AvidXchange Further Invests in the HOA Industry

Rhea-AI Summary

AvidXchange Holdings, Inc. (Nasdaq: AVDX) has announced strategic growth in the Homeowners Association (HOA) sector by appointing Michael Pizzico as Vice President. He will oversee sales performance, strategy, and revenue opportunities within this new business line. CEO Michael Praeger emphasized AvidXchange's commitment to understanding the unique challenges faced by middle-market businesses. With over 8,000 clients and a strong supplier network, AvidXchange seeks to enhance its AP automation solutions in the HOA industry.

Positive

• Appointment of Michael Pizzico as VP for HOA business line to drive strategic growth.
• Strong focus on middle-market businesses, which have unique industry needs.
• AvidXchange serves over 8,000 businesses, showcasing its substantial market presence.

Negative

• None.

CHARLOTTE, N.C., April 04, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced its increased focus in the Homeowners Association (HOA) industry with the hiring of Michael Pizzico as Vice President of the business line. In this role, Michael will be responsible for sales performance as well as leading all strategies, growth and revenue opportunities, and supporting actions including partnerships.

"At AvidXchange, we understand that the middle market is unique in that deep domain expertise is highly valued,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “Our customers appreciate that we know the industry, and the issues they are facing, which is why investments like this are the right next steps for us in HOA with Michael Pizzico.”

“I’m eager to find fresh perspectives and opportunities for AvidXchange, as well as the professionals in the HOA industry,” said Michael Pizzico, Vice President of HOA, Buyer Growth at AvidXchange. “I look forward to helping our customers transform the way they pay their bills alongside the incredible talent at AvidXchange – this is just the beginning.”

Michael will report directly to Mike Travis, Senior Vice President of Buyer Growth. For more information on AvidXchange’s leadership team, click here: https://www.avidxchange.com/about/leadership/.

About AvidXchange™

AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to our expectations of future performance, including guidance for our revenue and adjusted EBITDA for the full year 2022, as well as other statements that are not purely statements of historical fact, are forward-looking in nature.  These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.

Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov.  Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.

Contact

Olivia Sorrells
osorrells@avidxchange.com
980-643-7889

FAQ

What is AvidXchange's recent focus in the HOA industry?

AvidXchange is increasing its focus in the Homeowners Association industry by hiring Michael Pizzico as Vice President.

What will Michael Pizzico's role be at AvidXchange?

Michael Pizzico will be responsible for sales performance, strategy, and growth opportunities in the HOA business line.

How many businesses does AvidXchange serve?

AvidXchange serves over 8,000 businesses and has made payments to more than 825,000 suppliers.

What does AvidXchange specialize in?

AvidXchange specializes in accounts payable automation software and payment solutions.

What is AvidXchange's stock symbol?

AvidXchange's stock symbol is AVDX.