AvidXchange acquires TimberScan provider Core Associates
Accounts payable and payments unicorn AvidXchange has acquired Core Associates, the company behind the TimberScan platform.
AvidXchange says the deal makes it one of the foremost account payable automation firms in the construction market.
Core Associates will continue to offer TimberScan to help customers in the construction industry, including contractors, commercial developers, and property managers.
AvidXchange says an integration means customers receive a fully automated process from procurement through payment in a single solution.
All Core Associates’ customers will have access to AvidXchange’s network of 680,000 suppliers.
“There is no better way to start 2021 than by welcoming Core Associates customers, partners and employees to AvidXchange,” says Michael Praeger, CEO and co-founder of AvidXchange.
Praeger’s firm claims a three-year growth rate of 133%. Following its last investment round, Reuters valued the unicorn at $2 billion.
The firm launched a secondary offering for its early shareholders in August 2020.
Praeger said in April 2020 that COVID-19 had become “the catalyst to change an industry”.
Praeger also mentioned the potential for “opportunistic acquisitions” by AvidXchange once the global market began to recover.
Frank Grenci, CEO of Core Associates, says becoming an AvidXchange company enables it to offer “the only complete purchase-to-pay experience in the market”.
Financial details of the deal are undisclosed.