Exhibit (c)(17)

P.Virgil - Valuation Datapoints & Considerations

Financial Profile Summary LRP & Related Context 2

LRP topline metrics 383 439 526 639 752 890 56 47 41 29 35 32 $439 $487 $567 $668 $788 $922 2024 2025E 2026E 2027E 2028E 2029E 79 87 97 111 126 144 79 87 97 111 126 144 2024 2025E 2026E 2027E 2028E 2029E 83 94 103 116 136 159 $84 $94 $105 $116 $138 $160 2024 2025E 2026E 2027E 2028E 2029E YoY Growth % 9% 14% 10% 12% 17% 17% 10% 12% 11% 11% 18% 16% YoY Growth % 5% 10% 12% 14% 14% 14% 5% 10% 12% 14% 14% 14% YoY Growth % 13% 13% 15% 20% 21% 18% 15% 15% 11% 16% 18% 18% Political Excl. Political Political 3 Revenue ($mm) Excl. Float & Political Float & Political TPV ($bn) Transactions (mm) Excl. Political

LRP profit metrics 4 $67 $86 $143 $211 $282 $363 15% 18% 25% 32% 36% 39% 2024 2025E 2026E 2027E 2028E 2029E $323 $359 $432 $521 $630 $756 74% 74% 76% 78% 80% 82% 2024 2025E 2026E 2027E 2028E 2029E $85 $104 $161 $229 $303 $387 19% 21% 28% 34% 39% 42% 2024 2025E 2026E 2027E 2028E 2029E YoY Growth % 22% 11% 20% 21% 21% 20% YoY Growth % 366% 27% 67% 47% 34% 29% YoY Growth % 178% 23% 54% 43% 32% 28% Margin % Gross Profit ($mm) Gross Profit Margin % EBITDA less Software Capex ($mm) EBITDA less Software Capex Margin % EBITDA ($mm) EBITDA

Preliminary guidance for 2025E is 5-7% lower on revenue excl. float/political and 12-17% lower EBITDA than LRP Preliminary guidance presents a single-digit YoY growth profile for 2025E on both revenue and EBITDA 5 Total Revenue ($mm) YoY Growth % 15% 11% 3% 4% 5% YoY Growth % 13% 15% 7% 8% 9% $439 $487 $453 $457 $460 2024 2025E 2025E 2025E 2025E 2024 2025E 2025E 2025E 2025E 2024 2025E 2025E 2025E 2025E LRP Guide Guide Guide LRP Guide Guide Guide LRP Guide Guide Guide Low Mid High Low Mid High Low Mid High $383 $408 $412 $415 $90 $92 19.3% Margin $85 EBITDA ($mm) 21% Margin $104 YoY Growth % 78% 23% 3% 6% 9% Analyst Consensus: $484 (+10% YoY) Analyst Consensus: $421 (+10% YoY) 19.2% Margin $87 19.6% Margin Analyst Consensus: $102 (21.2% Margin) 20.0% Margin 2025E Preliminary Guidance 2024 Actuals 2025E LRP(1) Revenue excl. Float & Political ($mm) $439 (1) LRP provided to FT Partners on 11/14/25

Context for 2024 results and 2025E initial guidance announcement on 2/26 $363 $366 $369 $375 $381 $445 $438 $438 $439 $457 $2 $3 $8 $23 $30 $69 $73 $74 $79 $85 $90 Mar-23 May-23 Aug-23 Nov-23 Feb-24 Feb-24 May-24 Jul-24 Nov-24 Feb-25 Feb-25 (Initial Guide) (2023 Results) (Initial Guide) (2024 Results) (Initial Guide) Revenue EBITDA $444 Revenue & EBITDA Guidance Update / Results vs. Prior Guidance / Consensus(1) (3%) +1% +1% +2% +2% (0%) +0% (2%) +0% +0% (6%)(3) n.m.(2) +67% +150% +200% +35% +35% +6% +1% +6% +8% (13%)(3) 1-Day Post Announcement Share Price Change (10%) +9% (11%) +15% +5% +5% (3%) (30%) +14% TBD TBD 6 Guidance is compared to previously reported guidance except for initial guidance for new year, which is compared against consensus estimates prior to guidance for new year initially being provided Initial 2023 guidance for EBITDA was $2mm compared to -$17mm consensus estimate for 2023 prior to guidance being provided 2025 preliminary guidance Evolution of guidance, performance against prior guidance / consensus, and 1-day post-guidance share price change 2023 Guidance Evolution 2024 Guidance Evolution 2025 ($mm) 2-days to price recovery 148-days to price recovery 51-days to price recovery Yet to fully recover

