Welcome to our dedicated page for AvidXchange Holdings news (Ticker: AVDX), a resource for investors and traders seeking the latest updates and insights on AvidXchange Holdings stock.
AvidXchange Holdings, Inc. (symbol: AVDX) is a prominent provider of accounts payable (AP) automation software and payment solutions designed for middle-market businesses and their suppliers. Over its extensive 20+ year history, AvidXchange has transformed the way companies handle bill payments by automating the entire process, from invoice capture to payment execution. The company's innovative Software-as-a-Service (SaaS) platform digitizes and streamlines AP workflows, reducing costs, improving productivity, and eliminating paper from financial operations.
As a trailblazer in AP automation, AvidXchange serves over 8,000 businesses and has processed payments for more than 1.2 million supplier customers. The company's solutions integrate with over 100 accounting systems, providing seamless interactions between businesses and their vendors. AvidXchange's cutting-edge analytics and intelligent routing systems ensure that invoices are processed swiftly, accurately, and with minimal human intervention.
Recent Achievements and Partnerships:
- In November 2023, AvidXchange announced its strong third-quarter financial results, showcasing significant revenue growth and gross margin improvement. The company continues to maintain a robust balance sheet.
- A strategic partnership with AppFolio, a leading real estate solutions provider, was established, marking AvidXchange as the first AP partner in the AppFolio Stack™ Marketplace. This integration allows for seamless invoice and payment processing within the AppFolio platform, enhancing the AP experience for real estate professionals.
- In early 2024, AvidXchange continued its streak of outstanding financial performance by exceeding internal expectations for the 11th consecutive quarter. These achievements underscore the company's resilience and robust operational execution amid challenging macroeconomic conditions.
Financial Condition:
AvidXchange generates substantial revenue predominantly from payment services, followed by software and services revenue. The company operates within the United States, catering to a diverse range of industries seeking to digitize their financial processes. The company's recent financial outlook for 2024 anticipates continued revenue growth and profitability, driven by ongoing investments in innovation and strategic partnerships.
AvidXchange remains a trusted partner in the digital transformation of AP processes, continually enhancing its product offerings and expanding its market presence. For more information and the latest updates, visit www.avidxchange.com.
AvidXchange Holdings, Inc. (Nasdaq: AVDX), a provider of accounts payable automation software and payment solutions, will release its first quarter 2023 financial results on May 3, 2023. A conference call is scheduled for 10:00 AM ET on the same day to discuss these results. This call will be available for live viewing via webcast and will later be accessible as a recorded replay. AvidXchange’s software serves over 8,800 businesses and has facilitated payments to more than 965,000 suppliers in the past five years. This demonstrates the company's significant role in automating AP workflows for middle-market businesses.
On March 8, 2023, AvidXchange Holdings, Inc. (Nasdaq: AVDX), a top provider of accounts payable automation software, announced its management team will attend the Wolfe Research FinTech Forum in New York on March 15, 2023, at 8:00 AM ET. This event will feature a live webcast accessible on AvidXchange's investor relations website, with a replay available for a limited time. AvidXchange has over 8,000 business clients and has facilitated payments to more than 825,000 suppliers in the past five years. The company continues to innovate in the accounts payable space, enhancing payment solutions for middle-market businesses.
AvidXchange Holdings, Inc. (Nasdaq: AVDX) has announced a referral partnership with Corelation, enabling the integration of AvidAscend, a premier invoice-to-pay software, for over 190 credit union customers of Corelation. The partnership aims to modernize payment processes by transitioning from manual systems to a streamlined, automated solution, improving efficiency and reducing costs. AvidXchange's solution has already received positive feedback from clients like Sun Community Federal Credit Union, highlighting enhanced functionality and robust reporting. This strategic collaboration positions AvidXchange to cater to the evolving needs of credit unions in a digital-first environment.
AvidXchange Holdings, Inc. (AVDX) reported a 24.4% revenue growth year-over-year for Q4 2022, totaling $86.2 million. Adjusted EBITDA losses narrowed significantly to $(1.3) million from $(8.2) million in Q4 2021. The company projects an accelerated path to adjusted EBITDA profitability in 2023, earlier than the previous target of 2024. Full-year revenue for 2022 reached $316.4 million, a 27.4% increase year-over-year. The company processed 18 million transactions in Q4 2022, marking a 9.2% rise. For 2023, AvidXchange expects revenue between $359 million and $366 million.
AvidXchange (Nasdaq: AVDX) announced the launch of AvidAnalytics, a premium Business Intelligence solution aimed at enhancing spend management for middle market businesses. This innovative tool provides custom reporting capabilities, surpassing traditional methods, and includes intelligent analytics, immersive dashboards, and data visualizations. AvidAnalytics integrates seamlessly with the AvidInvoice, AvidPay, and AvidBuy platforms, offering users improved visibility into accounts payable processes. As companies increasingly shift to digital solutions, AvidAnalytics empowers buyers with actionable insights directly from their data.
AvidXchange Holdings (Nasdaq: AVDX) has announced key leadership changes, elevating Dan Drees to President and welcoming James Sutton as Chief Revenue Officer. Drees, previously Chief Growth Officer, will oversee sales, marketing, operations, and product, focusing on enhancing organizational agility and operational synergies. The leadership shifts aim to strengthen AvidXchange’s position in the accounts payable automation market, catering to middle-market businesses. Sutton brings substantial SaaS experience, having previously held roles at Salesforce and Google. These changes signal a commitment to growth and improved efficiency in response to customer needs and strategic initiatives.
AvidXchange Holdings, Inc. (Nasdaq: AVDX) will release its fourth quarter 2022 financial results on March 1, 2023. The company will host a conference call at 10:00 AM ET on the same day to discuss these results, which can be accessed live via webcast. AvidXchange specializes in accounts payable automation and payment solutions, serving over 8,000 businesses and facilitating payments to 825,000 suppliers in the past five years. For more information, visit their investor relations site.
AvidXchange Holdings has announced the appointment of two new board members, Sonali Sambhus and Asif Ramji, to enhance insights around product and automation strategies. Both members bring extensive experience from the payments and software sectors. Asif previously held senior roles at FIS and Worldpay, while Sonali led technology strategies at Block, Inc. Their appointments aim to support AvidXchange's growth and unlock shareholder value. Concurrently, board members Nigel Morris and Hans Morris have resigned, with no disagreements reported, effective December 15, 2022.
AvidXchange (Nasdaq: AVDX) announced a new API integration with Intuit QuickBooks Online, enhancing its accounts payable (AP) automation solutions. This integration, built on the AvidConnect platform, allows for automated syncing of accounting codes and vendor information, streamlining invoice and payment processes. Customers benefit from reduced manual handling and increased efficiency, providing better insights into payment data while lowering accounting costs. This move signifies AvidXchange's commitment to supporting middle-market businesses' evolving needs.
AvidXchange (Nasdaq: AVDX) has launched a cross-border payments solution embedded within Oracle NetSuite. This new feature allows US customers to handle both domestic and international supplier payments directly through NetSuite, supporting multiple currencies including AUD, CAD, EUR, GBP, INR, and MXN. The integration aims to enhance financial visibility and streamline accounting processes, reducing the need for manual tasks and improving security. AvidXchange aims to provide a comprehensive end-to-end payment solution, leveraging a partnership with a third-party international payments leader.
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