CHARLOTTE – Unicorn fintech AvidXchange expands its services to construction industry with a deal to acquire a Florida based company foused on accounts payable.
Core Associates becomes part of AvidXchange’s fintech solutions. Financial terms were not disclosed. The company launched in 2008.
“There is no better way to start 2021 than by welcoming Core Associates customers, partners and employees to AvidXchange,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “With this acquisition, existing Core Associates users and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills.”
Core Associates has more than 30,000 users. It’s best known for the TimberScan product.
“As an AvidXchange company, Core Associates will continue to offer TimberScan to help customers in the construction industry, including contractors, commercial developers and property managers, eliminate manual AP tasks and shift to electronic invoicing,” AvidXchange said in ther announcement.
“By integrating TimberScan with AvidPay, customers will benefit from fully automated processes from procurement through payment in a single solution, enabling greater efficiency and visibility coupled with the ability to approve invoices and payments from anywhere, at any time,” the company added.
