AvidXchange Acquires Strongroom Solutions
Anna Barnett 20 May 2015PayStream Advisors has recently heard that our Charlotte neighbor and PayStream partner, AvidXchange, has acquired the Texas software company, Strongroom Solutions. AvidXchange automates bill payments and invoices for mid-sized organizations, while Strongroom offers accounts payable software to financial institutions and companies that manage invoices and payments for homeowner associations. Strongroom will become part of one of AvidXchange’s key products, the AvidPay Payment Network, and Strongroom employees will join AvidXchange’s own workforce.
AvidXchange will also gain a much stronger influence in the real estate sector with this acquisition. “We made a name for ourselves by starting in the real estate space, so we were seeking a highly complementary acquisition target in that space,” said AvidXchange CEO and co-founder Michael Praeger.
Henry Ijams, Lead Analyst at PayStream Advisors, lent his observations on the takeover: “Strongroom brings AvidXchange improved access to the rapidly expanding market for AP solutions marketed through banks. Banks have started to address mid-market and emerging businesses’ desire for automated invoice management and bill payment services. AvidPay will give banks an improved ability to offer these services to their hungry business owners before banks lose payment revenue to emerging, non-bank tech competitors. The Uberization of B2B billing and payment is upon us.”
We’re excited to see how this new business relationship unfolds for AvidXchange, and we wish them luck in their future business endeavors.
