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 the
appointment of two new Board members: Sonali Sambhus and Asif
Ramji. The addition of these two seasoned executives with a broad
portfolio of experience across software and payments complexes
enhances the Board’s insights around product, platform and
automation initiatives.
“I am delighted to welcome such high caliber talent as Sonali
and Asif join the distinguished AvidXchange Board. As we continue
to execute on our product and platform roadmap, we look forward to
leveraging their industry knowledge and insights in driving
AvidXchange forward and seeking to unlock shareholder value for our
investors,” said Co-founder, Chairman and Chief Executive Officer
Michael Praeger.
Asif brings a wealth of experience through his various senior
leadership roles across the payments and software ecosystem. He is
currently the Founder and Chief Executive Officer at Venture Worx
(a private advisory and investment management firm) and previously
served as the Chief Growth Officer and Chief Product Officer at FIS
(NYSE: FIS). Prior to joining FIS, he led teams in an executive
capacity at Worldpay, Vantiv, and Paymetric where he served as
president & CEO. Asif has also been recognized by EY as a
national Entrepreneur of the Year award recipient for financial
services.
“In my two decades of seeing various business models in the
payments and software space, I am truly impressed with what
AvidXchange has created. It has become a leader in the mid-market
accounts payable automation and payments solutions space,” remarked
Asif Ramji.
Sonali is a technology innovator and has over two-decades-plus
experience in spearheading technology strategies and innovations
across diverse industries. Until recently, she served as head of
the Developer & ML (machine learning) Platform at Block, Inc.
(formerly Square) driving industry leading transformation and
platform growth. Previously, she held executive roles at
relator.com and Vuclip, Inc. (acquired by PCCW Limited). Sonali was
also the co-founder of 10jumps Inc., a data analytics startup which
was acquired by Saggezza Inc. Before 10jumps, she spent more than a
decade at Cisco Systems, where she was a co-founder of Cisco’s
collaboration business. Sonali is a DEI champion, a book author,
and engages in civil causes. Sonali received her MS in Computer
Engineering from Rutgers University in 1999 and has earned a
graduate certificate from the George Washington University School
of Business and a Fintech Frameworks certification from the
University of California, Berkley.
“Based on my diligence, AvidXchange is a truly scarce asset,
targeting the mid-market B2B AP automation and payments space. Its
differentiated business model, solid balance sheet and strong
financial performance distinguish it from its peers. With a deep
understanding of what it takes to stand and drive a scalable
technology platform, I believe that AvidXchange has the technology,
talent, roadmap and scale to capitalize on the huge opportunity in
the underserved middle market accounts payable automation and
payments solutions area,” said Sonali Sambhus.
Concurrent with the aforementioned additions, AvidXchange
announced that Nigel Morris and Hans Morris (no relation) have
resigned from the Board and any committees on which they served,
effective December 15, 2022. The resignations were motivated, in
part, by achievement of the Company’s initial public offering
milestone and, in part, to provide them with additional time to
pursue their other business interests. Both joined the AvidXchange
Board in 2015 in connection with their investment in the Company’s
institutional capital raise.
Neither Nigel Morris’ nor Hans Morris’ resignation is the result
of any disagreement with the Company on any matter related to the
Company’s operations, policies or practices.
“On behalf of the Board of Directors, I want to thank Nigel and
Hans for their insight, dedication and impactful contributions.
Since joining in 2015, their knowledge and credibility enabled us
to raise capital, execute our product focus, pursue inorganic
growth and execute our Initial Public Offering. Nigel’s domain
expertise in the area of vendor financing led to the first
generation of our invoice accelerator product. While Hans was
instrumental in providing the insight and foundational guidance in
pursuing mergers and acquisitions as well as preparing for our
public markets debut. Both played a major role in the success that
is AvidXchange today, and I am forever grateful to them for their
support,” commented Michael Praeger.
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. To learn
more about how AvidXchange is transforming the way companies pay
their bills, visit www.AvidXchange.com.
Forward-Looking StatementsThis 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 statements related to our product roadmap
and cost optimization efforts, the resilience of our business
model, and 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
federal securities laws.
Contacts:
Subhaash KumarSkumar1@avidxchange.com 813.760.2309
Olivia Sorrellsosorrells@avidxchange.com386.848.3656
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