AvidXchange Agrees to be Acquired by TPG in Partnership with Corpay for $2.2 Billion

Core Viewpoint - AvidXchange Holdings, Inc. is set to be acquired by TPG and Corpay for $10.00 per share, valuing the company at$2.2 billion, which represents a significant premium over its recent stock prices [1][2]. Acquisition Details - The acquisition price of $10.00 per share reflects a 22$8.20 on May 6, 2025, a 16% premium over the 90-day volume weighted average price, and a 45% premium over the closing price of $6.89 on March 12, 2025 [2]. - Upon completion, AvidXchange will transition to a private company, allowing for greater flexibility in investing in growth and enhancing integrated payment solutions [2]. Company Background - AvidXchange is a leading provider of accounts payable automation software and payment solutions, serving over 8,500 middle market businesses and facilitating payments to more than 1,350,000 suppliers in the past five years [9]. - The company has established itself as a leader in AP automation and payment software, with a differentiated platform aimed at growth [3]. Strategic Insights - TPG and Corpay view AvidXchange as a leader in AP automation, with significant opportunities to enhance its solutions and improve efficiency in payment processes [3]. - The partnership aims to leverage TPG's technology expertise and Corpay's corporate payments capabilities to accelerate AvidXchange's growth [3]. Transaction Approval and Timeline - The transaction has been unanimously approved by AvidXchange's Board of Directors, and certain senior management members will rollover a significant portion of their equity [4]. - The deal is subject to customary closing conditions, including stockholder approval and regulatory approvals, and is expected to close in the fourth quarter of 2025 [5]. Financial Advisory - Financial Technology Partners and Barclays are acting as financial advisors to AvidXchange, while TPG is advised by J.P. Morgan Securities LLC, Moelis & Company, and RBC Capital Markets [7][8].