

Join the discussion