Summary P&L 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E ($mm) Net Revenue by Type Payments $116 $158 $214 $265 $313 $349 $410 $487 $581 $686 Software 68 88 100 112 121 133 151 174 199 227 Services 2 3 3 3 4 5 6 7 8 9 Total Net Revenue $186 $248 $316 $381 $439 $487 $567 $668 $788 $922 YoY Growth % Payments 36% 35% 24% 18% 11% 18% 19% 19% 18% Software 29% 13% 13% 8% 10% 14% 16% 14% 14% Services 22% 14% 15% 26% 13% 14% 15% 18% 17% Total Net Revenue 34% 27% 20% 15% 11% 16% 18% 18% 17% Total Revenue excl. Float & Political 34% 22% 14% 13% 15% 20% 21% 18% 18% Gross Profit by Type Payments $73 $108 $152 $201 $249 $276 $330 $398 $486 $586 Software 37 51 58 69 79 89 106 127 148 173 Services (8) (8) (7) (7) (5) (5) (5) (4) (4) (3) Total Gross Profit $102 $151 $203 $264 $323 $359 $432 $521 $630 $756 Margin % Payments 63% 68% 71% 76% 79% 79% 81% 82% 84% 85% Software 54% 58% 58% 62% 65% 67% 70% 73% 74% 76% Services - - - - - - - - - - Total Gross Profit 55% 61% 64% 69% 73% 74% 76% 78% 80% 82% Opex by Function Sales & Mktg. ($48) ($60) ($73) ($73) ($77) ($85) ($93) ($106) ($126) ($147) R&D (44) (60) (75) (86) (88) (91) (96) (99) (114) (129) G&A (43) (57) (70) (75) (74) (79) (82) (86) (87) (92) Total Opex ($135) ($177) ($218) ($234) ($239) ($255) ($271) ($292) ($327) ($369) % of Net Revenue 73% 71% 69% 61% 54% 52% 48% 44% 42% 40% EBITDA ($33) ($26) ($15) $30 $85 $104 $161 $229 $303 $387 Margin % - - - 8% 19% 21% 28% 34% 39% 42% EBITDA less Software Capex ($44) ($43) ($33) $14 $67 $86 $143 $211 $282 $363 Margin % - - - 4% 15% 18% 25% 32% 36% 39% Source: AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 11/14/24 7

AVDX current capitalization Source: AVDX share price from CapIQ as of 01/31/25; figures in millions of dollars except price per share figures or unless otherwise stated (1) FDSO estimates exclude unvested shares AvidXchange Enterprise Value Walk Share Price (01/31/25) $10.60 FDSO (1) 219mm Equity Value $2,325 Cash and Equivalents $389 Debt $9 Net Debt ($380) Enterprise Value $1,945 Type Principal Due ($000s) Maturity Date Coupon Seniority Promissory Note Payable for Land Acquisition 1,000 Nov ’25 6.75% Senior Promissory Note Payable for Land Acquisition 8,100 May ’26 6.75% Senior Revolving Commitment ($10mm facility) N/A Dec ’27 N/A Senior Total $9,100 Capitalization Detail Current Debt Facilities 8

Valuation Considerations 9

Summary of IOIs received 10 REDACTED (Received 1/28/25) TPG (Received 1/31/25) Transaction Acquisition of 100% of AvidXchange in all-cash transaction Acquisition of 100% of AvidXchange in all-cash transaction Purchase Price Enterprise value: $1.9-2.1bn Purchase price per share(1): $10.75 – 11.25 Enterprise value: $2.3-2.5bn Purchase price per share(2): $12.00 – 13.00 Acquisition Funding(4) Debt: $732mm (34% of sources of cash) Equity: $1,402mm (66% of sources of cash) Debt: $690mm (28% of sources of cash) Equity: $1,793mm (72% of sources of cash) Remaining Due Diligence (i) Market & competitive landscape, (ii) recent performance and 2025 budget, (iii) ePay strategy and new payment modes, (iv) supplier-level data analysis, (v) partner-level data analysis, (vi) client and partnerships review, (vii) go-to- market, (viii) cost and operations, (ix) technology platform, product roadmap, and R&D organization, (x) accounting, and (xi) legal (i) Current momentum, (ii) software and payments whitespace and adoption by vertical / supplier cohort, (iii) technology diligence, (iv) historical ERP integration timeline and dates won by end-vertical, (v) key partnership contracts with ERPs and channel partners, (vi) strategy and roadmap for new products, (vii) opportunities for operating efficiency, (viii) M&A deep-dive including pre/post acquisition performance and go-forward strategy, (ix) other value creation levers, (x) accounting, (xi) legal, (xii) and tax Timing 4-6 weeks from IOI acceptance to signing definitive documentation Would not occur before the Company’s earnings announcement in late February ~6 weeks from IOI acceptance to signing definitive documentation Would not occur before the Company’s earnings announcement in late February Advisors REDACTED have been engaged for post-IOI work Davis Polk (legal counsel), Bain (commercial), West Monroe (technology), Deloitte (Accounting & Tax), and Saxecap (AI) have been engaged and actively done work pre-IOI Closing Conditions Final approval from REDACTED investment committee prior to signing definitive documentation, with no additional approvals required Final approval from TPG’s investment review committee prior to signing definitive documentation, with no additional approvals required Expected Legal Terms (i) No indemnity, (ii) a go-shop period and a reduced go-shop termination fee, a general company termination fee and sponsor reverse termination fee, expense reimbursement by the company in limited circumstances where the required shareholder vote is not obtained, (v) and customary financing provisions for a sponsor-backed LBO Not referenced (1) REDACTED assumed FDSO of 216.7mm TPG used FDSO of 223.1 from FDSO schedule as of 1/20/25 REDACTED cited an implied 2024 EBITDA less capitalized software development spend multiple of 31-33x, using a projected 2024E metric of $62mm, which was lower than the actual full year 2024 metric was $67mm Funding of sources of cash assuming midpoint of purchase price range

