Business

Charlotte-based AvidXchange recognized as a top North America startup

AvidXchange CEO Michael Praeger pictured at the Charlotte Chamber when the company announced plans last fall to add new jobs and a new headquarters building at the NC Music Factory near uptown Charlotte.
AvidXchange CEO Michael Praeger pictured at the Charlotte Chamber when the company announced plans last fall to add new jobs and a new headquarters building at the NC Music Factory near uptown Charlotte. dhinshaw@charlotteobserver.com

Charlotte-based AvidXchange, a firm that automates bill payments and invoices for midsized companies, has been recognized on the Red Herring Top 100 North America list, which selects 100 of the most promising up-and-coming companies from about 1,200 private firms each year in the U.S. and Canada.

AvidXchange was the only company in the Carolinas besides Wilmington-based tech firm nCino to make the list.

“Charlotte has been an incredible place for us to attract, and maintain, top talent to continue to drive our record-breaking year-over-year growth, and provide a world class experience for our now more than 5,000 customers,” said Michael Praeger, the company’s CEO and co-founder, in a statement this week.

Alex Vieux, publisher and CEO of Red Herring, said AvidXchange embodies the “vision, drive and innovation that define a successful entrepreneurial venture.”

Since 1996, the Red Herring list has been evaluating firms on a slew of criteria including their technological innovation, business models and customer markets. Other companies to be recognized on the list include Facebook, Twitter, Google and Skype.

The Charlotte firm, which said last fall it will add 600 jobs and build a new headquarters at the NC Music Factory, hired more than 200 employees last year and 80 so far this year. Its acquisition of Texas software firm Strongroom Solutions last month brings the company’s total workforce to more than 400 employees.

In January, the company began moving workers into the former Silver Hammer building at the music factory, about 3 miles away from its current headquarters on Metropolitan Avenue.

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