Avidxchange Holdings, Inc. Stock Price, News & Analysis

On August 4, 2022, AvidXchange Holdings, Inc. (Nasdaq: AVDX) announced upcoming presentations at key investor conferences. Management will participate in the KeyBanc Technology Leadership Forum on August 8, 2022, at 2:30 PM MDT, and the Deutsche Bank Technology Conference on August 31, 2022, at 3:00 PM PDT. Both events will feature live webcasts accessible on AvidXchange's investor relations website. AvidXchange is a renowned provider of accounts payable automation solutions for middle market businesses, serving over 8,000 clients and managing payments for more than 825,000 suppliers.

AvidXchange reported a 30.3% revenue increase in Q2 2022, totaling $76.6 million, driven by strong operational execution and demand. The GAAP net loss widened to $(25.7 million) but exceeded analysts' expectations with lower-than-anticipated adjusted EBITDA loss of $(4.7 million). The company raised its 2022 revenue guidance to $308.0 - $310.0 million, reflecting confidence in its market position amidst economic uncertainty. Key metrics included 17.3 million transactions processed and a 36.0% increase in payment volume.

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.