Caisse de dépôt et placement du Québec is investing $135 million in a financial technology company based in Charlotte, NC.
The company, AvidXchange Inc., provides accounts payable and payment automation services to medium-sized businesses.
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Caisse was drawn to the company’s strong management team and proven business model, said Aviva Shneider, vice-president and co-head of direct private equity for the United States and Latin America at Caisse, in a news release.
“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.”
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Caisse also led other partners to fund and support the company’s expansion in the industry, according to the release.
“We are thrilled to welcome CDPQ, a leading global institutional asset manager, as an investor and a partner,” said Michael Praeger, chief executive officer 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.”