Middle Market Closes 2021 with Another Spending Jump, AvidXchange Report Shows

PRESS RELEASE

CHARLOTTE, N.C., April 13, 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 released the next report in its Middle Market Spending Trends series based on statistically significant data captured from the transactions processed in Q4 2021 by AvidXchange through its AvidPay Network.

The report shows that, after a tenuous and stressful 2020, the middle market bounced back with an overall positive 2021; and Q4 2021 marked the sixth straight quarterly rise in spending. While several industries have experienced increasing spend, spending on technology continues to be the most consistent as middle market companies find innovative ways to scale efficiently and battle macroeconomic trends fueled by supply chain issues and workforce shortages.

“Technology gives middle market businesses stronger business continuity and digital resiliency during uncertainty,” said Angelic Gibson, Chief Information Officer of AvidXchange. “Automated digital technologies deliver middle market companies more efficiency and time-saving benefits and help protect them from external factors that can impact their supplies and workforce.”

“According to our data, middle market spending is trending upward, slightly slower than GDP, and steadily increased throughout 2021 as most businesses experienced increased revenues and settled into a hybrid workforce to adjust to the current climate,” said Dan Drees, Chief Growth Officer of AvidXchange. “To no surprise, spending on technology continued to increase due to its inherent ability to help businesses become more efficient and effective – an ongoing priority for the middle market.”

To learn more and view the report, read Middle Market Spending Trends.

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
osorrells@avidxchange.com
980-643-7889

Olivia Sorrells

Olivia Sorrells

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