AvidXchange and Workamajig Announce Exclusive Strategic Partnership to Empower Media Companies to Manage Invoices Seamlessly
AvidXchange, a leading AP automation software provider, has announced an exclusive strategic partnership with Workamajig, a top agency management software for the creative industry. This collaboration will make AvidXchange the exclusive, embedded provider of invoice automation solutions within Workamajig's platform, serving 3,500 customers.
The partnership aims to streamline AP processes, reduce costs, and free up employee time for strategic tasks. It will enable real-time updates and visibility between platforms, enhancing efficiency in managing project workflows from inquiry to final invoice. The integration supports flexibility, collaboration, and security in today's hybrid work environment, while also reducing fraud risks in AP processes.
AvidXchange, un fornitore leader di software per l'automazione della contabilità fornitori, ha annunciato una partnership strategica esclusiva con Workamajig, un top software per la gestione delle agenzie nel settore creativo. Questa collaborazione farà di AvidXchange il fornitore embedded esclusivo di soluzioni per l'automazione delle fatture all'interno della piattaforma di Workamajig, servendo 3.500 clienti.
La partnership mira a snellire i processi di contabilità fornitori, ridurre i costi e liberare tempo ai dipendenti per attività strategiche. Consentirà aggiornamenti e visibilità in tempo reale tra le piattaforme, migliorando l'efficienza nella gestione dei flussi di lavoro dei progetti, dalla richiesta alla fattura finale. L'integrazione sostiene flessibilità, collaborazione e sicurezza nell'attuale ambiente di lavoro ibrido, riducendo anche i rischi di frode nei processi di contabilità fornitori.
AvidXchange, un proveedor líder de software de automatización de cuentas por pagar, ha anunciado una asociación estratégica exclusiva con Workamajig, un software de gestión de agencias de primer nivel para la industria creativa. Esta colaboración convertirá a AvidXchange en el proveedor exclusivo integrado de soluciones de automatización de facturas dentro de la plataforma de Workamajig, atendiendo a 3.500 clientes.
La asociación tiene como objetivo agilizar los procesos de cuentas por pagar, reducir costos y liberar tiempo para que los empleados se concentren en tareas estratégicas. Permitirá actualizaciones y visibilidad en tiempo real entre plataformas, mejorando la eficiencia en la gestión de flujos de trabajo de proyectos, desde la consulta hasta la factura final. La integración apoya flexibilidad, colaboración y seguridad en el entorno de trabajo híbrido actual, además de reducir los riesgos de fraude en los procesos de cuentas por pagar.
아비드익스체인지(AvidXchange)는 선도적인 AP 자동화 소프트웨어 제공업체로서, 창의 산업을 위한 최상위 에이전시 관리 소프트웨어인 워커마직(Workamajig)과 독점 전략적 파트너십을 발표했습니다. 이 협력으로 아비드익스체인지는 워커마직 플랫폼 내에서 독점 통합 제공업체로서 청구서 자동화 솔루션을 제공하게 되어, 3,500명의 고객을 지원하게 됩니다.
이번 파트너십의 목표는 AP 프로세스 간소화, 비용 절감 및 직원들이 전략적 작업을 위해 시간을 확보할 수 있도록 하는 것입니다. 이를 통해 플랫폼 간 실시간 업데이트 및 가시성이 가능해져, 문의에서 최종 청구서까지 프로젝트 작업 흐름 관리를 보다 효율적으로 개선할 수 있습니다. 이 통합은 오늘날의 하이브리드 작업 환경에서 유연성, 협업 및 보안을 지원하며, AP 프로세스에서의 사기 위험을 줄이는 데도 기여합니다.
AvidXchange, un fournisseur de premier plan de logiciels d'automatisation des comptes à payer, a annoncé un partenariat stratégique exclusif avec Workamajig, un logiciel de gestion d'agence de premier choix pour l'industrie créative. Cette collaboration fera d'AvidXchange le fournisseur intégré exclusif de solutions d'automatisation des factures au sein de la plateforme de Workamajig, desservant 3 500 clients.
Le partenariat vise à simplifier les processus de comptes à payer, réduire les coûts et libérer du temps pour les employés afin d'effectuer des tâches stratégiques. Il permettra des mises à jour en temps réel et une visibilité entre les plateformes, améliorant l'efficacité dans la gestion des flux de travail des projets, de la demande à la facture finale. L'intégration soutient flexibilité, collaboration et sécurité dans l'environnement de travail hybride actuel, tout en réduisant les risques de fraude dans les processus de comptes à payer.
AvidXchange, ein führender Anbieter von AP-Automatisierungssoftware, hat eine exklusive strategische Partnerschaft mit Workamajig, einer Top-Agenturmanagement-Software für die kreative Branche, angekündigt. Diese Zusammenarbeit wird AvidXchange zum exklusiven, integrierten Anbieter von Rechnungsautomatisierungslösungen innerhalb der Workamajig-Plattform machen, die 3.500 Kunden bedient.
Die Partnerschaft zielt darauf ab, AP-Prozesse zu optimieren, Kosten zu senken und Mitarbeitenden mehr Zeit für strategische Aufgaben zu geben. Sie ermöglicht Echtzeit-Updates und Sichtbarkeit zwischen den Plattformen und verbessert die Effizienz bei der Verwaltung von Projektabläufen von der Anfrage bis zur finalen Rechnung. Die Integration unterstützt Flexibilität, Zusammenarbeit und Sicherheit in der heutigen hybriden Arbeitsumgebung und reduziert zudem Betrugsrisiken in den AP-Prozessen.