Analysis at various prices Enterprise value and share price premiums Current REDACTED Offer Range TPG Offer Range Price Low Mid High Low Mid High Share Price $10.50 $10.60 $10.75 $11.00 $11.25 $11.50 $12.00 $12.50 $13.00 $13.50 $14.00 $14.50 $15.00 $15.50 $16.00 $16.50 $17.00 Enterprise Value $1,957 $1,979 $2,012 $2,068 $2,123 $2,179 $2,289 $2,401 $2,513 $2,625 $2,736 $2,848 $2,960 $3,072 $3,184 $3,295 $3,407 Purchase Price EV Premium / (Discount) to: Current Share Price (1%) - 2% 4% 7% 10% 16% 21% 27% 33% 38% 44% 50% 55% 61% 67% 72% 30-Day VWAP 3% 4% 6% 9% 12% 15% 21% 27% 33% 39% 45% 50% 56% 62% 68% 74% 80% 180-Day VWAP 19% 20% 22% 26% 29% 32% 39% 46% 53% 59% 66% 73% 80% 87% 93% 100% 107% 1-Yr High (28%) (28%) (26%) (24%) (22%) (20%) (16%) (12%) (8%) (4%) - 4% 8% 12% 16% 20% 25% 1-Yr Low 52% 54% 56% 61% 65% 69% 78% 86% 95% 104% 113% 121% 130% 139% 147% 156% 165% Purchase Price Share Price Premium / (Discount) to: Current Share Price (1%) - 1% 4% 6% 8% 13% 18% 23% 27% 32% 37% 42% 46% 51% 56% 60% 30-Day VWAP 3% 4% 5% 8% 10% 13% 17% 22% 27% 32% 37% 42% 47% 52% 57% 62% 66% 180-Day VWAP 16% 17% 18% 21% 24% 27% 32% 38% 43% 49% 54% 60% 65% 71% 76% 82% 87% 1-Yr High (25%) (24%) (23%) (21%) (20%) (18%) (14%) (11%) (7%) (4%) - 4% 7% 11% 14% 18% 21% 1-Yr Low 41% 42% 44% 48% 51% 55% 61% 68% 75% 81% 88% 95% 102% 108% 115% 122% 128% 11 Note: Enterprise value based on $9mm in debt, $389mm in cash & equivalents, 205.5mm basic shares outstanding, 12.5mm RSUs, 0.1mm ESPP, and 1.2-2.6mm vested options

