A great example of the business opportunity the Queen City offers: AvidXchange to expand in Charlotte

AvidXchange, which specializes in accounts payable automation software for midmarket companies, recently announced to create 603 new jobs in Charlotte by the end of 2018 and invest more than $21.4 million.

New positions will include software development, finance, HR, legal, research, and project management. Thus bring hundreds of technology jobs and talent to Charlotte and result in a significant impact on the local economy. The average wage will be approx. $52,000 annually. In addition AvidXchange plans to build a 115,000 ft2 headquarters in uptown.

The software company grew over the past 14 years from a small start-up to the 20th fastest growing company in the Charlotte area (No. 197 nationwide in software) according to the Inc. magazine’s Inc. 5000 ranking.

Under the State of North Carolina’s Job Development Investment Grant program (JDIG), AvidXchange is eligible to receive up to 12 annual grants equal to 48% of the state personal income tax withholdings from the eligible new jobs created. In total the award could yield benefits to AvidXchange of over $7.5 million.

The JDIG is a discretionary incentive that provides sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees. Proposed projects need a state-certified proof that the company has fulfilled several job creation requirements as well as certain state health insurance and workplace safety requirements.

AvidXchange’s growth in a relatively short period of time and the Job Development Investment Grant are a great example of the business opportunity Charlotte and North Carolina has to offer.
Best regards
und viele Grüße aus Charlotte
Reinhard von Hennigs