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AVIDX EXCEEDS PROJECTIONS Featured

 AvidExchange has reported that with the financial results for the third quarter ended September 30, it has achieved five consecutive quarters of exceeding internal projections.

The payments company said this week a narrowed loss on a 26.4-percent increase in revenue. In this week’s earnings webcast, CEO Michael Praeger pointed to the company’s electronics payment penetration, along with its vertical integration and white-label, middle market partnerships, as factor in the performances. The loss dropped to $25.4 million in the most recently ended period from $35.5 million a year ago. Revenue was $82.4 million, up from $65.2 million in last year’s corresponding quarter. Executives noted during the quarter AdvidXchange added integration to Blackbaud’s Raisers Edge and Financial Edge product line and it also introduced cross-border payment services.

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