AvidXchange Successfully Completes Annual SAS 70 Audit

Charlotte, NC (January 15, 2010) AvidXchange is delighted to advise its clients that the annual SAS 70 Type II audit was successfully completed on December 31, 2009.

This audit marks the fifth (5th) consecutive year that our service auditors confirmed, "without qualification," that all controls are in place as stated; are suitably designed to achieve specified control objectives; and have reported the results to our clients.

The result? Our service auditors confirmed, "without qualification," that all controls are in place as stated, are suitably designed to achieve specified control objectives and are reasonably effective in meeting those objectives and that there is minimal risk in utilizing AvidXchange applications and hosting your data on AvidXchange servers.

What does this mean? Simply that the data you entrust us with is in a safe technical and physical environment, and that our processes ensure its ongoing safety and integrity. Further, the requirements of the Sarbanes-Oxley Act make SAS 70 audit type II reports even more important. In addition to providing you with a high level of confidence in our controls, the SAS 70 type II audit report is designed to be incorporated into your Sarbanes-Oxley compliance program.

We are proud of this achievement, which directly reflects the commitment of the AvidXchange Development and Services teams and our entire organization. As your business process and technology partner focused on automating your purchasing and invoice management processes, we are committed to conducting SAS 70 audits on an annual basis and providing you with our audit results.

About AvidXchange

Founded in 2000, AvidXchange, Inc., headquartered in Charlotte, North Carolina, is the industry leading Software-as-a-Service (SaaS) provider of AP automation and electronic purchase order tools for mid-sized companies primarily in real estate, banking, insurance, distribution and other financial sectors. Over 200 organizations and more than 40 public companies have automated their AP process with AvidXchange. Additional information on AvidXchange can be located at www.avidxchange.com.

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For Immediate Release Contact:
Michael Praeger
mpraeger@avidxchange.com
704.971.8101

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