AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of
accounts payable (AP) automation software and payment solutions for
middle market businesses and their suppliers, today announced the
appointment of two new Board members – Oni Chukwu and Arthur J.
(“A.J.”) Rubado. Mr. Chukwu was elected by the Board to serve as a
Class I director of the Company effective upon the resignation of
Ms. Murdock. Mr. Rubado was elected by the Board to serve as Class
III director of the Company effective upon the resignation of Mr.
Harris. Messrs. Chukwu’s and Rubado’s terms will expire at the
annual meeting of the Company’s stockholders to be held in 2025 and
2024, respectively. The appointments maintain the number of
directors at nine, eight of whom are independent.
Both Messrs. Rubado and Chukwu bring decades of combined
strategic, operational and financial expertise spanning both public
and private-equity owned software and payments companies at various
stages of their corporate lifecycles.
“I am thrilled to have Oni and AJ join our Board of Directors.
Given their diverse backgrounds and skill-sets in building
companies at-scale within the tech and payments landscape, as well
as other industries both domestically and internationally, they
bring the right industry, strategy and leadership perspectives as
we scale the business to be a $1 billion company, our next big
milestone of growth and a target we set out during our 2023
Investor Day,” stated Michael S. Praeger, Chairman and Chief
Executive of AvidXchange Holdings.
Among his decades of experience in leadership roles as director,
chief executive officer and finance leader across companies and
industries, Mr. Chukwu currently serves on the board of directors
of Invatron Systems Corp. (a Tailwind Capital company) since July
2020, Opus Agency (an ABRY Partners company) since January 2021,
and Pole Star Space Applications Limited since April 2021.
Previously, Mr. Chukwu served as Chair of the board of directors of
Exago Inc. from 2016 until its sale to Insight Software in October
2021 and also served on the board of directors of
Paya (formerly traded on the NASDAQ as "PAYA") from April 2021
through June 2023. From 2013 to 2020, Mr. Chukwu was the Chief
Executive Officer of Aventri, a cloud-based enterprise Event
Management Software. Mr. Chukwu was an Executive Vice President and
the Chief Financial Officer of Triple Point Technology, an
enterprise software company, from 2006 to 2013. In addition, Mr.
Chukwu served as the Chief Financial Officer of Healthcare Software
Synergies before it was acquired by United Healthcare, and at
LexBridge Corporation, before it was acquired by PKS. Mr. Chukwu
attended the University of New Haven, where he earned an MBA and
received an honorary Ph.D. in Business Administration.
“What drew me to AvidXchange was its management and culture,
where the growth mindset, customer obsession and team work have
combined to build a company that drives innovation as can be seen
through its leadership in the software enabled payments space
focused on middle market customers. I look forward to playing a
role in its future success and partnering with Michael and his team
on their journey in building an incredible company,” remarked Oni
Chukwu.
Mr. Rubado boasts a diverse skillset managing, leading, advising
and investing in companies for three decades. Mr. Rubado has been
Managing Partner of iDO Partners since April 2023. Prior to
founding iDO Partners, Mr. Rubado served as a Managing Director,
Private Equity, and Head of CDPQ U.S. (“CDPQ”). Before joining
CDPQ, he was a Managing Director and Operating Partner at Reservoir
Capital, where he worked with portfolio company senior management
and directors in healthcare, high tech and services. Previously, he
was a Director in Kohlberg Kravis Roberts & Co.’s (“KKR”)
operating executive group, KKR Capstone, where he worked in
portfolio company leadership and transformation roles. Prior to
KKR, he was a founding member of executive management for SmartOps
Corporation, an enterprise software developer, which was acquired
by SAP AG. Earlier in his career, he was a consultant at McKinsey
& Company, and worked in project, risk and operations
management roles for the Royal Dutch/Shell Group. Mr. Rubado holds
a B.S. in Mechanical & Aerospace Engineering with distinction
from Cornell University and an M.B.A. with honors from Harvard
Business School. He has previously been a board member at Allied
Universal, AlixPartners, Sterling Talent, PetSmart/Chewy, Clarios,
ClearTrail Real Estate, Constellation Insurance Holdings, ITI Data,
MyEyeDr, TeamHealth, USI Insurance Services, and Chairman of
ClearCaptions LLC.
