CHARLOTTE, N.C., Oct. 13, 2022 — AvidXchange (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today released the next report in its Middle Market Spending Trends series. This report is based on data captured from the transactions processed in Q2 2022 through the company’s AvidPay Network. Additionally, AvidXchange surveyed ~500 middle market finance professionals on why and where they are spending in response to the current economic challenges.
Research shows the middle market took its largest leap in spending, both quarterly and year-over-year, since 2017. And despite general concerns about the U.S. economy, 70 percent plan to increase the company’s overall budget over the next 12 months with investments in technology and internal efficiencies taking top priority.
“Our AvidPay Network spending data speaks to the resilient reputation of the middle market,” said Dan Drees, Chief Growth Officer of AvidXchange. “While inflation and a potential recession dominate business headlines, the middle market is finding ways to sustain growth and deliver for its customers.”
To learn more and view the report, visit: https://www.avidxchange.com/resources-home/middle-market-spending-trends/.
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.
Additionally, AvidXchange is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services.
To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.
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