Charlotte, NC (PRWEB) August 25, 2014
Inc. magazine recognizes AvidXchange as one of the fastest-growing private companies in the United States for the 4th consecutive year. AvidXchange’s Inc.5000 profile highlights the company’s 172% growth in revenue over the last three years. The company’s record growth can be attributed to the combination of new sales and increased recurring revenue from their existing customers, which they retain at an impressive rate of 98%. AvidXchange delivers industry-leading accounts payable automation software to the mid-market to reduce processing costs and improve efficiency by eliminating paper invoices and checks. AvidXchange was ranked as the 197th fastest-growing software company in the United States on the Inc. 5000 list.
AvidXchange is based in Charlotte, NC and employees are predominately located in the Charlotte area, which has had a really positive impact on the local workforce. The AP Automation leader has added more than 100 jobs in the local market this year and plans to continue hiring at this aggressive rate for the remainder of 2014. To be recognized as the 20th fastest-growing company in the Charlotte metro area is a testament to their revenue contribution to the Charlotte economy and workforce.
“It’s an exciting time for AvidXchange. We recently exceeded the 500 customer mark, and have added over 100 employees so far this year to support our expanding customer base with a great experience,” commented Michael Praeger, CEO and Co-Founder of AvidXchange. “To be recognized by Inc. magazine as the 20th fastest-growing company in the Charlotte metro area and the 197th fastest-growing software company in the United States is a real honor and reflection of the work of the AvidXchange team,” added Praeger.
The 2014 Inc. 500|5000 is ranked according to percentage revenue growth when comparing 2010 to 2013. To qualify, companies must have been founded and generating revenue by March 31, 2010. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2013. The minimum revenue required for 2010 is $100,000; the minimum for 2013 is $2 million. AvidXchange’s revenue growth and focus on innovation are integral pieces to their notable ranking on the Inc. 500|5000.
"Now, more than ever, we depend on Inc. 500|5000 companies to spur innovation, provide jobs, and drive the economy forward. Growth companies, not large corporations, are where the action is,” says Inc. Editor, Eric Schurenberg.
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 6,000,000 today. For more information, visit http://www.inc.com
AvidXchange revolutionizes the way companies pay their bills. Accounts Payable automation increases control and visibility into the bill payment process to reduce processing time, allow early payment discounts and eliminate late fees. Automation eliminates paper by electronically capturing invoices, using intelligent business rules to route invoices for approval and storing all information electronically providing anytime, anywhere access to invoice status and history. AvidXchange makes it easy to automate and backs this great customer experience with a 45-day implementation guarantee. As the first SaaS technology vendor to automate invoice processing, AvidXchange works with suppliers to electronically send and receive all invoices through the AvidBill Network. Standard integration to more than 40 accounting systems speeds adoption and simplifies setup. AvidInvoice significantly reduces operating costs and improves productivity in a company’s accounts payable department. AvidPay eliminates 100% of paper checks from company’s payment processes, maintains vendor information and payment preferences, and facilitates payments for every invoice, every vendor, and every bank. Headquartered in Charlotte North Carolina, AvidXchange is privately held with over 300 employees nationwide. Contact us at 800.560.9305 / info(at)AvidXchange(dot)com.