Analysis at various prices Implied Valuation Multiples Current REDACTED Offer Range TPG Offer Range Price Low Mid High Low Mid Share Price $10.50 $10.60 $10.75 $11.00 $11.25 $11.50 $12.00 $12.50 $13.00 $13.50 $14.00 $14.50 $15.00 $15.50 $16.00 $16.50 $17.00 Enterprise Value $1,933 $1,958 $1,992 $2,043 $2,097 $2,154 $2,262 $2,371 $2,480 $2,589 $2,698 $2,807 $2,916 $3,026 $3,134 $3,244 $3,353 Metrics $ Growth / Margin Revenue Multiples 2024 $439 13% 4.5x 4.5x 4.6x 4.7x 4.8x 5.0x 5.2x 5.5x 5.7x 6.0x 6.2x 6.5x 6.7x 7.0x 7.3x 7.5x 7.8x Q1'25E RR 465 13% 4.2x 4.3x 4.3x 4.4x 4.6x 4.7x 4.9x 5.2x 5.4x 5.6x 5.9x 6.1x 6.4x 6.6x 6.8x 7.1x 7.3x 2025E 487 13% 4.0x 4.1x 4.1x 4.2x 4.4x 4.5x 4.7x 4.9x 5.2x 5.4x 5.6x 5.9x 6.1x 6.3x 6.5x 6.8x 7.0x Gross Profit Multiples 2024 $323 74% 6.1x 6.1x 6.2x 6.4x 6.6x 6.7x 7.1x 7.4x 7.8x 8.1x 8.5x 8.8x 9.2x 9.5x 9.8x 10.2x 10.5x Q1'25E RR 338 73% 5.8x 5.8x 5.9x 6.1x 6.3x 6.4x 6.8x 7.1x 7.4x 7.8x 8.1x 8.4x 8.8x 9.1x 9.4x 9.7x 10.1x 2025E 359 74% 5.4x 5.5x 5.6x 5.8x 5.9x 6.1x 6.4x 6.7x 7.0x 7.3x 7.6x 7.9x 8.2x 8.5x 8.9x 9.2x 9.5x EBITDA Multiples 2024 $85 19% 23.1x 23.4x 23.7x 24.4x 25.1x 25.7x 27.0x 28.3x 29.7x 31.0x 32.3x 33.6x 34.9x 36.3x 37.6x 38.9x 40.2x Q1'25E RR 85 18% 22.9x 23.2x 23.6x 24.2x 24.9x 25.5x 26.8x 28.1x 29.5x 30.8x 32.1x 33.4x 34.7x 36.0x 37.3x 38.6x 39.9x 2025E 104 21% 18.8x 19.0x 19.3x 19.8x 20.3x 20.9x 21.9x 23.0x 24.1x 25.2x 26.2x 27.3x 28.4x 29.4x 30.5x 31.6x 32.7x EBITDA less Software Capex Multiples 2024 $67 15% 29.1x 29.5x 29.9x 30.8x 31.6x 32.4x 34.1x 35.7x 37.4x 39.1x 40.7x 42.4x 44.1x 45.7x 47.4x 49.0x 50.7x Q1'25E RR 66 14% 29.6x 29.9x 30.4x 31.3x 32.1x 32.9x 34.6x 36.3x 38.0x 39.7x 41.4x 43.1x 44.8x 46.5x 48.1x 49.8x 51.5x 2025E 86 18% 22.9x 23.1x 23.5x 24.2x 24.8x 25.5x 26.7x 28.1x 29.4x 30.7x 32.0x 33.3x 34.6x 35.9x 37.2x 38.5x 39.8x 12 Note: Enterprise value based on $9mm in debt, $389mm in cash & equivalents, 205.5mm basic shares outstanding, 12.5mm RSUs, 0.1mm ESPP, and 1.2-2.6mm vested options

AVDX 2-year share price performance: 2-Yr & 1-Yr High: $13.29 30-Day VWAP: $10.22 180-Day VWAP: $9.08 1-Yr Low: $7.44 2-Yr Low: $7.10 $13.50 $13.25 $13.00 $12.75 $12.50 $12.25 $12.00 $11.75 $11.50 $11.25 $11.00 $10.75 $10.50 $10.25 $10.00 $9.75 $9.50 $9.25 $9.00 $8.75 $8.50 $8.25 $8.00 $7.75 $7.50 $7.25 $7.00 Feb-23 May-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 TPG High: $13.00 Low: $12.00 Mid: $12.00 High: $11.25 Mid: $11.00 Low: $10.75 Closing share price as of 1/31/25: $10.60 13 REDACTED

