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Newsroom   /   Press Release

AvidXchange Offers a Complete Purchase to Pay Solution Purpose-Built for the Construction Industry

August 8, 2022

CHARLOTTE, N.C., Aug. 08, 2022 —  AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced TimberScan Titanium, now integrated with AvidPay, is available to Sage Intacct users offering a complete purchase-to-pay solution for professionals in the construction industry.

This offering liberates construction professionals like contractors and developers from having to match purchase orders, manage invoices and facilitate payments by hand. Instead, these finance tasks can be managed remotely and more efficiently – from anywhere and at any time – via one centralized, fully automated platform.

Furthermore, an automated platform offers more visibility into the process and can help save both time and costs associated with having to print paper checks, wait for sign off management, manually stuff those into envelopes and then make trips to the post office to complete vendor payments – the embedded workflow within the technology handles these tasks, as well as allows users to create automatic routing rules allowing for faster payments.

“Construction professionals often use outdated and disconnected products in an attempt to manage their AP processes and as a result, they are stuck in their offices, reliant on their filing cabinets, buried in manual work, and constantly chasing and shuffling paper around,” said Jim Campbell, Vice President of Construction at AvidXchange. “It’s a lot to manage and cuts into the time they need to focus on building projects which is why we’re excited to launch this complete purchase-to-pay solution via TimberScan Titanium and Sage Intacct in hopes that it alleviates these major day-to-day pain points.”

“Right now, construction professionals need to focus less on managing their AP process and more on the challenges that are having a major impact on their business and their industry overall like the skilled labor shortage and major supply chain issues,” said Dan Drees, Chief Growth Officer of AvidXchange. “This purpose-built solution, now included in AvidSuite for Construction, will improve their AP process as well as their relationships with their vendors as the invoice and payment process become easier and more efficient.”

To learn more, visit: https://www.avidxchange.com/solutions/avidsuite-for-construction/.

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. The information presented in this press release related to our expectations of future performance, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. 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, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, 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.

Olivia Sorrells
[email protected]

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