Payments and accounts payable (AP) automation platform AvidXchange announced Monday (Aug. 15) that it has launched an integration with cloud-based accounting system Blackbaud Financial Edge NXT.
AvidXchange’s customer based consists largely of “middle-market businesses and their suppliers,” according to the press release, while Blackbaud Financial Edge NXT is focused on the nonprofit sector.
The integration is built on the AvidConnect platform, enabling the “automatic syncing of GL codes, vendor lists, invoices and payments between AvidSuite, which includes AvidInvoice and AvidPay, and Blackbaud Financial Edge NXT.”
Automating AP processes and condensing them into a single platform can save organizations time and money, AvidXchange said in the release, while also boosting their security against fraud.
“Our goal is to simplify workflows to enable our customers to be more efficient and effective, and this technology will do just that,” Page Bullington, vice president of Global Alliances at Blackbaud, said in a the release.
Traci Capraro, business line executive for emerging markets at AvidXchange, added: “By automating mundane manual AP tasks for companies in the industries that Blackbaud serves, their staff can work on more rewarding work which can have a positive impact on employee retention.”
Per the release, AvidXchange as more than 8,000 clients and has facilitated transactions with 825,000 vendors working with those clients over the past five years. The company went public in October 2021, with an expectation at the time that the company would raise about $660 million at a valuation of about of about $4.8 billion.
Read more: AvidXchange IPO Raises About $660M on Initial Market Cap of $4.8B
J.P. Morgan and Goldman Sachs acted as the joint lead book-running managers for AvidXchange’s IPO, while BofA Securities, Barclays, Credit Suisse, KeyBanc Capital Markets, Deutsche Bank Securities and Piper Sandler acted as book-running managers.
The company was launched in Charlotte, North Carolina, in 2000. In October 2021, AvidXchange put its annual transaction value at about $145 billion.
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