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 announced a partnership with Member Driven Technologies (MDT) to enhance accounts payable automation for credit unions. This collaboration aims to promote AvidAscend, a solution that integrates seamlessly with MDT's Symitar Episys platform, streamlining operations for over 100 credit union clients. Users can transition from paper-based systems to a modern, automated approach, improving efficiency and transparency in invoice management. The partnership is intended to empower employees, reduce operational costs, and address challenges faced during remote work, especially in cybersecurity and staffing.
AvidXchange Holdings, Inc. (Nasdaq: AVDX) will release its second quarter 2022 financial results on August 3, 2022, after market close. A conference call to discuss these results will be held at 6:00 PM ET the same day and will be accessible via a live webcast. AvidXchange offers accounts payable automation software and payment solutions tailored for middle market businesses, servicing over 8,000 businesses and facilitating payments to more than 825,000 suppliers.
AvidXchange Holdings, Inc. (Nasdaq: AVDX) released its latest report on Middle Market Spending Trends, revealing a shift towards technology investment. Findings indicate middle market firms are prioritizing digital transformation, with a 22% increase in IT spending over hiring and marketing. Notably, the average tech spend rose 7.4% since 2020. Survey data shows 78% of finance professionals believe recent tech investments will positively impact business continuity. The report suggests that despite economic challenges, middle market companies remain resilient and committed to modernization.
AvidXchange Holdings has launched an end-to-end purchase-to-pay integration for Sage 100 customers through its platform, AvidStrongroom. This new feature automates the matching of purchase orders, invoices, and receipts, reducing manual effort and error risk. The integration aims to enhance efficiency for AP professionals, potentially lowering costs by minimizing vendor overpayments. AvidXchange is committed to refining its offerings for customers, enabling them to focus on core business activities.
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.
AvidXchange Holdings, Inc. (Nasdaq: AVDX) has been awarded the prestigious Great Place to Work Certification™, with 84% of employees reporting it as a great workplace, significantly higher than the typical 57% for U.S. companies. The recognition, based on employee feedback, highlights AvidXchange's strong workplace culture characterized by high trust and camaraderie. Additionally, 94% of employees felt welcomed upon joining. This certification may enhance AvidXchange's ability to attract talent and retain employees, ultimately supporting its business growth and innovation.
AvidXchange Holdings (Nasdaq: AVDX) has announced a new API integration with ResMan, enhancing the accounts payable (AP) process for property management companies. This integration replaces manual processes with automated features like accounting code matching and secure payments through the AvidPay Network. AvidXchange aims to relieve back-office tasks for clients, enabling them to focus on growth. The launch reflects AvidXchange's commitment to evolving solutions to meet customer needs, particularly as demand for refined AP processes increases post-pandemic.
CHARLOTTE, N.C., May 11, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings (Nasdaq: AVDX) announced its management team's participation in several upcoming investor conferences. Key events include the Barclays Emerging Payments & FinTech Forum on May 16, the Needham Annual Technology & Media Conference on May 17, the JP Morgan Global Technology Conference on May 25, the Jefferies Software Conference on June 1, and the Baird Consumer, Technology & Services Conference on June 7. Live webcasts of the presentations will be available on AvidXchange's investor relations website.
AvidXchange Holdings (Nasdaq: AVDX) has introduced Straight Through Processing (STP), enhancing the payment experience for high-frequency supplier customers via the AvidPay Network.
STP automates payment delivery, allowing funds to flow directly to suppliers' bank accounts, improving speed and reliability. This change minimizes human error and offers detailed remittance data for bookkeeping.
The innovation aligns with feedback from customers and aims to bolster AvidXchange’s automated accounts payable services, responding to growing industry demand.
AvidXchange Holdings, Inc. (Nasdaq: AVDX) reported a strong start to 2022, with first-quarter revenue reaching $71.2 million, up 29% year-over-year. The company experienced significant transaction volume growth, processing 16.9 million transactions, a 15.6% increase from Q1 2021. Adjusted EBITDA losses were reduced to $(5.6) million, improving from $(6.5) million year-over-year. AvidXchange raised its full-year revenue outlook to between $303 million and $307 million, while lowering adjusted EBITDA losses to between $(35) million and $(39) million.
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