- Exclusive partnership with Workamajig, potentially increasing AvidXchange's customer base by 3,500
- Expansion of AvidXchange's market presence in the creative and media agency sector
- Enhanced product offering through integration with Workamajig's platform
- Potential for increased revenue through new customer acquisition
- None.
Insights
This strategic partnership between AvidXchange and Workamajig is a positive development for both companies. By becoming the exclusive provider of invoice automation solutions for Workamajig's platform, AvidXchange gains access to a new customer base of 3,500 creative and media agencies. This expansion could lead to increased revenue streams and market share in the accounts payable automation sector.
The integration offers potential for improved operational efficiency and cost reduction for Workamajig's clients, which could drive adoption and customer retention. While specific financial projections aren't provided, the partnership's exclusivity suggests a strong commitment from both parties, potentially leading to long-term revenue growth for AvidXchange. Investors should monitor future earnings reports for tangible impacts on AvidXchange's financial performance.
The AvidXchange-Workamajig partnership represents a significant technological integration in the creative industry's workflow management. By embedding AvidXchange's invoice automation directly into Workamajig's platform, users gain a seamless end-to-end solution from project inception to payment processing. This integration addresses the growing demand for cloud-based, accessible-anywhere solutions in today's hybrid work environments.
The partnership also enhances security and fraud prevention in AP processes, a important factor in financial technology. The real-time updates and visibility between platforms suggest advanced API integration, allowing for efficient data exchange and synchronization. This level of integration could set a new standard for software partnerships in the industry, potentially influencing future tech collaborations and market expectations.
This partnership signals a strategic move by AvidXchange to penetrate the creative and media agency market, a sector with unique financial management needs. By aligning with Workamajig, a established player in agency management software, AvidXchange gains credibility and a direct channel to a specialized customer base.
The exclusive nature of the partnership creates a competitive advantage for both companies in their respective markets. For Workamajig, the integration of advanced AP automation tools enhances its value proposition, potentially increasing customer acquisition and retention rates. For AvidXchange, this move diversifies its client portfolio and could lead to cross-selling opportunities within the creative industry. The partnership's success could serve as a model for future industry-specific collaborations in the fintech sector.
CHARLOTTE, N.C., Aug. 27, 2024 (GLOBE NEWSWIRE) -- AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced a strategic and exclusive partnership with Workamajig, a leading agency management software for the creative industry.
AvidXchange will be the exclusive, embedded provider of invoice automation solutions within the Workamajig software platform. Workamajig enables creative and media agencies to collaborate and manage project workflows from first inquiry to final invoice. This partnership will enable Workamajig’s 3,500 customers to automate their full AP processes with AvidXchange’s invoice to payment automation tools offering real-time updates and visibility between the platforms.
AvidXchange enables customers to automate their paper-based AP processes including managing invoice intake, data capture, routing and approval steps, all the way through to facilitating
"At AvidXchange, we are committed to empowering our customers with innovative solutions that drive efficiency and growth," said Dan Drees, President of AvidXchange. "Our exclusive partnership with Workamajig exemplifies this commitment, building on our current payment integration, offering media companies the tools they need to navigate today's challenges and thrive in a rapidly changing landscape.”
“AvidXchange's invoice solution, with an integration built exclusively for Workamajig, has surpassed my expectations in both performance and usability. From two companies focused on helping our clients streamline their business workflows, this is a natural integration that makes payables and receivables even easier. I’m excited to share this with all our users," said Mike Wang, Executive Director at Workamajig.
In today's hybrid work environment, the ability to access technology from anywhere is critical. This integration not only supports flexibility and collaboration but also enhances security and reliability, reducing the risk of fraud within the AP process. Workamajig’s built-in workflows, combined with AvidXchange’s solutions, identify, assign, and resolve invoicing and payment discrepancies, increasing accuracy and allowing employees to focus on broader business goals related to operational efficiency and customer satisfaction.
“AvidXchange’s integration with Workamajig has been integral in enabling us to work smarter,” said Anna Jordan, Controller at Ten Adams, a customer using the AvidXchange and Workamajig integration. “Everything now works seamlessly together, making our workflows more efficient and allowing us to make payments faster. But it’s not just about speeding things up; it’s given us more time to innovate and serve our clients better.”
To learn more about the partnership, please visit the AvidXchange and Workamajig integration page.
About AvidXchange®
AvidXchange is a trusted, leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s Software-as-a-Service ("SaaS") based, end-to-end software and payment platform digitizes and automates the AP workflows for over 8,000 buyer customers, and it has made payments to more than 1.2 million supplier customers of its buyers over the past five years. Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.
To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit avidxchange.com.
About Workamajig:
Workamajig is the premier agency management software for creative teams, providing comprehensive solutions for workflow optimization and project collaboration. Trusted by industry-leading companies, Workamajig helps creative professionals manage projects, resources, and finances with ease. Learn more at www.workamajig.com.
Media Contact:
Kevin Logan
Manager of Corporate Communications
AvidXchange
pr@avidxchange.com
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