“Building a two-sided B2B payments network at scale is hard and
expensive, but AvidXchange has done it and in the process built an
incredible competitive moat around the middle market segment. And
the fact that the Company was uniquely able to capitalize on that
edge, tap the capital markets and become adjusted EBITDA profitable
thereafter is equally impressive. Given the Company’s financial
strength and its innovation pipeline, I am excited to be part of a
Board that has provided great oversight and guidance to Michael and
his management team,” said Mr. Rubado.
Mr. Chukwu has been appointed to serve on the Company’s Human
Capital and Compensation Committee and the Company’s Risk
Management Committee, and Mr. Rubado has been appointed to serve on
the Company’s Audit Committee and the Company’s Nominating and
Corporate Governance Committee.
“I cannot thank Matt Harris enough for being such an amazing
partner, mentor and Board member over the last 10 years. His
insights and value add have been immeasurable. He believed in me
and shared my vision of building a leading B2B software enabled
payments company and has been instrumental in our success to date.
Bain Capital Ventures, where Matt is a partner, was the first major
institutional investor to back AvidXchange in 2015. And here we are
since Matt’s appointment to the Board in 2015, building on the
success Bain invested in while delivering on various milestones,
from going public to delivering growth and profitability with a
goal of achieving rule of 40 by 2025. I also want to thank Wendy
for her contributions on the Board, serving passionately on the
Audit and Risk Management Committees. I wish them all the best,”
stated Michael S. Praeger, Chairman and Chief Executive of
AvidXchange Holdings, Inc.
Concurrent with the aforementioned additions, AvidXchange
announced that Matthew Harris and Wendy Murdock have resigned from
the Board and any committees on which they served, effective March
21, 2024. The resignations were motivated, in part, by achievement
of the Company’s initial public offering (IPO) milestone, the
Company’s continued performance post-IPO, and, in part, to provide
them with additional time to pursue their other business interests.
Both joined the AvidXchange Board, prior to the Company’s IPO, in
connection with the Company’s institutional capital raises.
Neither Matthew Harris’ nor Wendy Murdock’s resignation is the
result of any disagreement with the Company on any matter related
to the Company’s operations, policies or practices.
About AvidXchange™AvidXchange is a trusted,
leading provider of accounts payable (“AP”) automation software and
payment solutions for middle market businesses and their suppliers.
AvidXchange’s Software-as-a-Service ("SaaS") based, end-to-end
software and payment platform digitizes and automates the AP
workflows for over 8,000 buyer customers, and it has made
payments to more than 1,200,000 supplier customers of its buyers
over the past five years. Additionally, AvidXchange, Inc. is a
licensed money transmitter for US B2B payments, licensed as a Money
Transmitter by the New York State Department of Financial Services,
as well as all other states that require AvidXchange to have a
license.
To learn more about how AvidXchange, and its publicly traded
parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming
the way companies pay their bills, visit AvidXchange.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. In this context, forward-looking statements generally
relate to future events or our future financial or operating
performance and often contain words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “outlook,” “project,”
“estimate,” “expect,” “future,” “likely,” “may,” “should,”
“continue,” “will” and similar words and phrases indicating future
results. The information presented in this press release related to
our expectations of future performance, statements related to our
positioning to accelerate our success in the new year, our
continued strong operational execution, our customers’ perception
of the value proposition associated with our products and services,
our innovation pipeline, our growth targets and milestones
including the achievement of any rule of 40 milestone, our
continuing financial strength and competitive position, and other
statements that are not purely statements of historical fact, are
forward-looking in nature. These forward-looking statements are
made on the basis of management’s current expectations,
assumptions, estimates and projections and are subject to
significant risks and uncertainties that could cause actual results
to differ materially from those anticipated in such forward-looking
statements. We therefore cannot guarantee future results,
performance or achievements.
Factors which could cause actual results or effects to differ
materially from those reflected in forward-looking statements
include, but are not limited to, the risk factors and other
cautionary statements described, from time to time, in
AvidXchange’s filings with the Securities and Exchange Commission
(“SEC”), including, without limitation, AvidXchange’s Annual Report
on Form 10-K and other documents filed with the SEC, which may be
obtained on the investor relations section of our website
(https://ir.avidxchange.com/) and on the SEC website at
www.sec.gov. Any forward-looking statements made by us in this
press release are based only on information currently available to
us and speak only as of the date they are made, and we assume no
obligation to update any of these statements in light of new
information, future events or otherwise unless required under the
federal securities laws.
Contact:
Subhaash KumarSkumar1@avidxchange.com813.760.2309
AvidXchange (NASDAQ:AVDX)
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