Corpay and TPG completed the acquisition of AvidXchange for $2.2bn.

Corpay, a corporate payments company, and TPG, a private equity company, completed the acquisition of AvidXchange, a provider of accounts payable automation solutions to lower middle market companies, for $2.2bn. “We are truly excited to chart the next chapter in AvidXchange’s growth trajectory with the support of TPG and Corpay. As a private company, we look forward to building upon our 25+ years of industry leadership by accelerating innovation, delivering new and enhanced solutions to our customers, and creating further opportunities for our team. TPG and Corpay’s partnership will provide the necessary resources and long-term vision to help us scale our platform, capitalize on our momentum, and expand our ability to transform the AP process for our customers nationwide,” Mike Praeger, AvidXchange CEO.