June 8, 2017
CDPQ increases presence in FinTech industry with investment in AvidXchange
MONTRÉAL -- Today, Caisse de dépôt et placement du Québec (CDPQ) announced a US$100 million growth equity investment in AvidXchange, a leading FinTech provider of accounts payable and payment automation for midsize companies.
"With a strong management team and a proven business model, AvidXchange is exactly the kind of financial technology company that CDPQ is seeking to invest in," said Aviva Shneider, vice-president and co-head, direct private equity, U.S. and Latin America, at CDPQ. "AvidXchange delivers a complete and simple invoice workflow and B2B payment management solution that helps medium-sized businesses solve complex multi-step processes. As an industry leader in electronic business payments, AvidXchange has seen strong adoption and is ideally positioned to grow and to succeed today and in the economy of the future."
In concert with a wider group of partners, CDPQ helped lead this round of financing, which will support AvidXchange as it seeks to increase its product offering and its presence across the industry.
"We are thrilled to welcome CDPQ, a leading global institutional asset manager, as an investor and a partner," said Michael Praeger, CEO and co-founder of AvidXchange. "Their worldwide network and expertise will be great assets to AvidXchange as we expand our product offering to new markets and serve new clients outside of the United States. This is a long-term partnership that positions CDPQ and AvidXchange for continued growth and leadership in our respective spaces," added Praeger.
Serving over 5,500 midsize businesses in North America, AvidXchange's solutions enable clients to automate and streamline their B2B invoice and payment processes, increasing control over, visibility into, and better management of cash flow.