AvidXchange announced Wednesday (Nov. 8) an integration partnership with AppFolio, a real estate-focused solutions provider.
The partnership between AvidXchange and AppFolio aims to enhance accounts payable automation benefits for AppFolio’s 19,000 real estate customers. By integrating with AvidXchange, AppFolio ensures that invoice details and transactions are easily recorded in their accounting systems.
This streamlines the workflow for automated invoice processing, approvals, and payments in the real estate industry. One of the key benefits of this partnership is the reduction in the need to manage critical transaction records across two systems. Invoice details, including invoice images, will be easily searchable in AppFolio, improving efficiency and eliminating the hassle of managing records separately.
AvidXchange CEO and Co-Founder Michael Praeger expressed confidence in the partnership, stating, “AppFolio is a top provider of solutions for the real estate industry, and we are confident that pairing AvidXchange’s best-in-class invoice automation and payment solution with their leading technology will benefit customers seeking to enhance their AP process.”
The partnership between AvidXchange and AppFolio is set to go live in 2024. It marks AvidXchange as the first AP partner in the AppFolio Stack Marketplace, which offers software integrations and dedicated accounting and consulting services to property managers.
Looking ahead, AvidXchange has raised its full-year 2023 business outlook, anticipating revenue in the range of $374.5 million to $375.5 million, compared to the previous guidance of $368.0 million to $370 million, according to its third-quarter earnings report released Wednesday.
The company reported a 19.7% increase in total revenue compared to the same period in 2022, reaching $98.7 million. AvidXchange’s gross profit accounted for 63.2% of total revenue, with a gross profit of $62.3 million. Non-GAAP gross profit, which excludes certain expenses, was $69.1 million, or 70.0% of total revenue.
The company also saw an improvement in net income, with a net loss of $8.1 million in the third quarter of 2023, compared to a loss of $25.4 million in the same period last year.
“Our value proposition for cost containment and reduction continues to have tremendous resonance with our B2B middle market customers,” Praeger said in a statement. “And the recent integration partnership with AppFolio, a real estate focused provider of solutions with a base of 19,000 customers, is a great testament to that recognition and the large addressable market opportunity ahead of us.”