FT Partners applied a broad set of analyses to assess valuation context for AvidXchange Companies selected are representative of the broad range of companies referenced by equity research analysts for AVDX sector trading comparables Public Companies: B2B Payments & Office of the CFO(1) $13.39 to $18.20 +26% to +72% Implied Value per Share Implied Value vs. Current Share Price (6) $14.38 to $16.35 +36% to +54% LBO Implied from IOI at LRP (5) 5-year discounted cash flow using LRP forecast, with sensitivity analyses for a range of WACC, terminal multiple, and future performance assumptions DCF (4) $17.03 to $22.13 +61% to +109% A variation of Rule of 40 (traditionally calculated as revenue growth rate + profit margin) that increases the weighting of revenue growth in the efficiency score Public Companies: Rule of X(2) $12.43 to $15.90 +17% to +50% Market Multiples Intrinsic Cashflow Selected Precedent Transactions (3) Selected recent precedent transactions within the FinTech and broader office of the CFO software sector that provide valuation context and multiples notionally including control premiums $11.49 to $17.18 +9% to +62% 1 2 3 4 Implied valuation range based on min / max implied valuation from the 25th and 75th percentile of the selected peer group’s 2024 / 2025E EV / Revenue and EV / Gross Profit Multiples Rule of X implied valuation based on rule of X score of 53.4% / 45.7% for 2025E metrics using the current LRP and downside case respectively with a 2x multiplier on revenue growth Precedent transactions implied valuation range based on the min implied valuation from notable 2024-25 precedents and the max from Smartsheet’s deal multiples DCF-implied value per share range presented here reflects WACC range of 13-15% and terminal value EBITDA multiple range of 16-20x LBO implied valuation range based on 20% - 25% target IRR assuming 18.0x Exit EBITDA Multiple Share price premium / discount % based on AvidXchange share price of $10.60 as of 01/31/24 5 5-year LBO based on LRP forecast and financing assumptions and transaction sources & uses stated in TPG’s IOI that estimate AVDX value today based on a required equity rate of return of 20-25% $14.60 to $16.63 +38% to +57% LBO Implied from TPG’s IOI at LRP (5) 6 14 REDACTED 5-year LBO based on LRP forecast and financing assumptions and transaction sources & uses stated in REDACTED REDACTED IOI that estimate AVDX value today based on a required equity rate of return of 20-25%

Source: CapIQ as of 01/31/25 AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 11/14/24) Paymentus revenue presented here reflects their reported “contribution profit” metric, effectively an estimate of net revenue, calculated from as-reported gross revenue less interchange and assessment fees AvidXchange revenue growth rate excludes float & political 2025E EV / Revenue 2024E EV / Revenue 4.4x 6.8x 6.3x 8.3x 3.6x 7.3x 12.9x 7.6x 4.0x 6.1x 5.8x 7.4x 2.9x 6.4x 11.0x 6.5x 1 Median (excl. AVDX): 7.3x Median (excl. AVDX): 6.4x AVDX implied valuation (1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 8.3x / 7.3x / 6.3x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $18.20 / $16.27 / $14.31 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +72% / +53% / +35% AVDX implied valuation (1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 7.4x / 6.4x / 5.8x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $18.08 / $15.77 / $14.49 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +71% / +49% / +37% (1) (2) 15 Sector public comparables referenced in selected AVDX equity research (1) (2) YoY Growth % 15% (3) 12% 9% 12% 22% 15% 17% 16% YoY Growth % 13% (3) 16% 11% 6% 27% 13% 27% 17%

Source: CapIQ as of 01/31/25 AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 11/14/24) Paymentus gross margin is calculated here using Paymentus’ as-reported contribution profit as the net revenue denominator 2025E EV / Gross Profit 2024E EV / Gross Profit 6.0x 8.0x 8.0x 10.5x 5.5x 11.0x 17.0x 9.6x 5.4x 7.2x 7.2x 9.4x 4.5x 9.4x 13.7x 8.2x 1 Median (excl. AVDX): 9.6x Median (excl. AVDX): 8.2x AVDX implied valuation(1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 11.0x / 9.6x / 8.0x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.77 / $15.80 / $13.39 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +68% / +49% / +26% AVDX implied valuation (1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 9.4x / 8.2x / 7.2x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.03 / $15.08 / $13.45 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +61% / +42% / +27% Sector public comparables referenced in selected AVDX equity research (cont.) 16 (1) (2) (1) (2) Gross Margin % 74% 85% 80% 79% 67% 68% 81% 79% Gross Margin % 73% 86% 79% 79% 66% 67% 76% 79%

2.0x - 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Source: CapIQ as of 01/31/24 Historical NTM EV / Gross Profit Multiples 13.7x | Paymentus 4.5x | Flywire 5.4x | AvidXchange 7.2x | Blackline 7.2x | Bill.com 9.4x | Corpay 9.4x | nCino 8.2x | Workiva AvidXchange Paymentus Corpay nCino Workiva Bill.com Blackline Flywire Median Latest NTM Gross Profit Multiple 5.4x 13.7x 9.4x 9.4x 8.2x 7.2x 7.2x 4.5x 8.2x 2-Yr Median Gross Profit Multiple 5.9x 8.8x 7.9x 9.7x 9.2x 6.8x 7.3x 7.1x 7.9x Current vs. Median Gross Profit Multiple (9%) +56% +19% (3%) (11%) +6% (2%) (36%) +4% 1 17 B2B Payments and Office of the CFO sectors have demonstrated mixed trading performance over the past two years with valuation multiples trending based on individual company sentiment and performance

