AvidXchange, a provider of accounts payable (AP) and payment automation solutions, has agreed to purchase BankTEL Systems, which delivers accounting solutions for banks.
The deal is said to make AvidXchange the “dominant provider of invoice-to-payment solutions for midmarket customers in the banking and financial services sector”.
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Financial terms of the transaction were not disclosed.
BankTEL president and CEO Boyce Adams Jr. said: “Joining the AvidXchange family gives us the opportunity to provide those customers with something we’ve never offered them before – a fully integrated payment solution.”
BankTEL is said to service over 20% of US banks.
These banks will now gain access to AvidPay Network of over 500,000 suppliers.
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By GlobalDataAvidPay will be integrated into BankTEL’s ASCEND solution. This is said to support industry-specific capabilities for AP, fixed assets, prepaid and accruals.
Commenting on the deal, AvidXchange CEO and co-founder Michael Praeger said: “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.
“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.”
