Corpay and TPG to acquire a 33% stake in AvidXchange for $500m

Corpay, a corporate payments company, and TPG, a private equity company, agreed to acquire a 33% stake in AvidXchange, a provider of accounts payable automation solutions to lower middle market companies, for $500m. “We’re delighted to partner with AvidXchange leadership and TPG on this transaction. We couldn’t pass up the opportunity to participate in this transaction and invest in a large, complementary corporate payments business,” Ron Clarke, Corpay Chairman and CEO.