Equity market data as of 01/31/25 for 52 publicly traded primarily enterprise software companies Rule of X efficiency score is defined here as YoY revenue growth rate times 2.0 plus EBITDA margin AvidXchange current multiples and revenue estimates from Current LRP and illustrative downside case for 2025E of $439mm / $425mm respectively AVDX implied valuation assuming Current LRP 2025E Rule of X efficiency components ‒ 2025E Revenue excl. Float & Political Growth: 14.8% Growth at 2.0x multiplier: 29.7% ‒ 2025E EBITDA Margin: 23.7% Rule of X Efficiency Score: 53.4% Implied EV & 2025E revenue multiple: $3.1bn (7.1x) Implied share price & premium vs. AVDX today : $15.90 (+50%) What is Rule of X? Rule of X analysis is a variation of Rule of 40 that increases the weighting of revenue growth in the efficiency score because this modified score demonstrates higher correlation to public companies’ valuations versus traditional Rule of 40. The classic rule of 40 efficiency score (calculated as revenue growth rate + profit margin) assumes an equal weighting of profitability to revenue growth. The Rule of X efficiency score gives 2.0x weighting to revenue growth in the calculations shown here. AVDX is currently trading at a 17% - 50% discount to the share price implied by the LRP’s 2025E revenue growth and EBITDA margin and Rule of X market value correlation 5.0x 3.7x 10.0x 15.0x 20.0x 100% 2025E Revenue Multiple vs. 2025E Efficiency 7.1x AVDX Current LRP Rule of X efficiency 25% 46% 50% 53% 75% Implied 2025E Revenue Multiple Curve vs. Rule of X Efficiency AVDX Multiple at Rule of X Valuation with Current LRP AVDX Multiple at Rule of X Valuation with Illustrative Downside Case AVDX Current Multiple 2 18 AVDX implied valuation assuming illustrative revenue downside to 2025E LRP Rule of X efficiency components ‒ 2025E Revenue excl. Float & Political Growth: 11.0% Growth at 2.0x multiplier: 22.0% ‒ 2025E EBITDA Margin: 23.7% Rule of X Efficiency Score: 45.7% Implied EV & 2025E revenue multiple: $2.4bn (5.5x) Implied share price & premium vs. AVDX today : $12.43 (+17%) AVDX LRP Downside Rule of X efficiency 5.5x

Older, Less Relevant Precedents & Implied AvidXchange Valuation Metrics EngageSmart Vista Customer engagement software & payments Oct-23 3,500 23% 9.7x 8.4x 12.2x 10.7x 53.6x 42.0x 29% 24% 79% 79% 18% 19% Coupa Thoma Bravo Spend & procurement management Dec-22 8,000 77%(3) 10.0x 9.0x 13.7x 12.2x 35.4x 55.4x 18% 20% 74% 74% 28% 15% Billtrust EQT AR automation & payments Sep-22 1,700 65% 11.0x 8.7x 14.8x 11.7x N/A N/A 28% 22% 74% 74% N/A N/A Avalara Vista Sales tax compliance automation Aug-22 8,400 27%(4) 10.6x 8.8x 14.4x 12.0x N/A N/A 33% 25% 74% 74% 6% 3% Median 46% 10.3x 8.8x 14.0x 11.8x 44.5x 48.7x 28% 23% 74% 74% 18% 15% Valuation Multiples KPIs EV / Revenue EV / Gross Profit EV/ EBITDA Revenue Growth % Gross Margin EBITDA Margin Target Acquirer Description Date (1) EV Premium Paid (2) LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM Notable 2024-25 Precedents & Implied AvidXchange Valuation Metrics Paycor Paychex HCM software Jan-25 4,100 21% 5.6x 5.4x 8.1x 7.9x 17.1x 15.7x 22% 4% 68% 68% 32% 34% Smartsheet Vista, Blackstone Work mgmt. software Sep-24 8,400 25% 7.8x 6.8x 9.3x 8.0x 41.9x 33.2x 18% 15% 84% 84% 19% 20% Zuora Silver Lake, GIC Subscription billing software Oct-24 1,700 18% 3.8x 3.5x 5.1x 4.7x 17.5x 15.0x 9% 7% 73% 74% 21% 23% Jaggaer Vista Spend & procurement management Aug-24 2,850 N/A 9.5x 8.5x N/A N/A 22.8x 21.9x ~9% ~9% N/A N/A 42% 39% Everbridge Thoma Bravo Crisis mgmt. software Feb-24 1,500 20% 3.4x 3.2x 4.5x 4.4x 17.8x 14.6x N/A 3% 74% 74% 19% 22% Median 21% 5.6x 5.4x 6.6x 6.3x 17.8x 15.7x 14% 7% 74% 74% 21% 23% AVDX Implied Valuation from Median Using Current LRP Metrics AvidXchange Metrics ($mm) $10.60 $439 $487 $323 $359 $85 $104 15% 11% 74% 74% 19% 21% AVDX Implied Enterprise Value ($mm) $2,431 $2,438 $2,603 $2,147 $2,269 $1,511 $1,640 AVDX Implied Share Price $12.78 $12.82 $13.57 $11.49 $12.05 $8.60 $9.19 % Premium to Current Share Price 21% 21% 28% 8% 14% (19%) (13%) AVDX Implied Valuation from Smartsheet Only AVDX Implied Enterprise Value ($mm) $2,526 $3,413 $3,290 $3,007 $2,880 $3,549 $3,462 AVDX Implied Share Price $13.21 $17.18 $16.62 $15.36 $14.79 $17.79 $17.40 % Premium to Current Share Price 25% 62% 57% 45% 40% 68% 64% Since 2022, there have been few meaningfully direct precedent transactions for AVDX involving acquisition of a public company, but among selected precedents, multiples are generally correlated with growth Sources: Pitchbook, Cap IQ, public press releases; AvidXchange share price as of 01/31/25; share price implied from FDSO excluding unvested shares Represents date of transaction announcement Represents percent premium of acquisition price to unaffected share price one day before transaction announcement Purchase price premium calculated from Coupa’s closing share price as of November 22nd, 2022, the last trading day prior to media reports regarding a potential transaction Purchase price premium calculated from Avalara’s closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction Valuation multiples were higher in the selected 2022-23 precedents versus the selected 2024-25 precedents due to generally higher growth rates demonstrated by the acquired businesses in the 2022-23 group at the time of their acquisitions. 3 19

