AvidXchange Holdings, Inc. (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, released its 2022 Environmental, Social and Governance (ESG) Report.
This report “highlights the company’s commitments to ESG, how these commitments tie back to the company’s core business and how the company delivers value to its stakeholders.”
Michael Praeger, Co-Founder, Chairman and Chief Executive Officer of AvidXchange, said:
“AvidXchange was founded over 20 years ago with a mission to solve complex accounts payable problems for our customers. Today, we have deep roots in the business community, but we know that position is only as strong as the communities we serve. From every corner of AvidXchange, our commitment to ESG is apparent in the way we solve problems, innovate and strive to be better every day.”
Highlights from the report include:
Environment
AvidXchange’s technology “removes paper from its customers’ daily work streams through the digitization of processes.”
With 8,000 buyer customers, and payments made “to 965,000 supplier customers over the past five years, this impact is significant.”
Based on paper reduction alone, in 2022, AvidXchange “saved the equivalent of 4,600 trees and 4.1 million gallons of water.” Additionally, it helped “avoid 3.4 million pounds of carbon dioxide emissions and 226,000 pounds of solid waste.”
The company works “with its teammates to drive environmental sustainability initiatives in the daily operations at its Charlotte headquarters and regional offices, creating buy-in that sustainability is every teammate’s responsibility.”
This is done through programs “such as: hybrid/remote work, energy & water consumption reduction, the AvidXchange green team, waste management initiatives and a sustainable procurement policy.”
Social
The AvidXchange Foundation serves “as the company’s legs in the community, enabling corporate sponsorships and teammate volunteer activities, where teammates can use 16 hours of paid volunteer time off annually to participate in community projects and programs.”
When AvidXchange debuted as “a public company in 2021, it pledged to invest 1% of its issued and outstanding shares of common stock over 10 years to fund community service efforts.”
This program ensures “that as AvidXchange achieves success, it brings its communities along with it.”
AvidXchange has outlined a four-part strategy “to further its progress for DI&B, celebrating its wins and achievements while also actively building bridges to unite its teammates, customers and communities in feeling the power of connection and a true sense of belonging.”
Governance
AvidXchange is committed “to business practices that are ethical, transparent and accountable.”
Through board diversity, annual compliance reviews and “ensuring ethics and anti-corruption standards are met, these practices provide the foundation for long term value generation and the company’s ability to meet its environmental and social objectives.”
Rob Phocas, Director, Corporate Social Responsibility at AvidXchange, said:
“AvidXchange has built an organization that is teammate-focused, environmentally conscious and operates under the highest business standards. We’ve worked hard within our organization and within our community to ensure that we’re making a real impact – and we’re excited to share where we are in our ESG journey.”
