CHARLOTTE, N.C., July 19, 2022 — 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 a partnership with Member Driven Technologies (MDT), a credit union service organization. MDT hosts the Episys® core platform from Symitar® to provide a private cloud alternative for core processing and IT needs.
This partnership allows MDT to provide AvidAscend, a best-in-class invoice-to-pay software solution, to its 100+ credit union clients. AvidAscend seamlessly integrates with the Symitar Episys® platform hosted by MDT, allowing users to save time and costs by transitioning from antiquated paper-based systems to streamlining the AP process via one automated, cloud-based solution. Furthermore, automating these processes provides a more organized approach to AP tasks by allowing the platform to handle some of the typical duties of the department, as well as more visibility and control over outstanding invoices, providing back-office professionals more time to focus on bringing strategic value to the organization.
“During the pandemic, our AP department faced challenges in transitioning to remote work due to manual processes, so we looked to implement a modern, more automated accounts payable system that employees could operate from anywhere,” said Tammy Bengel, Chief Financial Officer of Portland Federal Credit Union. “By leveraging AvidAscend through our partnership with MDT, we’re able to keep a close pulse on the status of invoices and boost accountability through frequent automated reminders and greater transparency of our accounts. The ease of use of the technology has improved both our employees’ experience and provided a more streamlined, efficient vendor experience as well.”
“In the competitive financial services landscape, credit unions must continually evaluate their business models, determining where they can streamline processes to increase efficiencies and optimize employees’ time,” said Larry Nichols, Chief Executive Officer and President of MDT. “Partnering with AvidXchange is providing our credit union clients with the technology they need to significantly improve the accounts payable process, reducing costs and empowering employees to conduct business anywhere, regardless of circumstances. Plus, it helps enhance security, a top priority at MDT and for our clients.”
“At AvidXchange, we’re always energized by a new partnership and helping their customers transform the way they receive, manage and pay their bills,” said Boyce Adams Jr, Senior Vice President of Growth at AvidXchange. “This new offering with MDT will hopefully make life easier for credit union professionals as they’re facing many business-altering challenges today like cybersecurity threats and staffing issues; paying their vendors correctly and on-time should be the least of their worries right now, that’s why we’re bringing our solution to the table to help.”
About Member Driven Technologies
Member Driven Technologies (MDT) provides a private cloud alternative for core processing and IT needs. The CUSO hosts the Episys® core platform from Symitar®, as well as dozens of seamlessly integrated solutions and supporting services to help run the entire institution, such as digital banking, payments, lending, cybersecurity and imaging. Rounding out its comprehensive suite, MDT also offers business continuity, disaster recovery and regulatory solutions as well as consulting, data analytics, email hosting and hardware purchasing services. By partnering with MDT, credit unions across the country are boosting efficiencies, enhancing security and reducing costs while maintaining a high level of control. Visit mdtmi.com or follow @memberdriven for more information.
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.
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, 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.