Acquisitions of publicly traded technology companies in 2024 exhibited a median control premium of 17%, below the 10-year median of 30% FT has not directly assumed or applied control premiums in any of the cashflow-based or public company valuation data points referenced in this presentation 27% 29% 26% 19% 19% 22% 23% 27% 36% 28% 30% 28% 33% 7% 32% 27% 30% 22% 32% 30% 30% 17% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 All Acquired US Public Companies Information Technology Deal Count – All Acquired U.S. Public Companies 14 17 23 15 20 21 55 138 46 34 25 Deal Count – Technology Sector 5 3 9 2 7 8 6 9 13 9 9 Source: CapIQ as of 01/31/2024. Implied share price calculated by applying median control premiums to AVDX’s current share price as of 01/31/25 ($10.60). Median for 2014-23 Screening Criteria FT screened for all closed acquisitions of U.S. publicly traded companies since 2014 with total transaction size of >$1bn Publicly listed technologies companies acquired since 2014 have demonstrated median control premium of 30%, slightly above the total universe of U.S. publicly traded companies across all sectors, which have demonstrated median of 27% US Public Company Median Share Price Control Premium by Year All Sectors Technology Sector Control Premium 10-Year Median 27% 30% 2024 YTD Median 28% 17% Implied AVDX Share Price (1) 10-Year Median $13.42 $13.77 2024 YTD Median $13.53 $12.43 Summary 10-Yr Tech Sector Median: 30% (2) 3 20

