Core Associates LLC

Core Associates LLC provides specialized accounts payable automation solutions to enhance financial operations across various sectors, including construction, healthcare, and real estate. Core Associates LLC focuses on delivering advanced accounts payable solutions. Founded in 2008 in the US, the company has undergone strategic development since its inception. Frank Grenci serves as both the Founder and CEO, bringing extensive experience in financial technology.

In January 2021, Core Associates was acquired by AvidXchange, Inc. , a portfolio company of multiple notable investors. The financial terms of the acquisition were not disclosed. Core Associates LLC specializes in accounts payable automation solutions designed to improve financial processes for multiple industries, including construction, healthcare, financial services, and real estate.

Key offerings include the AvidSuite, which features purchase order and invoice automation, payment automation, spend management, and supplier hubs. These solutions are aimed at addressing the inefficiencies of manual invoicing and payment processing, thereby enhancing operational efficiencies for businesses. The TimberScan product suite enhances the functionality for clients in construction and real estate, assisting with lien waivers and comprehensive AP management. The company primarily serves clients throughout North America, particularly in the United States, catering to both small-to-medium enterprises and large organizations.

Core Associates LLC generates revenue through a subscription-based model for its suite of accounts payable automation tools. Clients engage in B2B transactions, paying for access to features tailored to their financial management needs. Pricing tiers are customized based on specific features and transaction volume, facilitating adaptable plans. The core offerings, including AvidSuite and TimberScan, are integral to the revenue stream, as they enable clients to automate invoicing and payment processing, with insights provided through analytics tools.

The company’s revenue model is reinforced by ongoing partnerships with clients who depend on its technology for their accounts payable operations. Looking ahead, Core Associates LLC plans to enhance its product offerings with new solutions focused on further automating financial processes. The company aims to expand its market presence into new geographic regions, specifically targeting growth in the Midwest and Northeast of the United States by the end of 2023. Recent funding from the acquisition by AvidXchange will be utilized to support these initiatives, facilitating product development and market entry strategies.

The company's most recent deal occurred on January 4, 2021, marking a significant milestone in its growth trajectory.