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.
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.
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