The plans were outlined by CEO Michael Praeger during the recent webcast for earnings for the year ended December 31. “Our new platform is designed to unify disparate systems without a single platform,” he said. Praeger said the AvidXchange also plans to expand its offerings to include non-invoiced payment such as loans, leases and tax payments. The spend management application will focus on non-invoiced expense transactions. “Traditional products are focused mainly on travel and entertainment expenses,” he said. “Ours will be focused on managing functional team-level team procurement first, along with travel and entertainment expenses.” Praeger said the app will be managed from the point of purchases with real-time syncing, coding and approval status. For the most recently ended year, AvidcXhange lost $4.5 million, down sharply from slightly more than $25 million in red ink for 2022. Revenue for 2023 was $380.7 million, up 20.3 percent from $316.4 million. Revenue from software subscriptions reached $130.7 million, a 17.9-percent increase year-over-year, while cloud revenue was $60.5 million, a 29.9 percent increase.