AvidXchange CEO Michael Praeger

AP Automation Provider AvidXchange Named to Forbes Cloud 100 List

It’s been a big week here at AvidXchange! First, our CEO and co-founder Michael Praeger was featured in Business North Carolina Magazine. The article, “Shooting Star” by David Mildenberg, is available online and in print. Here’s an excerpt:

“AvidXchange marked Bain Capital’s first $100 million-plus investment in a financial-technology company, says managing director Matt Harris, an AvidXchange director. Bain is a New York-based company co-founded by Mitt Romney in 1984. “They have more than met our expectations. The growth has been phenomenal.” Feld, whose company is best known for receiving $282 million when FitBit went public, says, “A year later, we are delighted with our investment.”

The key to AvidXchange’s growth is Praeger, says Harris. “Mike has a rare combination as a visionary and also a pragmatist. Usually you get someone who is dreamy with a great vision, but they can’t execute. Or others can get things done, but they don’t dream big. Mike has this great down-to-earth quality, but his ambition is colossal.”

Forbes Cloud 100

As a leading provider of accounts payable and payment automation solutions for midsize companies, we’re also thrilled to announce our inclusion on the first-ever Forbes Cloud 100 list! Created in collaboration with Bessemer Venture Partners and Salesforce Ventures, the Forbes Cloud 100 recognizes the world’s top-tier private companies leading the cloud technology revolution, plus twenty rising stars within the field. With advancements in software, cloud security, or platform development, these companies are redefining the future for all industries and sectors.

Bessemer, a global venture capital firm, combed through hundreds of submissions to present to a panel of 27 public cloud CEO judges, who selected and ranked the list based on a combination of financial health scores and qualitative factors such as unprecedented customer adoption and satisfaction. Our CEO and co-founder Michael Praeger joined representatives from the first class of Cloud 100 companies in San Francisco on September 1 for a sneak peek at the list with help from host Kumail Nanjiani (Dinesh on HBO’s “Silicon Valley”).

“We are so honored to be on the first-ever Forbes Cloud 100 list, and recognized in the industry as one of the leading Cloud Companies in the world. This designation is a representation of our team’s dedication to delivering innovative solutions that revolutionize the way companies pay their bills, and the desire to change the face of the payables space,” commented Praeger.

The list will appear in the October 4, 2016, issue of Forbes.

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