AvidXchange, a U.S. fintech that provides accounts payable and automated payment solutions to midsize businesses, announced on Monday it has acquired Core Associates, the makers of TimberScan and complementary AP solutions. AvidXchange claims that through the acquisition, it is now one of the foremost AP automation providers for the construction market, offering the only complete purchase-to-pay solution for Sage 300 CRE (formerly Timberline), Sage 100 Contractor, Acumatica, and Sage Intacct Construction accounting systems.
“As an AvidXchange company, Core Associates will continue to offer TimberScan to help customers in the construction industry, including contractors, commercial developers and property managers, eliminate manual AP tasks and shift to electronic invoicing. By integrating TimberScan with AvidPay, customers will benefit from fully-automated processes from procurement through payment in a single solution, enabling greater efficiency and visibility coupled with the ability to approve invoices and payments from anywhere, at any time.”
While sharing more details about the acquisition, Michael Praeger, CEO and Co-Founder of AvidXchange, stated:
“There is no better way to start 2021 than by welcoming Core Associates customers, partners and employees to AvidXchange. With this acquisition, existing Core Associates users and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills.”
Frank Grenci, CEO and Co-Founder of Core Associates, added:
“We’ve spent more than a decade committed to helping our customers simplify the way they process invoices and payments. Becoming an AvidXchange company gives us the opportunity to offer the only complete purchase-to-pay experience in the market, helping reduce what was previously a month-long process down to only two or three days using a single solution.”
All Core Associates’ customers will have access to the AvidPay Network of 680,000 suppliers to facilitate more efficient payment processing and give construction businesses multiple electronic payment options.