AvidXchange to hire over 1,200 workers in exchange for millions in incentives

(The Charlotte Observer)
Updated: Dec. 18, 2018 at 3:15 PM EST
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CHARLOTTE, NC (Katherine Peralta, Zachery Eanes, and Joe Marusak/The Charlotte Observer) - The Charlotte tech company AvidXchange will hire over 1,200 people over the next five years, a move that will more than double its local footprint, officials said Tuesday. The move is made possible through a generous incentives package from local and state governments.

N.C.’s Economic Investment Committee met in Raleigh to approve $19.6 million in state incentives Tuesday afternoon, shortly before Gov. Roy Cooper detailed the AvidXchange expansion. He said the company is investing $41 million in the move.

During the EIC meeting, the EIC said that the company will also get $3.3 million from city and county, plus $1.7 million in community college training.

In exchange for the incentives, AvidXchange will hire 1,229 workers over the next five years. The average wage for each job will be $68,569.

Founded in 2000 by CEO Michael Praeger, AvidXchange automates bill payments and invoices for midsize companies. About a year and a half ago, AvidXchange moved into its new, six-story headquarters at the AvidXchange Music Factory. The 200,000 square-foot facilities are tricked out with amenities like Xboxes, shuffleboard, multiple gyms and basketball courts.

The company has been growing rapidly over the years, and currently employs about 1,200 people in Charlotte.

This year, AvidXchange opened a second headquarters in Utah. The company planned to expand jobs at that office, including software development, product development and customer support, the CEO said at the time.

Mergers and acquisitions have helped fuel AvidXchange’s rapid growth over the years.

Last year, for instance, AvidXchange acquired a Massachusetts firm called Ariett, a private company that specializes in technology that lets businesses automate various processes and manage employee expenses.

Tuesday’s announcement isn’t the first time in recent years that AvidXchange has received incentives in exchange for creating jobs.