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AVIDX REBOUNDS TO PROFIT Featured

AvidXchange rebounded to a profit of $436,000 for the second quarter ended June 30, compared to a loss of $18.8 million a year ago.

Revenue reached $105.1 million, up 15.3 percent from $91.2 million in last year’s corresponding period. During the company’s recent webcast for earnings for the most recently ended quarter, CEO Michael Praeger said the payment software company’s real estate, media, education and non-for-profit verticals grow “anywhere from high single to mid-double digits on comparable basis.” Praeger continued those markets comprise “almost half of our new opportunities” Praeger also pointed to higher-quality leads generated by customers of its accounting system and ERP partners. He expects that with rollout of its new payment platform, payment accelerator 2.0 over the next six to 18 months, opportunities for those partners will increase.

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