AvidXchange Deepens Expertise in the Construction Vertical, Announces Integration with Sage 100 Contractor

CHARLOTTE, N.C., Jan. 25, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a leading provider of accounts payable automation software and payment solutions for middle market businesses and their suppliers, today announced the integration of Sage 100 Contractor with AvidPay through the TimberScan Titanium platform, providing a full purchase-to-pay solution to help streamline the accounts payable process for even more professionals in the construction industry. This integration is available through AvidSuite for Construction, a portfolio of AP automation offerings for leading construction accounting systems, including Sage Intacct and Sage 300 CRE, that is purpose-built for those users.

With AvidPay completing the AP process in TimberScan Titanium, contractors and project managers can increase efficiency with the ability to now match purchase orders, route invoices for approval and make more secure vendor payments through the AvidPay Network. This embedded integration also offers better visibility and control over the payments process, which can help optimize supplier relationships and reduce manual processing, as well as gain real-time access to vendor payment status and history within the fully automated platform.

"We were struggling to manage invoice due dates, which was resulting in late payments and wasting a day every other week cutting checks. Now with TimberScan Titanium and AvidPay, once I send the payment data from Sage 100 Contractor, our job is done,” said Becky Sorrells, CFO, Treasurer at Sorrells & Co. “In addition, the remote accessibility provides a touchless, paperless invoice-to-pay process, which is a win-win for us."

“The finance team at Sorrells & Co., like many other teams at middle market businesses today, was inundated with paper checks and invoices which was causing stress on the department,” added Jim Campbell, VP of Construction at AvidXchange. “Our new solution helped them solve their issues and more, with deep integration with both AvidPay and TimberScan Titanium giving them a complete invoice-to-pay solution at their fingertips.”

“We are dedicated to continuing progress on our solutions that we offer our construction customers to meet their unique needs today and help solve some of their issues,” said Dan Drees, Chief Growth Officer at AvidXchange. “Offering Sage 100 Contractor users the option to use AvidPay through TimberScan will not only provide a more streamlined AP process but will allow construction professionals to better focus their attention on their two biggest concerns right now: completing projects and business recovery plans.”

To learn more about this integration and AvidSuite for Construction, visit: https://www.avidxchange.com/industries/construction/.

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.

Contact

Olivia Sorrells
osorrells@avidxchange.com
980-643-7889