AvidXchange makes the leap from a ‘A Provider to Watch’ to ‘A Provider to Know’

Spend Matters is delighted to announce the 2022 edition of the “50 Procurement Providers to Know” and “50 Procurement Providers to Watch” lists, released at the SIG Global Executive Summit on October 17. For the 9^th year in a row, our analysts debated intensely to determine which companies across 10 procurement technology market sectors deserve closer attention as best-in-class or up-and-coming. “50 Procurement Providers to Know” lists the companies that now set the industry standard while “50 Procurement Providers to Watch” have innovative products or ideas that could propel the market forward as the company further develops.

Each year, some companies transition from being worth watching to ones that CPOs need to know. This year, our analysts agreed four companies had proven their potential to be considered best-in-class providers: AvidXchange, Everstream Analytics, Simfoni and Vertex. Because of the work this achievement represents, we talked to each vendor to learn what strategies or product enhancements it implemented over the past year and what its ambitions are going forwards.

In this piece, we hear from Dan Drees, the Chief Growth Officer of AvidXchange, a company that provides three separate business processes in one SaaS platform.

In the decision-making process our analysts concurred:

“AvidXchange became a public company in October 2021, putting a spotlight on the SMB and mid-market opportunities in the AP automation and B2B payments markets. But from a customer perspective, it has maintained Value Leader positioning in our SolutionMap assessment because of its core personas, an impressive feat for a vendor facing increasing public market scrutiny.”

In the past 12 months, what has your company achieved to make it stand out to our analysts and effect this transition?

In the past 12 months, AvidXchange remained hyper focused on meeting the unique needs of our growing buyer and supplier customer base which can be seen in our numerous product announcements this year and last.

What do you think is the biggest secret to your success since Spend Matters first named you a Provider to Watch?

Our secret sauce to success has been a combination of two things – constantly listening to our customers and remaining dedicated to making their AP process better. The second is our talent who remain customer-obsessed every day and work hard to make the first part happen.

What are your ambitions for further success going forward?

AvidXchange continues to seek out new opportunities that will help meet the needs of our customers, as well as contribute to the overall success of our business.

What does it mean to your organization to become a Provider to Know in 2022?

The promotion to the “Provider to Know” list means a lot to us at AvidXchange and is a recognition we will be celebrating all year.

We’re honored to be named on this year’s ‘50 to Know’ list by Spend Matters. Spend Matters has been a great partner to AvidXchange, and we appreciate their continued recognition.

The full 50 To Know/50 To Watch lists can be found in the Spend Matters Almanac, our procurement vendor directory, where you can register for free if you’d like to get under our analysts’ radar for next year’s lists.

And if you are thinking about buying procurement technology, try consulting Spend Matters TechMatch for a rapid shortlist and the free buyer’s guide resources.