Payment automation firm AvidXchange has acquired FastPay, which provides payment solutions for the media industry, for an undisclosed sum.

As part of the agreement, FastPay will be renamed as FastPay, an AvidXchange company.

The unit will be led by Secil Baysal, who will become senior vice-president and general manager of Media.

AvidXchange CEO and co-founder Michael Praeger said: “FastPay’s expertise and purpose-built set of payments automation solutions for the media industry are what excited us about the potential to have FastPay become a part of AvidXchange.”

The deal bolsters AvidXchange’s portfolio of automated payments technologies and services to middle market companies across the US media landscape.

Leveraging proprietary technology and analytics, FastPay provides a portfolio of solutions with access to over 70,000 media suppliers in its database.

Commenting on the deal, FastPay CEO Jed Simon said: “We’ve spent more than 10 years developing our products based on the needs of the evolving media industry landscape, and we’re thrilled to join the AvidXchange family as the next step in our continued growth.

“FastPay and AvidXchange share similar core values with relentless focus on the success of both our clients and teammates.”

AvidXchange specialises in automating invoice and payment processes for mid-market businesses.

The company has a workforce of 1,500 and over 7,000 customers across North America.

It recently acquired Core Associates that is known for TimberScan and complementary AP solutions, as well as accounting solutions provider BankTEL.

Last year in April, AvidXchange raked in an additional $128m in equity capital for accounts payable platform, following its $260m financing round in January 2020.

In 2019, the company introduced a pair of accounts payable and payment automation solutions to simplify payments in healthcare and social services industry.