CHARLOTTE, N.C., (September 18, 2018) – AvidXchange™ has been named to the Forbes 2018 Cloud 100, the definitive list of the top 100 private cloud companies in the world. Published by Forbes in collaboration with Bessemer Venture Partners, and Salesforce Ventures, CEOs of the top companies gathered last week in San Francisco to celebrate the announcement.
“AvidXchange is honored to be named by Bessemer Venture Partners, Forbes, and Salesforce Ventures as one of the top 100 private cloud companies in the world,” said Michael Praeger, CEO & co-founder of AvidXchange. “The cloud revolution has been vital to the work that AvidXchange has been developing in the last 18 years. Through this recognition, AvidXchange looks forward to continue being a part of a community that inspires other entrepreneurs and cloud leaders.”
As part of the rigorous selection process for the Forbes 2018 Cloud 100, Bessemer Venture Partners received submissions from the top cloud startups. The Forbes Cloud 100 judging panel, including top public cloud company CEOs, reviewed the data to select, score, and rank the top 100 cloud companies from all over the world. The evaluation process involved four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%).
“For the past three years, the Cloud 100 list has identified the top cloud companies that are reshaping their respective industries,” said Alex Konrad, Forbes editor of The Cloud 100. “I am consistently impressed by the caliber of companies honored on the Cloud 100 list. It is an exciting time to a be a cloud company and founder.”
“All of the twenty-five cloud IPOs and major cloud acquisitions over the past three years have been prior members of the Cloud 100, and we absolutely expect that the dominant public cloud companies of the future will also come from this list,” said Byron Deeter, a top cloud investor and partner at Bessemer Venture Partners. “The 2018 Cloud 100 represents well over $135B in private shareholder value–an astonishing figure that reminds us yet again of the power of the cloud. The way we do business will be dramatically different as a result of these companies, and I am honored to celebrate the remarkable accomplishments of the founders and teams behind each company on the 2018 Cloud 100.”
“The business opportunity for cloud companies is tremendous today as capital investment, customer demand and rate of adoption continues to grow,” said Matt Garratt, Managing Partner, Salesforce Ventures. “We’re excited to see the potential of these companies and look forward to seeing what innovative technology they deliver around the world.”
The Forbes 2018 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100 and will appear in the September 2018 issue of Forbes magazine.
AvidXchange™ simplifies the way companies pay their bills by fostering a true Buyer and Supplier collaboration. Serving more than 5,500 clients throughout North America, AvidXchange automates the end-to-end payment process for midmarket companies spanning across multiple industries including Real Estate, HOA, Construction, Financial Services, Energy, and more. Headquartered in one of the top financial districts in the United States, AvidXchange has spent the last 18 years revolutionizing the FinTech space. As a result, Forbes identified AvidXchange as one of the top leading cloud companies in the world today. Furthermore, AvidXchange has been recognized as the top software company in North Carolina by the North Carolina Technology Association and one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years. Ranked among Deloitte’s Fast 500 this past year, AvidXchange continues to remain true to its most valued competitive advantage – its people. For eight consecutive years, AvidXchange has been honored as one of the Best Places to Work in Charlotte. For more information, contact us at 800.560.9305 or info@AvidXchange.com.