Avidxchange Holdings, Inc. Stock Price, News & Analysis

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.

AvidXchange Holdings, Inc. (Nasdaq: AVDX) will host its Investor Day on June 1, 2023, in Charlotte, North Carolina. The event will include management presentations discussing strategies and opportunities in the B2B middle market AP and payments automation sector. Attendees can expect panel discussions featuring buyer and supplier customers and integration partners. A live webcast will also be available. AvidXchange specializes in accounts payable automation software for middle market businesses, serving over 8,000 clients and facilitating payments to more than 825,000 suppliers in the past five years.

AvidXchange Holdings (Nasdaq: AVDX) has announced that its management team will participate in two upcoming investor conferences. The first will be at the Citi FinTech Conference in New York, NY on November 14, 2022, at 3:45 PM ET. The second event is the Credit Suisse 26th Annual Technology Conference in Scottsdale, AZ, on November 29, 2022, at 3:45 PM MST. A live webcast of both presentations will be accessible on the investor relations website, with replays available for a limited time. AvidXchange specializes in AP automation for middle market businesses.

Sixth Street has successfully closed funds totaling $4.4 billion to invest in high-growth businesses through its Sixth Street Growth platform. This represents a significant increase from the previous fund, which closed at $2.2 billion in 2019. The firm has invested over $9 billion in more than 70 companies since inception, including notable partners like Airbnb (NASDAQ: ABNB), AvidXchange (NASDAQ: AVDX), and Sprinklr (NYSE: CXM). The firm aims to leverage its operational expertise to accelerate growth for portfolio companies amid current macroeconomic opportunities.

AvidXchange Holdings, Inc. (Nasdaq: AVDX) reported its third quarter 2022 results with total revenue of $82.4 million, reflecting a 26.4% year-over-year growth. The company achieved a GAAP net loss of $(25.4) million, improving from the previous year’s loss of $(35.5) million. Gross profit also increased to $47.6 million, or 57.8% of total revenue. AvidXchange processed 18.0 million transactions, up 11.9% from 2021, and increased payment volume by 29.4% to $18.1 billion. Full-year revenue guidance has been raised to $314.0 - $315.0 million.

AvidXchange Holdings (Nasdaq: AVDX) will release its third quarter 2022 financial results on November 2, 2022. The results will be discussed in a conference call at 10:00 AM ET, which will be accessible via webcast. AvidXchange offers accounts payable automation software and payment solutions for middle market businesses and their suppliers, having processed payments for over 825,000 suppliers through its platform. The company aims to transform the bill payment process for over 8,000 clients.