U.S. Fintech AvidXchange Publicizes Acquisition of AP Options Core Associates

AvidXchange, a U.S. fintech that gives accounts payable and automatic fee options to midsize companies, introduced on Monday it has acquired Core Associates, the makers of TimberScan and complementary AP options. AvidXchange claims that by way of the acquisition, it’s now one of many foremost AP automation suppliers for the development market, providing the one full purchase-to-pay resolution for Sage 300 CRE (previously Timberline), Sage 100 Contractor, Acumatica, and Sage Intacct Building accounting programs.

“As an AvidXchange firm, Core Associates will proceed to supply TimberScan to assist prospects within the building trade, together with contractors, industrial builders and property managers, get rid of handbook AP duties and shift to digital invoicing. By integrating TimberScan with AvidPay, prospects will profit from fully-automated processes from procurement by way of fee in a single resolution, enabling higher effectivity and visibility coupled with the power to approve invoices and funds from wherever, at any time.”

Whereas sharing extra particulars in regards to the acquisition, Michael Praeger, CEO and Co-Founding father of AvidXchange, said:

“There isn’t a higher approach to begin 2021 than by welcoming Core Associates prospects, companions and workers to AvidXchange. With this acquisition, current Core Associates customers and new prospects will profit from the mix of TimberScan’s purpose-built AP automation platform and e-payments processed by way of the AvidPay Community to rework the best way they pay payments.”

Frank Grenci, CEO and Co-Founding father of Core Associates, added:

“We’ve spent greater than a decade dedicated to serving to our prospects simplify the best way they course of invoices and funds. Turning into an AvidXchange firm offers us the chance to supply the one full purchase-to-pay expertise out there, serving to scale back what was beforehand a month-long course of all the way down to solely two or three days utilizing a single resolution.”

All Core Associates’ prospects can have entry to the AvidPay Community of 680,000 suppliers to facilitate extra environment friendly fee processing and provides building companies a number of digital fee choices.