CHARLOTTE, N.C. - AvidXchange Holdings, Inc. (NASDAQ:AVDX), a provider of accounts payable automation software and payment solutions, has announced the appointment of two new members to its Board of Directors, Oni Chukwu and Arthur J. Rubado, effective upon the resignation of previous board members Matthew Harris and Wendy Murdock.
Chukwu, joining as a Class I director, brings a wealth of experience from leadership roles across various companies and industries. He is currently on the boards of Invatron Systems Corp., Opus Agency, and Pole Star Space Applications Limited, and has served as CEO of Aventri and CFO of Triple Point Technology. Chukwu has expressed his enthusiasm for AvidXchange's growth mindset and innovation in the payments space.
Rubado, appointed as a Class III director, has an extensive background in managing, leading, advising, and investing in companies. His previous roles include Managing Partner of iDO Partners, Managing Director at CDPQ U.S., and Operating Partner at Reservoir Capital. He has also held positions at KKR Capstone and was a founding member of SmartOps Corporation's executive management. Rubado is looking forward to contributing to AvidXchange's success, citing the company's financial strength and innovation pipeline.
Both Chukwu and Rubado's terms are set to expire at the company's annual stockholders meetings in 2025 and 2024, respectively. Their appointments maintain the board's composition at nine directors, with eight being independent. Chukwu will serve on the Human Capital and Compensation Committee and the Risk Management Committee, while Rubado will join the Audit Committee and the Nominating and Corporate Governance Committee.
The departure of Harris and Murdock from the board on March 21, 2024, was described as a step taken following the achievement of AvidXchange's IPO milestone and the company's performance post-IPO, allowing them to focus on other business interests. Their resignations were not due to any disagreements with the company's operations, policies, or practices.
AvidXchange's CEO, Michael S. Praeger, acknowledged the contributions of Harris and Murdock and welcomed the new directors, emphasizing their strategic, operational, and financial expertise as the company aims to grow into a $1 billion enterprise, a target set during their 2023 Investor Day.
This news is based on a press release statement from AvidXchange.
InvestingPro Insights
As AvidXchange Holdings, Inc. (NASDAQ:AVDX) welcomes new board members and continues to strive for growth, recent data from InvestingPro provides a deeper look into the company's financial performance and market position. With a market capitalization of $2.63 billion and a noteworthy revenue growth of 20.35% in the last twelve months as of Q4 2023, AvidXchange demonstrates a strong potential for expansion in the accounts payable automation space. The company's gross profit margin stands impressively at 68.14%, underscoring its ability to maintain profitability despite a competitive landscape.
Providing additional optimism for prospective investors, two InvestingPro Tips highlight that analysts have revised their earnings estimates upward for the upcoming period and predict that AvidXchange will become profitable this year. This anticipated shift to profitability, coupled with a large price uptick of 43.42% over the last six months, paints a promising picture for the company's financial trajectory.
For those looking to delve further into the financial analytics and forecasts for AvidXchange, InvestingPro offers an array of additional tips. Currently, there are four more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/AVDX. To enhance your investing experience, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date set for May 2, 2024, stakeholders and potential investors will be keen to see if the strategic expertise of the newly appointed board members can help steer AvidXchange towards achieving its ambitious $1 billion revenue target.
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