Middle Market Experiences Largest Increase in Spending Quarter over Quarter since 2017, AvidXchange Report Shows
01 December 2021 - 1:00AM
AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a
leading provider of accounts payable and payment automation
solutions for the middle market, today released the fourth report
in its Middle Market Spending Trends series based on data captured
from the ~58 million transactions processed over the last 12 months
(as of Q2 2021) by AvidXchange through the AvidPay Network.
The latest research shows that the middle
market experienced the largest quarterly increase in spending
since 2017, indicating recovery across several industries. The
surge was powered by continued spending on technology to empower
remote workforces, and dramatic turnarounds for retail, food
service, and other leading sectors of the U.S. economy following
the distribution of vaccines and relaxed mandates across the
country.
“It’s important to analyze quarter over quarter growth, not just
year over year, to identify micro-trends across different
industries that provide insight into where and how businesses are
spending,” said Dan Drees, Chief Growth Officer at AvidXchange.
“We’re seeing an overall movement of recovery in the middle market
as businesses are ramping up revenue-driving projects and
experiencing better performance and we believe that will continue
into 2022.”
The research also showed that spending on the Technology
industry continues to outpace spending in other industries, and
Accommodation and Food Services, Manufacturing, Retail Trade, and
Transportation & Warehousing all show a positive quarter over
quarter trajectory as well. In contrast, the Finance &
Insurance industry showed its first decrease in spending since the
start of this year, a reversal of what had been a consistent upward
trajectory over the past several quarters. And Construction saw a
decline in spending for the second consecutive quarter this year
due to continued challenges the industry is facing from lasting
impacts of the pandemic.
To learn more and view full industry results, read Middle Market
Spending Trends.
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-based, end-to-end software and payment
platform digitizes and automates the AP workflows for more than
7,000 businesses and it has made payments to more than 700,000
supplier customers of its buyers over the past five years.
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Factors which could cause actual results or effects to differ
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include, but are not limited to, the risk factors and other
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periodic reports we file with the SEC, including our prospectus as
amended and filed with the SEC pursuant to Rule 424(b)(4) on
October 14, 2021 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 Sorrellsosorrells@avidxchange.com980-643-7889
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