AvidXchange Holdings, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024
May 08, 2024 at 04:15 pm IST
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AvidXchange Holdings, Inc. reported earnings results for the first quarter ended March 31, 2024. For the first quarter, the company reported sales was USD 105.6 million compared to USD 86.82 million a year ago. Net loss was USD 1.01 million compared to USD 15.99 million a year ago.
AvidXchange Holdings, Inc. is a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers. The Companyâs cloud-based, software and payment platform digitizes and automates the AP workflow for middle market businesses (AvidXchangeâs buyer customers), and their service providers and vendors (AvidXchangeâs supplier customers). The Company provides solutions and services throughout North America spanning multiple industries including real estate, homeownerâs associations, construction, financial services (including banks and credit unions), healthcare facilities, social services, education, and media. AvidXchangeâs software solutions are delivered primarily through a software-as-a-service (SaaS) platform that connects buyer customers using the Companyâs AP automation products with a network of their vendors, including supplier customers. The Company has made payments to more than 1,200,000 supplier customers of its buyers.