AvidXchange Announces Partnership with AppFolio to Enhance AP Automation Benefits for its 19,000 Real Estate Customers

CHARLOTTE, N.C., Nov. 08, 2023 (GLOBE NEWSWIRE) -- AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced its partnership with AppFolio, the technology leader powering the future of the real estate industry. This partnership will provide customers in the real estate industry with a simple, streamlined workflow for automated invoice processing, approvals, and payments.

AppFolio’s integration with AvidXchange will ensure that invoice details and transactions are all easily recorded in the accounting system of record (AppFolio) and that payment transaction data seamlessly passes to the AvidXchange payment solution for ease in automated payments. Additionally, invoice details, including invoice images, will be easily searchable in AppFolio, reducing the need to manage critical transaction records across two systems.

“Given our 20+ year heritage in the real estate vertical, and not to mention our ability to go deep in the customer base of these partnerships, the AppFolio partnership underscores just how large and underpenetrated we believe the runway of opportunity still remains in just the real estate vertical,” said Michael Praeger, Chairman, Chief Executive Officer, and Co-Founder of AvidXchange.

"AppFolio is a top provider of solutions for the real estate industry, and we are confident that pairing AvidXchange’s best-in-class invoice automation and payment solution with their leading technology will benefit customers seeking to enhance their AP process,” added Dan Drees, President of AvidXchange. “The AppFolio partnership underscores how much opportunity for growth we believe remains for the real estate vertical and we look forward to continuing to arm our customers with solutions that significantly improve their workflows.”

AvidXchange’s integration with AppFolio highlights the company’s commitment to forging application programming interface (API) partnerships and deep accounting integrations with leading enterprise resource planning (ERP) systems within existing and new target verticals. This partnership, planned to go live in 2024, also marks AvidXchange as the first AP partner in the AppFolio Stack™ Marketplace, one of the fastest growing partner ecosystems offering everything from seamless software integrations to dedicated accounting and consulting services that help property managers streamline operations and scale their business.

To learn more, visit: https://www.avidxchange.com/integrations/appfolio/    

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,” “significantly improve,” “opportunity,” 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.

Media Relations Contact
Olivia Sorrells
osorrells@avidxchange.com
386-848-3656

Investor Relations Contact
Subhaash Kumar
skumar1@avidxchange.com
813-760-2309