AvidXchange Listed on Deloitte's 2014 Technology Fast 500™

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AvidXchange listed on Deloitte's 2014 Technology Fast 500™ for their 204% revenue increase from 2009 - 2013.

We are honored to receive this prestigious ranking for our revenue growth of 204%. - Michael Praeger, CEO of AvidXchange

AvidXchange, a leading provider of AP and payment automation solutions, is pleased to announce that they ranked on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. AvidXchange grew 204% percent from 2009 – 2013.

“We are honored to receive this prestigious ranking for our revenue growth of 204%. I strongly feel that our growth is directly tied to our focus on innovation,” commented Michael Praeger, CEO and Co-Founder of AvidXchange. “We are committed to delivering cutting-edge solutions in the payables space to solve business problems and create efficiencies, and we have invested in top talent to create what’s next for accounts payable automation and to facilitate a great client experience as we grow,” added Praeger.

“The companies ranked on the 2014 Deloitte Technology Fast 500 continue to set the bar for their industry higher each year,” said Eric Openshaw, Vice Chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. “There are so many exciting products and smart thought leaders driving this list. We congratulate the Fast 500 companies and look forward to seeing them continue their momentum into 2015.”

“For 20 years, the Deloitte Fast 500 rankings have honored the innovation that is part of these companies’ DNA,” added Jim Atwell, National Managing Partner of the Emerging Growth Company Practice, Deloitte & Touche LLP. “We’re glad to be serving these high-growth companies, and helping the technology sector recognize the great strides and transformation these companies are making in their respective areas.”

Overall, 2014 Technology Fast 500™ companies achieved revenue growth ranging from 135 percent to 123,678 percent from 2009 to 2013, with an average growth of 1,640 percent.

About Deloitte's 2014 Technology Fast 500™

Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2009 to 2013.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years and be headquartered within North America.

About AvidXchange

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

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Jen Ittenbach
AvidXchange, Inc.
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