AvidXchange Agrees to TPG Acquisition for $2.2 Billion
Deal News | May 06, 2025 | TPG
AvidXchange Holdings, Inc., a leader in accounts payable automation software, has announced a definitive agreement to be acquired by TPG, in partnership with Corpay. The acquisition is valued at $2.2 billion, with stockholders set to receive $10 per share in cash. TPG will acquire a majority stake through its U.S. and European private equity platform. Corpay, a major corporate payments provider, will acquire a minority interest. AvidXchange's software services over 8,500 businesses with digital and automated AP workflows. Financial Technology Partners and Barclays are advising AvidXchange, with Latham & Watkins LLP serving as legal advisors. This acquisition reflects the strategic expansion of TPG and Corpay in the payment solutions sector.
Sectors
- Financial Technology
- Private Equity
Geography
- United States – AvidXchange is based in Charlotte, N.C., and TPG operates largely within the U.S. market.
Industry
- Financial Technology – The article discusses AvidXchange, a company specializing in accounts payable automation and payment solutions, which aligns with the Financial Technology sector.
- Private Equity – TPG, a global alternative asset management firm, is driving this acquisition, fitting into the Private Equity sector.
Financials
- $2.2 billion – The total acquisition value of AvidXchange by TPG and Corpay.
- $10.00 per share – The cash consideration per share that AvidXchange stockholders will receive.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AvidXchange Holdings, Inc. | Target Company | Company | A leading provider of accounts payable automation software and payment solutions. |
| TPG | Acquirer | Company | A global alternative asset management firm acquiring a majority interest in AvidXchange. |
| Corpay | Acquirer | Company | A global leader in corporate payments acquiring a minority interest in AvidXchange. |
| Financial Technology Partners | Financial Advisor | Company | Advising AvidXchange on the transaction. |
| Barclays | Financial Advisor | Company | Providing financial advisory services to AvidXchange for the acquisition. |
| Latham & Watkins LLP | Legal Advisor | Company | Serving as the legal advisor to AvidXchange in the transaction. |