AvidXchange Company Research Report

Company Overview

• Name: AvidXchange, Inc.

• Mission: Transform the way middle market companies receive, manage, and pay their bills by eliminating paper invoices and checks.

• Founded: 2000

• Founders: Michael Praeger and other co-founders.

• Key People:

• Michael Praeger - CEO & Co-founder

• Angelic Gibson - CIO (Recent Winner of 2023 ORBIE® Award)

• Headquarters: 1210 AvidXchange Lane, Charlotte, NC, 28206

• Number of Employees: No information is available.

• Revenue: No specific revenue details provided.

• Recognition/Position in Market:

• Recognized as a leader in the 2024 IDC MarketScape for Worldwide Accounts Payable Automation Software for Mid Market.

• Named on "50 Providers to Know" list by Spend Matters for the third consecutive year in 2024.

• Known for accounts payable automation solutions for middle market businesses and their suppliers.

Products

AvidXchange Suite

• AvidInvoice:

• Description: Designed to automate the invoice management process.

• Key Features: Streamlined process for invoice handling, enhanced visibility, reduced manual entry.

• AvidPay:

• Description: A payment solution facilitating secure and efficient bill payments.

• Key Features: Supports multiple payment formats, tracks payment status, and reduces payment fraud.

• AvidBuy:

• Description: Purchase order automation tool.

• Key Features: Automate purchase order creation, approval, and tracking processes.

• AvidUtility:

• Description: Platform offering utility management solutions.

• Key Features: Not specified.

• AvidStrongroom:

• Description: Secure document storage and management solution.

• Key Features: Securely stores and manages critical business documents.

• AvidAscend:

• Description: Integrated accounts payable solution.

• Key Features: Scalability and integration capabilities with existing systems.

• AvidAnalytics:

• Description: Analytics platform providing insights into AP processes.

• Key Features: Reporting and analytics of AP processes to improve efficiency.

• AvidXchange FastPay Suite:

• Offers specialized payment solutions such as FastPay Political and Supplier Hub tailored for complex AP processes in specific industries.

Supplier Solutions

• TimberScan:

• Description: An integrated solution for AP automation particularly for the wooden construction industry.

• Key Features: Streamlines invoice processing and integrates with leading construction accounting systems.

• TimberScan Titanium:

• Description: Enhanced version of TimberScan with additional features for advanced users.

Recent Developments

• Strategic Partnerships:

• Partnered with Workamajig to empower media companies in managing invoices seamlessly in August 2024.

• Announced a robust integration offering with Vantaca for the community association management industry in November 2023.

• Partnered with Atlantic Community Bankers Bank to offer AvidAscend for more banks and credit unions in October 2023.

• New Product Launches:

• Launch of inaugural Change Maker Awards in August 2024.

• New Features and R&D:

• Expanded international payment capabilities through a partnership with Wise in December 2022.

• Awards and Recognition:

• Consistently recognized on the “50 Providers to Know” by Spend Matters.

• Named a Great Place to Work® for consecutive years.

• AvidXchange CIO, Angelic Gibson, won the 2023 ORBIE® Award.

• Transaction Statistics:

• 1.2 million suppliers paid through the AvidPay Network over the last 5 years.

• 75 million transactions processed in 2023.

• $231 billion in spend under management in 2023.

Note: The report contains all the available data. Fields without specific information are marked accordingly.