AvidXchange acquires Core Assoc.; aims to automate mid-market businesses

AvidXchange acquires Core Assoc.; aims to automate mid-market businesses

The acquisition would position AvidXchange as one of the leading AP automation platforms catering to the mid-market construction business

Another acquisition that comes along the thriving digital cryptocurrency business is AvidXchange’s recent acquisition of AP software solutions platform- Core Associates. This acquisition comes on the heels of the former company’s aim to advance payments automation in the construction industry as well as mid-market businesses. For the record, AvidXchange is an industry leader in payment and invoice processes for some of the important mid-market businesses.

It has been speculated that as part of AvidXchange, Core Associates would still work to support its construction industry clients- including commercial developers, contractors, and property managers- with TimberScan to simplify the transformation from manual AP processes to electronic invoicing.

As per official sources, the integration of TimberScan and AvidPay would give users a single, automated solution to systematize the procurement and payments processing. Moreover, Core’s construction sector customers would now receive access to AvidPay’s 680,000 suppliers, while also expanding several electronic payment options, that looks towards reducing the risks of check fraud.

Commenting on the move, Michael Praeger, Co-Founder and CEO of AvidXchange, cited that the company is elated to welcome the team of Core Associates on board as this acquisition would allow the latter company’s users and new customers to leverage benefits of the combination of TimberScan’s AP automation platform and electronic payments processed via the AvidPay Network to revolutionize the way customers pay their bills.

While on the other hand, Founder and CEO of Core Associates- Frank Grenci, stated that joining forces with AvidXchange would provide Core the skill to encompass the middle market’s ‘only complete purchase-to-pay experience’, while simultaneously reducing the processing time from one month to only 2-3 days using a single solution.

Source Credit: https://www.pymnts.com/news/acquiring/2021/avidxchange-buys-core-assoc-to-automate-mid-market-accounts-payable/