Middle Market Closes 2021 with Another Spending Jump, AvidXchange Report Shows

CHARLOTTE, N.C., April 13, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq GS: AVDX), a leading provider of accounts payable automation software and payment solutions for middle market businesses and their suppliers, today released the next report in its Middle Market Spending Trends series based on statistically significant data captured from the transactions processed in Q4 2021 by AvidXchange through its AvidPay Network.

The report shows that, after a tenuous and stressful 2020, the middle market bounced back with an overall positive 2021; and Q4 2021 marked the sixth straight quarterly rise in spending. While several industries have experienced increasing spend, spending on technology continues to be the most consistent as middle market companies find innovative ways to scale efficiently and battle macroeconomic trends fueled by supply chain issues and workforce shortages.

“Technology gives middle market businesses stronger business continuity and digital resiliency during uncertainty,” said Angelic Gibson, Chief Information Officer of AvidXchange. “Automated digital technologies deliver middle market companies more efficiency and time-saving benefits and help protect them from external factors that can impact their supplies and workforce.”

“According to our data, middle market spending is trending upward, slightly slower than GDP, and steadily increased throughout 2021 as most businesses experienced increased revenues and settled into a hybrid workforce to adjust to the current climate,” said Dan Drees, Chief Growth Officer of AvidXchange. “To no surprise, spending on technology continued to increase due to its inherent ability to help businesses become more efficient and effective – an ongoing priority for the middle market.”

To learn more and view the report, 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 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.

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Contact

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