AvidXchange Launches End-to-End Purchase-to-Pay Integration for Acumatica

Rhea-AI Summary

AvidXchange Holdings (Nasdaq: AVDX) has introduced a new API integration with Acumatica, automating the purchase-to-pay (P2P) process. This integration combines the TimberScan Titanium and AvidPay platforms, streamlining AP tasks for middle market businesses across industries like construction and retail. It facilitates cost and time savings by enabling remote management of invoices via a cloud-based solution. AvidXchange aims to enhance efficiency and reduce operational costs for finance teams, addressing the evolving needs of businesses amid changing economic landscapes.

Positive

• Launch of API integration with Acumatica, expanding service offerings.
• Automation of the AP process saving costs and time for middle market businesses.
• Access to a cloud-based platform that aids remote invoice management.
• Expanding customer reach to various industries including construction and retail.

Negative

• None.

Company expands its invoicing and payment services to customers in Acumatica’s most popular industries

CHARLOTTE, N.C., July 11, 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 an application programming interface (API) integration for Acumatica that provides an automated, end-to-end purchase-to-pay (P2P) process via the combined TimberScan Titanium and AvidPay platform. This new offering allows AvidXchange to expand its vertical expertise and technology to customers in Acumatica’s most popular industries including construction, technical, business services, retail and manufacturing, that leverage its leading cloud enterprise resource planning (ERP) software.

Now deeply integrated with Acumatica, the combined platform automates the AP process saving middle market finance professionals costs and time spent on manually matching purchase orders, routing invoices and facilitating vendor payments. Furthermore, these tasks can be managed remotely from the cloud-based platform, reducing the operational costs of managing invoices in a traditional office setting.

“AvidXchange and Core Associates are longtime Acumatica Marketplace partners,” said Christian Lindberg, Vice President of Partner Solutions at Acumatica, Inc. “Expanding the proven TimberScan Titanium solution across all verticals provides Acumatica customers with more choice.”   
   
“We’re thrilled to launch this integration with Acumatica so that now even more finance professionals in the middle market will have access to the industry leading TimberScan Titanium and AvidPay solution,” said Tyler Gill, Vice President of Strategic Partnerships & Alliances at AvidXchange. “Together, we answered our customers’ call to provide a cloud-based, seamless P2P solution and we’re proud of the API integration we delivered.”

“As middle market businesses continue to shift in response to today’s evolving economy, leaders are seeking new technology to strengthen their business operations and the AP process is a great place to start,” said Dan Drees, Chief Growth Officer of AvidXchange. “Employees who impact the bottom line now more than ever should be equipped with integrations and solutions to help them eliminate repetitive, mundane tasks in their daily lives and instead focus on continuity planning and big picture strategies for the business.”

To learn more, visit: https://www.avidxchange.com/solutions/avidsuite-for-acumatica/. 

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, 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 the new API integration by AvidXchange related to Acumatica?

AvidXchange's new API integration automates the purchase-to-pay (P2P) process, combining TimberScan Titanium and AvidPay for improved efficiency.

How does AvidXchange's integration benefit middle market businesses?

The integration saves costs and time by automating the accounts payable process, allowing for remote invoice management.

What industries can benefit from AvidXchange's new integration?

Industries such as construction, retail, technical, and business services can leverage this integration.

When was the API integration with Acumatica announced?

The API integration was announced on July 11, 2022.

What are the features of TimberScan Titanium in the new integration?

TimberScan Titanium automates AP workflows, facilitating invoice matching and vendor payments efficiently.