![]() ![]() This represents a forecast of CAGR (Compound Annual Growth Rate) of 9.1% from 2021 to 2028. AvidXchange’s Market and CompetitionĪccording to Verified Market Research’s 2021 market research report, the global market for payables software was estimated at $8.77 billion in 2020 and is expected to reach $17.6 billion by 2028. These third-party software providers integrate with the company’s systems, allowing buyers to more easily purchase products and receive more detailed information about products and pricing. Indirectly, the firm works with independent resellers who build relationships with their own customers.ĪVDX also sells through third-party software providers such as RealPage, MRI Software, and SAP Concur. The company’s direct sales and marketing approach includes sales tours, attendance at industry conferences and trade shows, email campaigns, direct mail and telemarketing. Management is led by co-founder, president and CEO Michael Prager, who has been with the firm since inception and was previously a co-founder of PlanetResume and InfoLink Partners. ![]() The system also simplifies the process of creating, sending and tracking invoices, helping businesses optimize their cash flow. ![]() It automates payments, invoicing and reconciliation, and provides secure payment solutions, tagging and analytics capabilities. The AP system offered by AvidXchange provides real-time visibility into due cycles and helps reduce manual processes. AvidXchange OverviewĬharlotte, North Carolina-based AvidExchange was founded to develop a cloud-based AP accounting and payment system for mid-market companies and their suppliers. While AvidX has increased forward guidance and recently outperformed previous guidance, I am more cautious about its outlook in 2023 due to macroeconomic risks. ![]()
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