AvidXchange Acquires Ariett to Strengthen Position as Leading Provider of Cloud-Based Purchase-to-Pay Solutions for Enterprise and Midmarket Businesses
CHARLOTTE, N.C., Nov. 20, 2017 /PRNewswire/ -- AvidXchange, leading provider of accounts payable and payment automation solutions for midsize companies, announced today that it has acquired Ariett, a leading cloud solution provider in the fast-growing purchase-to-pay market. AvidXchange and Ariett have an eye on innovation and are continuing to create solutions to meet the needs of customers. The acquisition will enable the current, and future, joint customer base to benefit from the complementary solutions that will deliver an industry leading purchase-to-pay experience.
"Ariett is excited to join the AvidXchange team," commented Glenn Brodie, CEO of Ariett. "Every midmarket organization today is examining how to optimize spending, gain efficiency, and save money across the purchase to payment cycle. The combined strength and breadth of the two solutions creates an unbeatable powerhouse for midmarket customers seeking a complete requisition to payment platform," added Brodie.
Through the acquisition, AvidXchange is pleased to be able to offer Ariett's more than 2,900 customers a best-in-class payment automation solution with easy payment processing, and supplier onboarding services to make the transition to electronic payments easy. The Ariett solution and team's experience will offer AvidXchange's customers extended purchasing functionality to help manage spending with requisition approval, purchase order management, and the ability to analyze and forecast expenses. Ariett's complete purchasing features include budget checking, contract tracking, currency management, and inter-entity processing, providing the purchasing depth required by companies with multiple subsidiaries.
"As a co-founder of AvidXchange, I have a huge appreciation for what the Ariett team, led by Glenn Brodie, has built over the last 15 years. Both companies saw the same opportunity to help businesses replace their manual payables processes with more efficient and secure cloud-based solutions," said Michael Praeger, CEO and co-founder of AvidXchange. "We are thrilled to build on the great experience the Ariett team has created for their customers, and we will now be able to offer the most full-featured, purchase-to-pay cloud-based solution on a unified platform. Not only will customers have more visibility into optimizing their supplier purchasing, but they will now also be able to execute all their payments electronically through the AvidPay Network to have a true end-to-end electronic experience by eliminating all paper invoices and paper checks from their accounts payable processes," added Praeger.
Ariett has helped midmarket and enterprise customers to generate savings on contracts, requisitions, purchase orders, invoices, payments, and expense reports with a unified procurement platform since 2005. All employees will remain in the Pembroke, MA office, with plans to add personnel to scale operations while continuing to support a great customer experience as the combined company expands its focus to delivering procurement and expense management solutions to key market segments.
Financial Technology Partners LP and FTP Securities LLC ("FT Partners") served as exclusive financial and strategic advisor to AvidXchange in this transaction.
About Ariett
Ariett generates savings on every contract, requisition, invoice, expense report and payment with a unified cloud platform. Designed to work the way you work, Ariett's easy-to-use web application delights employees by running on any mobile device or desktop. Accounting teams everywhere benefit from upfront purchasing control, global visibility to spending and audit trails, which drive cost savings across the enterprise. For more information, please visit www.ariett.com, call 781-826-1120 and follow us on Twitter and LinkedIn.
About AvidXchange
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 6,000 clients throughout North America, AvidXchange is an industry leader in automating procurement, invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Energy, and Construction. AvidXchange has been recognized as one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte's Fast 500 this past year, and recently was named of the top 100 technology companies in North America by Red Herring. For more information, contact us at 800.560.9305 or [email protected].
SOURCE AvidXchange
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