MONTRÉAL, June 8, 2017 /CNW Telbec/ - Today, Caisse de dépôt et placement du Québec (CDPQ) announced a USD 100 million growth equity investment in AvidXchange, a leading FinTech provider of accounts payable and payment automation for midsize companies.
"With a strong management team and a proven business model, AvidXchange is exactly the kind of financial technology company that CDPQ is seeking to invest in," said Aviva Shneider, Vice-President and Co-Head, Direct Private Equity, U.S. and Latin America, at CDPQ. "AvidXchange delivers a complete and simple invoice workflow and B2B payment management solution that helps medium-sized businesses solve complex multi-step processes. As an industry leader in electronic business payments, AvidXchange has seen strong adoption and is ideally positioned to grow and to succeed today and in the economy of the future."
In concert with a wider group of partners, CDPQ helped lead this round of financing, which will support AvidXchange as it seeks to increase its product offering and its presence across the industry.
"We are thrilled to welcome CDPQ, a leading global institutional asset manager, as an investor and a partner," said Michael Praeger, CEO and Co-Founder of AvidXchange. "Their worldwide network and expertise will be great assets to AvidXchange as we expand our product offering to new markets and serve new clients outside of the United States. This is a long-term partnership that positions CDPQ and AvidXchange for continued growth and leadership in our respective spaces," added Praeger.
Serving over 5,500 midsize businesses in North America, AvidXchange's solutions enable clients to automate and streamline their B2B invoice and payment processes, increasing control over, visibility into, and better management of cash flow.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2016, it held $270.7 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. With over $30 billion of assets under management, CDPQ's private equity team has significant expertise both as a direct investor in companies and as a partner in investment funds. From LBOs to growth equity in businesses in all sectors, CDPQ differentiates itself through its flexible and collaborative approach, worldwide network, and long-term investment horizon. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
AvidXchange revolutionizes the way companies pay their bills. Serving more than 5,500 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. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for four consecutive years, as well as ranked among Deloitte's Fast 500 this past year. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@AvidXchange.com.
SOURCE Caisse de dépôt et placement du Québec
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