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AVIDXCHANGE BUYS ARIETT Featured

Michael Praeger, AvidXchange Accounts payable software company AvidXchange has purchased Ariett Business Solutions. Based in Pembroke, Mass. Founded in 2005, Ariett markets cloud-based payment, procurement software, along with time and expense software and other applications.

Terms were not disclosed. All employees will remain in the Pembroke office with plans to add staff. The parties described the deal as enabling them to market complementary products to their joint customer base. Ariett is said to have more than 2,500 customers. In a prepared statement, Michael Praeger, CEO of Charlotte, N.C.-based AvidXchange, said the combination means "We will now be able to offer the most full-featured, purchase-to-pay cloud-based solution on a unified platform." Ariett's purchasing features include budget checking, contract tracking, currency management and inter-entity processing. AvidXchange also this week announced its plans to locate its expanded operations in Sandy, Utah, in the new Sandy Towers. The company intends to add 200 workers in the location and expects to move into the new building in the spring. It entered Utah with the 2015 acquisition of Piracle.

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