Business

Charlotte’s AvidXchange hires former Wachovia executive as IPO remains option

AvidXchange CEO Michael Praeger, right, laughs as he talks with Rick Lazes, left, the developer of the AvidXchange Music Factory in 2016. Avidxchange’s new headquarters is located in the AvidXchange Music Factory campus.
AvidXchange CEO Michael Praeger, right, laughs as he talks with Rick Lazes, left, the developer of the AvidXchange Music Factory in 2016. Avidxchange’s new headquarters is located in the AvidXchange Music Factory campus. jsiner@charlotteobserver.com

Charlotte-based payments processing company AvidXchange has named a former eBay and Wachovia executive as its new chief operating officer, touting his customer service and public company experience amid potential plans for a public stock offering.

Steve Boehm will report to CEO Michael Praeger and be charged with providing products and services to the fast-growing company’s more than 5,000 customers. AvidXchange helps midmarket companies automate invoice and payment processes.

AvidXchange said Boem will bring his “global” and “public company perspectives” to AvidXchange, which is a private company. Praeger in 2015 said that rapid growth might position the firm he co-founded in 2000 to go public within the next two years.

“We’ll figure out whether the market or anything else dictates whether we should be a public company or not,” he said at the time.

Jennifer Ittenbach, an AvidXchange spokeswoman, said Tuesday the company is “continuing on a fast-growth trajectory, and our future could hold a lot of different options – IPO being one of them.”

In 2015, AvidXchange also broke ground on its new headquarters at the NC Music Factory and said it closed a $225 million funding round, led by Bain Capital Ventures. The company, which has more than 850 employees, plans to have everyone moved in by the end of June, Ittenbach said.

Boehm most recently worked for online auction company eBay as senior vice president for global customer experience, where he led a 9,000-person team across 25 locations and 15 time zones. Previously, he worked for First Data Corp., Wachovia (and successor Wells Fargo) and Visa.

He and his wife, Mary, live in Matthews.

Rick Rothacker: 704-358-5170, @rickrothacker

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