The state’s embrace of the financial-technology industry expanded Friday when the Governor’s Office of Economic Development gave North Carolina-based AvidXchange a $359,247 post performance tax credit rebate to expand its Utah operations and add a projected 218 jobs over the next five years.
AvidXchange moved into the Utah market in 2015 when it purchased Piracle, Inc. and retained all of its local employees. Company CEO Michael Praeger said the company has expanded its business since then, providing accounts payable and payment automation systems to more than 6,000 midmarket businesses nationwide.
“As we grow as a company, it is imperative to us that we have a large presence throughout the United States to ensure that we can continue to provide great support for our customer base,” Praeger added. “Utah is a great hub for technology and innovation, and AvidXchange looks forward to being a large part of the tech community.”
A specific site for the expanded operation has not been determined, he said.
The five-year agreement allows AvidXchange to get back 20 percent of the taxes it pays, provided the company creates 218 jobs paying 110 percent of the county average, wages expected to add up to $47 million. Projected new state tax revenues amount to $1.8 million.
“Utah’s labor market is attractive to innovative companies like AvidXchange,” said GOED Executive Director Val Hale. “We see it happen again and again. Once a company experiences Utah firsthand, they know it’s one of the best locations for their growth.”
Added Theresa Foxley of the Economic Development Corporation of Utah, which helps GOED recruit new businesses and keep existing ones: “AvidXchange is another great company taking advantage of Utah’s strengths in finance and technology. We are grateful for the role the company will play in growing fintech in the state.”