AvidXchange Agrees to $2.2 Billion Acquisition by TPG in Partnership with Corpay
Deal News | May 06, 2025 | TPG
AvidXchange Holdings, Inc., a leader in accounts payable automation solutions, has reached an agreement for acquisition by the global asset management firm TPG, in partnership with Corpay, for $2.2 billion. Shareholders of AvidXchange will receive $10.00 per share in cash under this definitive agreement. While TPG will acquire a majority stake through its private equity platform TPG Capital, Corpay is set to obtain a minority interest. The middle-market-focused AvidXchange serves over 8,500 businesses and has enabled payments to more than 1,350,000 suppliers over the past five years. Financial Technology Partners and Barclays are acting as financial advisors, with Latham & Watkins LLP advising legally on this transaction.
Sectors
- Financial Technology
- Private Equity
- Corporate Payments
Geography
- United States – AvidXchange is based in Charlotte, North Carolina, and TPG is a prominent US-based private equity firm.
- Europe – TPG Capital, the investment platform used for this acquisition, has operations in Europe, indicating the geographic scope of its investment activities.
Industry
- Financial Technology – AvidXchange specializes in providing financial technology solutions focusing on AP automation software and payment solutions.
- Private Equity – TPG's involvement as a private equity firm showcases the industry focus on acquiring and managing companies.
- Corporate Payments – Corpay is a leader in the corporate payments sector, providing various financial solutions like commercial and virtual cards.
Financials
- $2.2 billion – The total value of the acquisition deal for AvidXchange.
- $10.00 per share – The cash offer per share for AvidXchange stockholders.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AvidXchange Holdings, Inc. | Target Company | Company | A leading provider of accounts payable automation solutions and payment platforms for middle-market businesses. |
| TPG | Acquirer | Company | A global alternative asset management firm acquiring a majority stake in AvidXchange. |
| Corpay | Acquirer (Minority Interest) | Company | A global leader in corporate payments acquiring a minority stake in AvidXchange. |
| Financial Technology Partners | Financial Advisor | Company | Financial advisor to AvidXchange for the acquisition. |
| Barclays | Financial Advisor | Company | Financial advisor to AvidXchange for the acquisition. |
| Latham & Watkins LLP | Legal Advisor | Company | Providing legal advisory services to AvidXchange. |