Dive Brief:
- AvidXchange, an accounts payable and payments software provider, has agreed to be taken private by global asset management firm TPG in a transaction that values the business at $2.2 billion, according to a Tuesday press release from the two companies.
- As part of the acquisition, another payments company Corpay, formerly known as FleetCor Technologies, will buy a 33% stake in the publicly-traded AvidXchange for $500 million, according to its separate release Tuesday. Corpay, which is also publicly-traded, said in its release that it will have the option to buy all of AvidXchange.
- “There is a very large opportunity for businesses to improve their accounts payable processes through automation and become more efficient, more secure, and more accurate,” TPG Partner John Flynn said in the joint release.