AvidXchange, a fast-growing provider of automated payment processes, plans to more than double the size of its work force, the company says.
Gov. Pat McCrory announced the news and a state tax incentive worth more than $7.5 million if all the jobs promised are created.
AvidXchange reported a 172-percent surge in revenue over the past three years to $18.3 million in 2013. That showing earned the company the No. 2,273 spot on the latest Inc. 5000 list.
The privately held company, which has been recognized as a member of Inc. magazine’s fastest growing 5,000 privately held firms in each of the past four years, said it will create 603 jobs over the rest of 2014 through the end of 2018.
AvidXchange, which launched in 2000, will invest more than $21 million as part of the expansion, which will include additional office facilities.
“AvidXchange is deeply rooted in the Queen City, and as we continue to prosper, it is important for us to grow and contribute to the city that has supported us from our days as a small startup to the Inc. 5000’s 20th fastest-growing company within the Charlotte metro area,” said Michael Praeger, the firm’s chief executive officer.
“We are thrilled to announce that Charlotte will be the headquarters for our new and expanding corporate campus and are excited about the hundreds of technology jobs and world-class talent that we will bring to the city,” he added. “It is my hope that we can help Charlotte become a leader of innovation much like the Silicon Valley.”
The firm now employs some 300 full-time workers in Charlotte, Georgia and New Jersey.
“AvidXchange is one of North Carolina’s great homegrown success stories,” said McCrory, who was in Charlotte. “Over the last 14 years it has gone from being run from the founder’s basement to one of the top businesses in its industry. It is another great example of the business opportunity North Carolina offers.”
Jobs will include:
- Technology and business process development
- Professional services
- Software development
The average compensation will be $61,651, plus benefits.
Earlier Monday, the state awarded AvidXchange a Job development Investment Grant, which will rebate some 48 percent of state withholding taxes to the company over 12 years. The state Economic Investment Committee approved the JDIG.