A North Carolina-based payment software company has announced it will expand operations in Utah, creating 218 new jobs over the next five years.
AvidXchange, which in late 2014 acquired Cottonwood Heights-based Piracle Inc., announced it has selected Utah for the $3.5 million expansion after being awarded a tax credit rebate of up to $359,247 from the Governor’s Office of Economic Development (GOED) board at the board’s September meeting. The company is considering locations in Sandy and Murray.
A privately held corporation based in Charlotte, AvidXchange provider accounts payable and payment automation solutions for midmarket businesses. The company’s automation software increases control and visibility in the invoice payment process to reduce processing time, maximize efficiency and lower processing costs for payables. It has more than 6,000 customers nationwide.
{mprestriction ids="1,3"}“AvidXchange is thrilled to expand our operations in our Salt Lake City location and support the economic development in the state of Utah,” Michael Praeger, co-founder and chief executive officer of AvidXchange, said in a prepared statement.
“As we grow as a company, it is imperative to us that we have a large presence throughout the United States to ensure that we can continue to provide great support for our customer base throughout the country. Utah is a great hub for technology and innovation, and AvidXchange looks forward to being a larger part of the tech community and creating a positive impact on the local economy with the creation of over 200 jobs.”
The project is expected to result in $47 million in total new wages over five years and nearly $1.8 million in new state tax revenues during that period.
Tom Wadsworth, GOED’S director of corporate growth and business development, told the board that AvidXchange represents “a success story” with the Piracle acquisition. “They’ve had this relationship for the past two years and as AvidXchange has looked at where they want to go, they’ve been so impressed with their acquisition here in Utah that they have found it a great place to continue to grow their business,” he said.
“Utah’s labor market is attractive to innovative companies like AvidXchange, and we look forward to the company’s contributions to the state’s fintech sector,” said Val Hale, GOED’s executive director. “We see it happen again and again: Once a company experiences Utah firsthand, they know it’s one of the best locations for their growth.”
“AvidXchange is another great company taking advantage of Utah’s strengths in finance and technology,” said Theresa Foxley, president and chief executive officer of the Economic Development Corporation of Utah. “We are grateful for the role the company will play in growing fintech in the state.”{/mprestriction}
