Middle Market Companies Exhibit Resilience While Delivering Value
Ongoing investments in tech, talent and efficiencies remain strong
CHARLOTTE, N.C., Oct. 13, 2022 (GLOBE NEWSWIRE) — AvidXchange (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today released the next report in its Middle Market Spending Trends series. This report is based on data captured from the transactions processed in Q2 2022 through the company’s AvidPay Network. Additionally, AvidXchange surveyed ~500 middle market finance professionals on why and where they are spending in response to the current economic challenges.
Research shows the middle market took its largest leap in spending, both quarterly and year-over-year, since 2017. And despite general concerns about the U.S. economy, 70 percent plan to increase the company’s overall budget over the next 12 months with investments in technology and internal efficiencies taking top priority.
“Our AvidPay Network spending data speaks to the resilient reputation of the middle market,” said Dan Drees, Chief Growth Officer of AvidXchange. “While inflation and a potential recession dominate business headlines, the middle market is finding ways to sustain growth and deliver for its customers.”
To learn more and view the report, visit: https://www.avidxchange.com/resources-home/middle-market-spending-trends/.
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.
Additionally, AvidXchange is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services.
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 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
386-848-3656
