CHARLOTTE, N.C., June 14, 2023 — AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today released its 2022 Environmental, Social and Governance (ESG) Report. This report highlights the company’s commitments to ESG, how these commitments tie back to the company’s core business and how the company delivers value to its stakeholders.
“AvidXchange was founded over 20 years ago with a mission to solve complex accounts payable problems for our customers,” said Michael Praeger, Co-Founder, Chairman and Chief Executive Officer of AvidXchange. “Today, we have deep roots in the business community, but we know that position is only as strong as the communities we serve. From every corner of AvidXchange, our commitment to ESG is apparent in the way we solve problems, innovate and strive to be better every day.”
Highlights from the report include:
- Environment
- AvidXchange’s technology removes paper from its customers’ daily work streams through the digitization of processes. With 8,000 buyer customers, and payments made to 965,000 supplier customers over the past five years, this impact is significant.
- Based on paper reduction alone, in 2022, AvidXchange saved the equivalent of 4,600 trees and 4.1 million gallons of water. Additionally, it helped avoid 3.4 million pounds of carbon dioxide emissions and 226,000 pounds of solid waste.
- The company works with its teammates to drive environmental sustainability initiatives in the daily operations at its Charlotte headquarters and regional offices, creating buy-in that sustainability is every teammate’s responsibility. This is done through programs such as: hybrid/remote work, energy & water consumption reduction, the AvidXchange green team, waste management initiatives and a sustainable procurement policy.
- Social
- The AvidXchange Foundation serves as the company’s legs in the community, enabling corporate sponsorships and teammate volunteer activities, where teammates can use 16 hours of paid volunteer time off annually to participate in community projects and programs.
- When AvidXchange debuted as a public company in 2021, it pledged to invest 1% of its issued and outstanding shares of common stock over 10 years to fund community service efforts. This program ensures that as AvidXchange achieves success, it brings its communities along with it.
- AvidXchange has outlined a four-part strategy to further its progress for DI&B, celebrating its wins and achievements while also actively building bridges to unite its teammates, customers and communities in feeling the power of connection and a true sense of belonging.
- Governance
- AvidXchange is committed to business practices that are ethical, transparent and accountable. Through board diversity, annual compliance reviews and ensuring ethics and anti-corruption standards are met, these practices provide the foundation for long term value generation and the company’s ability to meet its environmental and social objectives.
“AvidXchange has built an organization that is teammate-focused, environmentally conscious and operates under the highest business standards,” said Rob Phocas, Director, Corporate Social Responsibility at AvidXchange. “We’ve worked hard within our organization and within our community to ensure that we’re making a real impact – and we’re excited to share where we are in our ESG journey.”
To learn more, visit: https://www.avidxchange.com/about/avidxchange-foundation/
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 (“SaaS”) based, end-to-end software and payment platform digitizes and automates the AP workflows for 8,800 businesses and we have made payments to 965,000 supplier customers of our buyers over the past five years.
Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.
To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to expectations of future performance, opportunities for future growth, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Contact
Olivia Sorrells
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386-848-3656