AvidXchange Holdings, Inc. (NASDAQ: AVDX) shares demonstrated remarkable resilience in the preceding session, exhibiting a marginal decline of 0.21% and concluding regular trading at $9.31. This stability in AvidXchange’s stock value persisted despite notable insider selling.
Disclosed in yesterday’s Securities and Exchange Commission (SEC) filings, AvidXchange Director Matthew C. Harris executed a transaction involving the sale of 2.5 million AVDX shares. The occurrence on November 8, 2023, transpired at a per-share price of $9.04, resulting in gross proceeds amounting to $22,600,000. On other transaction, AvidXchange’s Chief Financial Officer, Joel Wilhite, sold 15,000 shares at $9.46 per share, yielding gross proceeds of $141,900.
A recent collaboration between AvidXchange and AppFolio, a technological leader in the real estate industry, is noteworthy. This partnership aims to offer customers in the real estate sector a streamlined workflow for automated invoice processing, approvals, and payments. Through the integration with AppFolio, invoices and transactions are automatically recorded in the accounting system of record.
Moreover, payment transaction data effortlessly transfers to the AvidXchange payment solution for automated payments. This collaboration not only enhances efficiency but also reduces the need to manage critical transaction records across two systems. AvidXchange’s partnership with AppFolio shows the significant potential in the real estate sector that remains untapped after twenty years of experience.
AppFolio, renowned for providing top-notch solutions in real estate, combined with AvidXchange’s superior invoice automation and payment solution, will prove advantageous for customers seeking to optimize their accounts payable processes. The integration with AppFolio underscores AvidXchange’s commitment to establishing application programming interface (API) partnerships and profound accounting integrations with leading enterprise resource planning (ERP) systems in both existing and emerging target sectors.
The strategic alliance is set to launch in 2024, with AvidXchange serving as the AppFolio Stack Marketplace’s first accounts payable partner.
