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Newsroom   /   Press Release

Middle Market Experiences Largest Increase in Spending Quarter over Quarter since 2017, AvidXchange Report Shows

November 30, 2021

CHARLOTTE, N.C., Nov. 30, 2021 — AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a leading provider of accounts payable and payment automation solutions for the middle market, today released the fourth report in its Middle Market Spending Trends series based on data captured from the ~58 million transactions processed over the last 12 months (as of Q2 2021) by AvidXchange through the AvidPay Network.

The latest research shows that the middle market experienced the largest quarterly increase in spending since 2017, indicating recovery across several industries. The surge was powered by continued spending on technology to empower remote workforces, and dramatic turnarounds for retail, food service, and other leading sectors of the U.S. economy following the distribution of vaccines and relaxed mandates across the country.

“It’s important to analyze quarter over quarter growth, not just year over year, to identify micro-trends across different industries that provide insight into where and how businesses are spending,” said Dan Drees, Chief Growth Officer at AvidXchange. “We’re seeing an overall movement of recovery in the middle market as businesses are ramping up revenue-driving projects and experiencing better performance and we believe that will continue into 2022.”

The research also showed that spending on the Technology industry continues to outpace spending in other industries, and Accommodation and Food Services, Manufacturing, Retail Trade, and Transportation & Warehousing all show a positive quarter over quarter trajectory as well. In contrast, the Finance & Insurance industry showed its first decrease in spending since the start of this year, a reversal of what had been a consistent upward trajectory over the past several quarters. And Construction saw a decline in spending for the second consecutive quarter this year due to continued challenges the industry is facing from lasting impacts of the pandemic.

To learn more and view full industry results, 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 7,000 businesses and it has made payments to more than 700,000 supplier customers of its buyers over the past five years.

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.


Olivia Sorrells
[email protected]

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