AvidXchange, a provider of accounts payable and payment automation solutions for the middle market, has purchased FastPay, a provider of payments automation solutions for the media industry.
“FastPay’s expertise and purpose-built set of payments automation solutions for the media industry are what excited us about the potential to have FastPay become a part of AvidXchange,” said Michael Praeger, CEO and co-founder of AvidXchange. “We work hard to identify companies that service specific verticals across the middle market, with an interest in those that have developed and continue to enhance their technologies to better the day-to-day finance operations of its customers. This is exactly what FastPay delivers, supported by a very talented team with deep media industry expertise.”
“We’ve spent more than 10 years developing our products based on the needs of the evolving media industry landscape, and we’re thrilled to join the AvidXchange family as the next step in our continued growth,” said Jed Simon, CEO of FastPay. “FastPay and AvidXchange share similar core values with relentless focus on the success of both our clients and teammates.”
FastPay will become known as “FastPay, an AvidXchange company” officially today, making it the newest business to join the AvidXchange family, and will be led by Secil Baysal who will take on the role of SVP/GM of Media. Other recent acquisitions include Core Associates, the makers of TimberScan and complementary AP solutions used by construction industry professionals; and BankTel, a provider of accounting solutions to banks.
Paul Hastings LLP represented AvidXchange in connection with the deal. Financial Technology Partners LP and FTP Securities LLC served as the exclusive financial and strategic advisor to AvidXchange in this transaction. Deutsche Bank Securities, Inc. served as exclusive financial advisor and Goodwin Procter LLP served as legal advisor to FastPay.