AvidXchange Launches AvidAnalytics, A Business Intelligence Tool for the Middle Market

CHARLOTTE, N.C., Feb. 07, 2023 (GLOBE NEWSWIRE) -- AvidXchange (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced AvidAnalytics, a premium Business Intelligence (BI) solution. AvidAnalytics offers buyer customers custom reporting methods to help improve spend management and drive stronger results and efficiency for the organization. It goes beyond standard industry methods with tools like intelligent analytics, immersive dashboards and embedded data visualizations.

These tools within the BI solution provide increased visibility into the AP process, versus traditional manual methods, by featuring the organization’s purchase orders, invoices and pay data on interactive, visual dashboards within AvidInvoice, AvidPay and AvidBuy platforms. This functionality also allows users to drill into specific areas of interest and data to get more actionable insights in the solution, an ability traditional manual reporting does not offer.

“AvidAnalytics is a much more efficient way to pull report data from the AvidXchange platform than our traditional reporting methods which included doing some of this work manually,” said David Bennett, Senior AP Manager of Remedy Medical Properties Inc. “Having real-time access to data is essential for any organization so an improvement to, or time saved on, the process of gathering check payment statuses and approval metrics, or helping with report curation, is extremely valuable.”

“We launched AvidAnalytics because we know our buyer customers are managing an incredible amount of data through their invoice, purchase order and payment transactions, and standard reporting methods for spend management no longer cut it in today’s digital-first era,” said Serdar Dincaslan, Senior Vice President of Business Insights, Decision Science & Network Growth. “With AvidAnalytics, we’re putting the power back into the buyer customers’ hands to glean the insights they need from analyzing and reporting on their data to help strengthen the business overall.”

To learn more, visit: https://www.avidxchange.com/products/avidanalytics/

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 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, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.

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.

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. The information presented in this press release related to our expectations of future performance, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. 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, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, 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
386-848-3656