AvidXchange, a Charlotte, NC-based provider of accounts payable (AP) and payment automation solutions for the middle market, is to acquire BankTEL Systems, a provider of accounting solutions to banks across the U.S.
The amount of the deal was not disclosed.
Through the acquisition, AvidXchange provides invoice-to-payment solutions for midmarket customers in the banking and financial services sector. As an AvidXchange Company, BankTEL will be able to offer its clients access to the AvidPay Network to complete the AP process with electronic payments, while AvidXchange’s financial services customers will access to accounting offerings through its product suite.
Founded in 2000 by Michael Praeger, CEO, AvidXchange provides automating invoice and payment processes for mid-market businesses. The company processed 9.5 million payments last year across its network of more than 500,000 suppliers.
It has 1,300 employees in seven office locations.
Led by Boyce Adams Jr., President and CEO, BankTEL is an international software company that focuses on accounting solutions for financial institutions, offering both accounts payable and payment automation technology that maintains transparency, accountability and regulatory compliance.