M&A Deal Summary

TPG and Corpay Acquire AvidXchange

On May 6, 2025, private equity firm TPG and Corpay acquired internet software and services company AvidXchange for 2.2B USD

Acquisition Highlights
  • This is TPG’s 33rd and Corpay’s 6th transaction in the Internet Software and Services sector.
  • This is TPG’s 38th and Corpay’s 3rd largest (disclosed) transaction.
  • This is TPG’s 292nd and Corpay’s 14th transaction in the United States.
  • This is TPG’s 10th and Corpay’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2025-05-06
Target AvidXchange
Sector Internet Software and Services
Buyer(s) TPG
Corpay
Deal Type Going Private
Deal Value 2.2B USD

Target

AvidXchange

Charlotte, North Carolina, United States
AvidXchange is a SaaS-based provider of accounts payable management solutions for mid-sized companies in the real estate, banking, and healthcare industries. The company's product suite integrates with a customer's existing accounting systems to centralize and streamline accounts payable workflow. AvidXchange was formed in 2000 and is based in Charlotte, North Carolina.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 444 of 451
Sector: Internet Software and Services M&A 33 of 33
Type: Going Private M&A Deals 38 of 39
State: North Carolina M&A 10 of 11
Country: United States M&A 292 of 298
Year: 2025 M&A 5 of 12
Size (of disclosed) 38 of 113
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-28 Sabre - Hospitality Solutions Business

Southlake, Texas, United States

Sabre's Hospitality Solutions Business provides software and solutions to more than 40 percent of hotel brands. The SaaS based platform serves as an integrated system of record for reservation and guest information, enabling hoteliers to operate with greater accuracy and efficiency.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-12 Q-Centrix

Chicago, Illinois, United States

Q-Centrix is a provider of outsourced quality data management solutions for hospitals and healthcare providers. Q-Centrix was founded in 2011 and is based in Chicago, Illinois.

Sell -
Buyer

Corpay

Atlanta, Georgia, United States

Category Company
Founded 1986
Sector Business Services
Employees11,200
Revenue 4.0B USD (2024)
DESCRIPTION
Entrance to FleetCor's corporate headquarters in Norcross, Georgia.
Entrance to FleetCor's corporate headquarters in Norcross, Georgia.

Corpay is a global provider of fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. Corpay was formed in 1986 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 38 of 39
Sector: Internet Software and Services M&A 6 of 6
Type: Going Private M&A Deals 1 of 1
State: North Carolina M&A 1 of 1
Country: United States M&A 14 of 14
Year: 2025 M&A 2 of 3
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-03 Gringo

Brazil

Gringo is a vehicle registration and compliance payment company in Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-23 Alpha Group

London, United Kingdom

Alpha Group is a provider of financial solutions aimed at corporates and institutions operating internationally, offering services such as FX risk management, global accounts, mass payments and cash management. Alpha Group was founded in 2009 and is headquartered in London, England.

Buy $2.2B