AvidXchange CEO describes part of their journey to becoming a public company

August 2022

At AvidXchange, you know, our mission is really to help middle market companies transform how they pay their bills. And what that means simply speaking is we eliminate the paper invoice and the paper check. I'm a veteran of attending the emerging technology summit that, you know, KeyBanc sponsors and executes each year. We were of, you know, kind of an early emerging company when we first got invited to attend over five years ago. And I think it was really insightful to us to interact with investors. Over the years some of the investors that we met at the KeyBanc conference became investors in AvidXchange, you know, while we were still a private company. And certainly what it allowed us to do in making that transition be a public company is we weren't meeting investors for the first time. We had built a relationship with many of these public company investors over many years and they followed our progress, you know, during the annual emerging technology summit. And that really provided a great pathway for us to really evangelize our story and work with investors during IPO that already were familiar with AvidXchange. And I think that really gave us a great advantage in executing a great IPO. We executed our IPO on, in October of 2021. I'd say the KeyBanc team overall is unique and different from lots of other banks that we interact with and even work with from time to time from the standpoint of they really understand our business. And I think it starts by, you know, KeyBanc actually resells our product, their customers and that trickles down into how they interact with us. They really understand our business. So they're bringing us ideas on M&A, bringing us ideas on how we can better execute transactions from a treasury perspective. And then there's lots of collaboration that we have across the teams in terms of some of the, you know even virtual card processing and how we can, you know, combine, you know, different forms of data science that our team's executing versus the KeyBanc team that collectively, we can be really smart into how we best deliver for our joint customers. So I would say in terms of just, you know, domain knowledge and really knowing, understanding our business and our products, KeyBanc sets itself up, you know really apart from everybody else that we interact with.

Michael Praeger, Co-Founder & CEO of AvidXchange, speaks to the unique relationship and collaboration he’s seen through the company’s IPO journey.

To learn more, visit key.com/kbcm.

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