Charlotte, N.C. – (November 15, 2018) – AvidXchange™, the leading B2B payment solutions provider for midsize companies, today announced it ranked 347th on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences, and energy tech companies in North America.
“When we started AvidXchange in 2000, we focused on simplifying business operations by automating invoice processes for midmarket companies,” stated Michael Praeger, CEO and co-founder of AvidXchange. “As AvidXchange grew, we discovered that the scope of the midmarket’s business needs was evolving as well as the methods of how to fulfill those needs,” continued Praeger. “This meant that we not only had to innovate to change the game in the B2B payment space but we were given the opportunity to educate the market on the possibilities of technology. Being ranked on this list is more than just an honor for AvidXchange – it recognizes every individual AvidXers’ hard work and dedication in the last 18 years.”
“Congratulations to the Deloitte 2018 Technology Fast 500 winners on this impressive achievement,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media, and telecommunications leader. “These companies are innovators who have converted their disruptive ideas into products, services, and experiences that can captivate new customers and drive remarkable growth.”
“Software, which accounts for nearly two of every three companies on the list, continues to produce some of the most exciting technologies of the 21st century, including innovations in artificial intelligence, predictive analytics, and robotics,” said Mohana Dissanayake, partner, Deloitte & Touche LLP, and Industry Leader for technology, media and telecommunications, within Deloitte’s audit and assurance practice. “This year’s ranking demonstrates what is likely a national phenomenon, where many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth.”
About Deloitte’s 2018 Technology Fast 500™
Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least 50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
AvidXchange™ simplifies the way companies pay their bills through a trusted network fostering a true buyer and supplier collaboration. Serving more than 5,500 clients throughout North America, AvidXchange automates the end-to-end payment process for midmarket companies spanning across multiple industries including Real Estate, Community Association Management, Construction, Financial Services, Energy, and more. Headquartered in one of the top financial districts in the United States, AvidXchange has spent the last 18 years revolutionizing the FinTech space. As a result, Forbes identified AvidXchange as one of the top leading cloud companies in the world today. AvidXchange has been recognized as the top software company in North Carolina by the North Carolina Technology Association and one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years. Ranked among Deloitte’s Fast 500 this past year, AvidXchange continues to remain true to its most valued competitive advantage – its people. For eight consecutive years, AvidXchange has been honored as one of the Best Places to Work in Charlotte. For more information, contact us at 800.560.9305 or info@AvidXchange.com.
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