AvidXchange to acquire BankTEL Systems.

AvidXchange, the leading provider of accounts payable and payment automation solutions for the middle market, agreed to acquire BankTEL Systems, a provider of accounting solutions. Financial terms were not disclosed. “This is the fifth acquisition we’ve made in ten years and it’s unique because of BankTEL’s strength in the financial services market,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “I know first-hand what it takes to build a successful company from scratch, and the niche BankTEL has been able to carve out with middle market banks is the perfect complement to what we’ve worked to create over the last 19 years at AvidXchange.”