AvidXchange co-founder and CEO Michael Preager led a press conference at Bootlegger's Saloon Thursday to announce the rebranding of Creative Loafing’s longtime home the NC Music Factory to the AvidXchange Music Factory.
The new name symbolizes the software company's role as the music factory’s sole sponsor, and is just a step in a series of projects that will be a part of AvidXchange’s relocation to the Uptown area.
Preager shared his projections for the coming years — which include nearly doubling the current employee base of 250 people working in the company’s existing offices at the “Silver Hammer” facility in 2016 by leasing another 35,000 square feet there before finishing construction on a new 200,000-square-foot facility adjacent to the Music Factory, where Mattie's Diner had been formerly located, by April 2017. That will be the first of two facilities AvidXchange plans to build on the old Mattie’s Diner site.
Praeger emphasized that the rebranding was an effort to prove AvidXchange’s long-term commitment to Charlotte. Citing other tech companies that have relocated their campuses in the pursuit of innovation, he explained that the move was motivated by “access to talent, technology and a quality of life.” Millions of dollars in tax incentives from state and local government certainly sweeten the deal.
Joining Preager on stage was Mayor Jennifer Roberts, who emphasized the importance of welcoming new industries with open arms.
“Charlotte has been known for years as a banking town,” she said, “but with companies like AvidXchange, we are also starting to be rebranded as a place of innovation and entrepreneurship.”
Praeger acknowledged that the name doesn’t exactly roll off the tongue, and that many of the million yearly visitors to the restaurants and entertainment venues will continue to simply call it “the Music Factory,” but said the branding – just as with the company’s upcoming state-of-the-art facilities – will help give AvidXchange a competitive edge with prospective hires, clients and partners.
Preager suggested shortening the name to AvidX Music Factory, and said that’s how many within the company already refer to it.
“I do like that, ‘AvidX,’” Mayor Roberts chimed in, “it sounds like a sports drink.”
Here at the offices, the name change was met with some furrowed brows, but doesn’t leave a bitter taste in our mouths comparable to losing Mattie’s (and the parking that came with it). We just ask that they keep the light-up, cursive sign in Fountain Plaza, please.
If not, we’ll take it.