AvidXchange Further Bridges Digital Divide in Charlotte, Announces Completion of the first stage of its Wi-Fi Infrastructure Project and Second Annual Tech Rising Summit

PRESS RELEASE

CHARLOTTE, N.C., March 29, 2022 — AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq GS: AVDX), a leading provider of accounts payable automation software and payment solutions for middle market businesses and their suppliers, today announced the completion of the first stage of a Wi-Fi infrastructure project that helps facilitate free Wi-Fi access to residents in the West End of Charlotte, N.C. This stage was completed in partnership with the City of Charlotte and Tech Rising, an initiative spearheaded by the AvidXchange Foundation that aims to remove barriers to technology education and resources for youth and young adults.

A gigabit fiber connection is now established on the roof of AvidXchange headquarters via a newly placed antennae and extends to both the Camp North End Water Tower and the Water Tower off Beatties Ford Road. This set-up allows for free, high-speed internet access at a pocket park (The Ritz at Washington Heights at the intersection of Tate Street) in the Beatties Ford Road Corridor of Opportunity and future expansion in other areas along that Corridor and the Graham Street Corridor.

“When we launched the Corridors of Opportunity initiative along our historic West End almost two years ago, we knew that online accessibility would be a key component in achieving equity and advancement for everyone in this area,” said District 2 City Councilman, Malcolm Graham. “Through our partnership with AvidXchange, we have started providing free internet access and are working to widen the coverage area to include even more neighborhoods and bridging the digital divide.”

“This has been one of our bucket list items for Tech Rising since we launched the initiative less than two years ago,” said Rob Phocas, Director of Corporate Social Responsibility at AvidXchange. “But more important than that, it gives local students and their families the opportunity to succeed in the digital world they live, work and operate in daily – which is a priority mission for AvidXchange.”

AvidXchange is also hosting its annual Tech Rising Summit on Wednesday, April 6, 2022, at its headquarters in Charlotte, N.C., from 12:00 to 4:30 p.m. EST. Attendees will find out more information about this year’s Tech Idea Incubator Fund Grants, as well as learn about the current state of the digital divide in Charlotte and the successful public-private partnerships, and ways to engage in digital equity activities around the city.

For more information and to register, click here: https://www.techrisingclt.org/. And for more information on the AvidXchange Foundation, visit: https://www.avidxchange.com/about/avidxchange-foundation/.

About AvidXchange

AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.

Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described in registration statements and periodic reports we file with the SEC, including our prospectus as amended and filed with the SEC pursuant to Rule 424(b)(4) on October 14, 2021 which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.

Contact

Olivia Sorrells
[email protected]
980-643-7889

Olivia Sorrells

Olivia Sorrells

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