Boathouse Capital is pleased to announce that on October 10, AvidXchange Inc. was awarded the 2016 Small Business Investor Alliance (SBIA) Portfolio Company of the Year Award from Maria Contrares-Sweet, Administrator of the US Small Business Administration. The award has been presented annually to SBIC-backed companies since 1987.
AvidXchange, which offers software that automates and streamlines the accounts payable process from purchase order through payment, was a portfolio company of Boathouse Capital from 2010-2015. Avid achieved remarkable growth and success over this period: revenues grew from under $10 million to over $50 million, approximately 400 employees were hired and nearly 500 customers were added.
"We are honored to have received this prestigious award." said Michael Praeger, Co-Founder and CEO of AvidXchange. "Boathouse Capital was great partner in AvidXchange's success. The capital invested certainly helped us to achieve our next level of growth, but we would be remiss not to acknowledge the leadership, support, and guidance Steve and the team at Boathouse provided, which was important to our success."
"It's really an honor to be presented with this award. I'm proud that Boathouse was able to play a role in the success of AvidXchange. The company has a great product, passionate leadership, and is on its way to great things; it was a pleasure working with Mike and the team at AvidXchange," said Steve Gord, General Partner, Boathouse Capital.
