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Avid Exchange REVOLUTUTION Conference Recap

Anna Barnett   Jun 29, 2017      

A few weeks ago, PayStream attended REVOLUTION, a user conference held by one of our research partners, AvidXchange. We heard a lot of exciting news that showcased not only the company’s innovative drive to expand their business, but also to connect with and nurture their local community.

One piece of news involved Avid’s recent partnership with MasterCard. According to Avid’s CEO, Michael Praeger, and Richard Crum, the SVP of New Product Development at MasterCard, the two companies will release a new product later this year, the “MasterCard B2B hub”. This tool will help small and midmarket companies make B2B payments online. While the hub’s initial launch is in the US, the companies see potential to expand it globally in the years to come.

Mr. Praeger also announced that Avid has received a new $300MM round of investment headed by MasterCard, Peter Thiel (the founder of PayPal), Temasek, and Caisse de dépôt et placement du Québec (a Canadian Institutional Investor). This funding will allow Avid to create 200 jobs in 2017 alone, and up to 600 in the Charlotte area by the end of 2018. This round of investment also cements Avid’s place among the top 100 cloud software companies in the world, one of the top funded startups in the US.

Finally, Avid announced the official opening of their new corporate headquarters, nicknamed the “Foundry”. The corporate headquarters broke ground in September of 2015; today, the building is 200,000 square feet and six stories tall, and it is a prime example of Avid’s close ties with its local community. The interior décor pays tribute to local art, musicians, athletes, and entrepreneurs, and the building also features an onsite Novant Health center with nurses and nurse practitioners (Novant Health is a leading medical network in the Southeast). Charlotte’s Mayor Jennifer Roberts also attended Avid’s event, and in a presentation, she heaped praise upon Avid and companies like it for helping Charlotte become “the Silicon of the South”. According to Meyers, AvidXchange is helping to turn the city from a banking town into a Fintech town—albeit without the heavy cost of living required in Silicon Valley.

We enjoyed our time at REVOLUTION, and we look forward to watching Avid’s ventures in the months and years to come.

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