AvidXchange Names Dan Drees as President
01 February 2023 - 1:00AM
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 announced
that Dan Drees has been elevated to the role of President of
AvidXchange. As the leader of sales, marketing, operations and
product, Drees will be focused on driving organizational agility
and greater operational synergies to advance the company’s market
leading position in AP and payments automation. Also announced
today, James Sutton joined AvidXchange as the Chief Revenue
Officer, to lead both the Buyer and Supplier Customer sales
functions.
“I’m thrilled to elevate Dan to the role of President,” said
Michael Praeger, Co-Founder and Chief Executive Officer of
AvidXchange. “Over the past four years, Dan has proven himself to
be a strong leader and a great partner across the organization,
playing an instrumental role in driving both our growth and
operational efficiencies. As we seek to advance our market leading
position in AP and payments automation for the middle market, I
believe the time is right to adapt our organizational structure for
greater speed and flexibility in order to execute the next phase of
our growth strategy along with a committed path toward
profitability.”
Drees has been with AvidXchange as Chief Growth Officer since
2018. Since joining, Drees has been key to AvidXchange’s growth and
helping the company navigate critical milestones, such as organic
vertical market expansions, multiple acquisitions, the IPO and the
company’s response to Covid-19.
“I am honored to be part of this next step in AvidXchange’s
evolution and growth. I believe this organizational model will
allow us to drive increased speed in responding to customer needs
across the organization and be more effective in how we accelerate
the evaluation and execution of key strategic growth initiatives
coming from our Co-Founder and CEO,” commented Dan Drees,
President, AvidXchange. “These changes, in combination with James
Sutton’s arrival as our new Chief Revenue Officer, are designed to
support our goals of growing the business and scaling our
operational efficiencies.”
James Sutton is joining AvidXchange as its Chief Revenue Officer
reporting to Drees. Sutton brings deep sales and revenue senior
leadership experience to breakthrough growth at scale with leading
SaaS software and technology organizations such as Salesforce,
Google, InVision and most recently, Gusto.
To learn more, visit:
https://www.avidxchange.com/about/leadership/
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 8,000 businesses and it has made payments to more than 825,000
supplier customers of its 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.
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 our expectations of future performance,
including without limitation, express or implied statements
concerning the timing or magnitude of the company’s growth
trajectory and path toward profitability, 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.
Investor Relations Contact: Subhaash
Kumarskumar1@avidxchange.com1-813-760-2309
Media Relations Contact:Olivia Sorrells
osorrells@avidxchange.com 1-386-848-3656
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