Corpay and private equity firm TPG have completed their joint acquisition of AvidXchange Holdings, Inc., a $450 million revenue provider of accounts payable automation and payments solutions.
Under the deal, Corpay invested approximately $550 million for a 34% stake in the company, with an option to buy the remaining shares at a later date.
The deal, first announced in May, takes AvidXchange private as both companies aim to accelerate their growth trajectory.
“We expect the deal to be slightly accretive through the fourth quarter of 2025, and to increase Corpay’s earnings in 2026,” said Ron Clark, Corpay’s chairman and CEO. “The combined team is squarely focused on accelerating revenue and earnings growth to a place where we exercise our option to purchase the remaining shares.”
John Flynn and Tim Milliken, partners at TPG, said the partnership will help “realize the full potential within AvidXchange,” adding that Corpay’s involvement brings “additional perspective and insight” to boost performance.
This deal allows Corpay to expand its presence in the fast-growing business payments sector, where demand for automation and digital workflows is increasing.