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AvidXchange to Expand in UtahSeptember 08 2017 - 9:23 am
For Immediate Release
GOED Communications Director
AvidXchange to Expand in Utah
SALT LAKE CITY (Sept. 8, 2017)—The Governor’s Office of Economic Development (GOED) today announced AvidXchange, Inc. will expand its Utah operation, adding up to 218 jobs to the community, nearly $1.8 million in new state revenue and $3.5 million in capital investment.
“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, executive director of GOED. “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 acquired Utah-based Piracle Inc. in 2015 and has maintained employees in the state since then. Headquartered in Charlotte, North Carolina, the company selected Utah for its West Site expansion to better serve a wider customer base. AvidXchange is a leading provider of accounts payable and payment automation solutions for midmarket businesses with more than 6,000 customers nationwide. 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.
“AvidXchange is thrilled to expand our operations in our Salt Lake City location and support the economic development in the state of Utah. 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,” said Michael Praeger, CEO and co-Founder of AvidXchange. “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.”
AvidXchange will create up to 218 jobs over the next five years. The total wages in aggregate are required to exceed 110 percent of the county average wage. Projected new state wages over the life of the agreement are expected to be approximately $47,046,117. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,796,236 million over five years.
“AvidXchange is another great company taking advantage of Utah’s strengths in finance and technology,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We are grateful for the role the company will play in growing fintech in the state.”
AvidXchange may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with AvidXchange, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $359,247. Each year as AvidXchange meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The company is working closely with the local community to determine the best location for the project. Exact location will be determined at a future date.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or email@example.com.
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte’s Fast 500 this past year, and recently was named of the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@avidXchange.com.