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AvidXchange Announces Record Results for Third Quarter of 2008
Charlotte, NC (October 31, 2008) - AvidXchange, Inc. reports that during the third quarter 2008 (ending 09/30/08) the company saw a 30% increase in new customers versus third quarter 2007 (ending 09/30/07), along with a greater increase in users and invoice volume than in any previous quarter. With more than 4,350 new users relying on AvidInvoice to manage their invoice approval process, AvidXchange reinforces its leadership position as the standard payables automation platform within the real estate industry, and added customers across all industry segments (office, multi-family and retail). New customers included several regional leaders such as Guardian Management (one of the largest property management companies in the western US) along with BMA Management (a leading operator in the Illinois regional market). Today, AvidXchange is used by more than 140 enterprise customers and 35 public companies and REITs.
"With the economic climate becoming increasingly difficult, organizations are searching for innovative ways to eliminate costs through process efficiencies," stated Michael Praeger, Chief Executive Officer of AvidXchange.
In addition to record customer growth, the third quarter was a record quarter for AvidXchange's AvidBill Network (ABN) which included nine new customers. The ABN provides 100% electronic invoice delivery into AvidInvoice and facilitates how clients interact and communicate with vendors.
"By leveraging the AvidBill Network, our clients eliminate mail handling, scanning and data entry for all vendor invoices. Organizations see real cost savings of up to 70% or $3 per invoice just on labor alone," said Praeger. "Moreover, vendors within the Network now benefit from automated status updates that include real-time approval and payment status."
About AvidBill Network
The AvidBill Network provides 100% electronic delivery of all invoices and facilitates how companies interact and communicate with their vendors. AvidBill is designed to automate the way vendors submit invoices either electronically into AvidBill from their base accounting system or through the AvidBill vendor portal. For vendors who need to continue sending paper invoices, a dedicated AvidBill lockbox is also available.
Upon receipt of an invoice through AvidBill, it is immediately processed into an electronic format and appears automatically in the appropriate AvidInvoice workflow determined by an organization's specific business rules. Additional information about the AvidBill Network can be found at www.avidxchange.com/avidbill.
About AvidInvoice
AvidInvoice is a web-based paperless invoice management system designed to automate the way companies manage accounts payable documents. Clients are also able to leverage AvidInvoice to manage the approval and coding process in addition to directly integrating approved invoices into more than 25 different accounting systems. This module provides finance executives and AP managers with enforceable controls, powerful reporting and added "visibility" to all documents in their organization while providing invoice "approvers" with features that make it easier to apply accounting codes and approve or dispute invoices.
About AvidXchange
Founded in 2000, AvidXchange, Inc., headquartered in Charlotte, North Carolina, is the industry-leading provider of paperless invoice management and electronic purchase order tools for real estate companies in the office, retail, multi-family and industrial sectors. More than 35 public REITs and over 140 real estate companies are managing their payables with AvidInvoice, the SAS 70 Certified AP workflow solution that eliminates lost invoices, minimizes late fees/overnight courier charges and reduces invoice processing costs by up to 50%. Additional information on AvidXchange can be found at www.avidxchange.com.
For Immediate Release
Contact: Michael Praeger
mpraeger@avidxchange.com
704.971.8101
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