2024E-29E Revenue CAGR 8.0% 10.0% 12.0% 14.0% 16.0% 2024E-29E Revenue CAGR 8.0% 10.0% 12.0% 14.0% 16.0% Total Enterprise Value Implied EV / 2024E Gross Profit Terminal Year EBITDA Margin % 30.0% 35.0% 40.0% 42.0% 45.0% Terminal Year EBITDA Margin % 30.0% 35.0% 40.0% 42.0% 45.0% $1,806 $2,104 $2,401 $2,518 $2,694 2,042 2,370 2,697 2,828 3,024 2,289 2,654 3,018 3,164 3,383 5.6x 6.5x 7.4x 7.8x 8.3x 6.3 7.3 8.3 8.7 9.4 7.1 8.2 9.3 9.8 10.5 2,558 2,963 3,369 3,531 3,774 7.9 9.2 10.4 10.9 11.7 2,850 3,300 3,749 3,929 4,198 8.8 10.2 11.6 12.2 13.0 Implied Share Price Premium to Current Price ($10.60) $9.97 $11.32 $12.65 $13.17 $13.96 11.04 12.51 13.97 14.56 15.44 12.15 13.78 15.41 16.06 17.04 (6%) 7% 19% 24% 32% 4% 18% 32% 37% 46% 15% 30% 45% 52% 61% 13.35 15.17 16.98 17.70 18.79 26% 43% 60% 67% 77% 14.66 16.67 18.68 19.48 20.69 38% 57% 76% 84% 95% 12.0% $17.14 $19.10 $21.07 $23.03 $25.00 62% 80% 99% 117% 136% C 13.0% 16.49 18.37 20.25 22.13 24.01 56% 73% 91% 109% 127% AC 14.0% 15.89 17.68 19.48 21.28 23.08 50% 67% 84% 101% 118% W 15.0% 15.31 17.03 18.75 20.47 22.19 44% 61% 77% 93% 109% 16.0% 14.76 16.41 18.06 19.70 21.35 39% 55% 70% 86% 101% Total Enterprise Value Terminal EBITDA Multiple (2029E) Implied EV / 2024E Gross Profit Terminal EBITDA Multiple (2029E) 14.0x 16.0x 18.0x 20.0x 22.0x 14.0x 16.0x 18.0x 20.0x 22.0x 12.0% $3,404 $3,843 $4,283 $4,722 $5,161 10.5x 11.9x 13.2x 14.6x 16.0x C 13.0% 3,260 3,681 4,101 4,521 4,942 10.1 11.4 12.7 14.0 15.3 AC 14.0% 3,124 3,526 3,929 4,331 4,733 9.7 10.9 12.2 13.4 14.6 W 15.0% 2,995 3,380 3,765 4,150 4,535 9.3 10.5 11.6 12.8 14.0 16.0% 2,872 3,241 3,610 3,978 4,347 8.9 10.0 11.2 12.3 13.4 Implied Share Price Premium to Current Price ($10.60) DCF Sensitivity: WACC & Exit Multiple DCF Sensitivity: Revenue Growth and Terminal EBITDA Margin (1) (1) Revenue growth and terminal EBITDA margin sensitivity analysis based on 14.0% WACC and 18.0x LTM EBITDA exit multiple DCF analysis on 5-year forecast from LRP implies AVDX value per share today of $17.03-22.13 at WACC range 4 of 13-15% and terminal EBITDA multiple range of 16-20x LRP Assumptions & Output REDACTED IOI Implied Price Range TPG IOI Implied Price Range 21

Assumptions Acquisition Term Loan Cash Interest Expense ($46) ($94) ($94) - - Cash on Balance Sheet 389 15.2% Acquisition Incremental Debt Cash Interest Expense - - - ($239) ($239) Total Sources of Cash $2,562 100.0% Acquisition Term Loan Principal Repayment - - ($775) - - Refinancing - - $1,979 - - Cash Flow Available for Equity $23 ($32) $1,284 $4 $94 ($ mm) 2025E 2026E 2027E 2028E 2029E Income Statement Total Revenue $487 $567 $668 $788 $922 Growth % 11% 16% 18% 18% 17% Gross Profit $359 $432 $521 $630 $756 Margin % 74% 76% 78% 80% 82% Adj. EBITDA $104 $161 $229 $303 $387 Margin % 21% 28% 34% 39% 42% D&A ($37) ($36) ($32) ($31) ($34) OID Amortization ($2) ($2) ($2) ($2) ($2) Adj. EBIT $65 $122 $194 $270 $351 Margin % 13% 22% 29% 34% 38% Interest Expense ($88) ($94) ($94) ($239) ($239) Stock-Based Compensation ($54) ($45) ($47) ($62) ($69) Other Stock Grants ($3) ($3) ($4) ($4) ($5) Interest Income $2 $1 $1 $1 $1 EBT ($78) ($18) $51 ($35) $39 Taxes 28% - - - - - Net Income ($78) ($18) $51 ($35) $39 Cash Flow Adj. EBITDA $104 $161 $229 $303 $387 Net Movement in Working Capital $4 ($2) ($8) ($17) ($8) Provision for Doubtful Accounts $4 $11 $12 $14 $15 Interest Income $2 $1 $1 $1 $1 Cash Taxes Paid - - - - - Operating Cash Flow $114 $170 $234 $301 $395 CapEx ($22) ($30) ($22) ($24) ($27) Supplier Advances ($24) ($78) ($39) ($34) ($34) Operating Cash Flow Available for Debt Service $68 $62 $174 $243 $333 LBO analysis entry enterprise value of $2.0bn ($11.00 entry share price) reflects 4% premium to AVDX share price as of January 31st, 2024, and implies 38% five- year IRR Offer price premium: 4% Exit multiple: 18.0x trailing EBITDA LBO acquisition close: January 2025 LBO recapitalization: December 2027 LBO exit: December 2029 REDACTED Debt financing fees assumptions: ‒ Cash Interest rate: 12.10% (SOFR + 725); applicable to 50% of principal for the first 18 months of the term loan and applicable to 100% of the principal thereafter ‒ PIK interest rate of 11.35% (SOFR + 650); applicable to 50% of principal for the first 18 months of the term loan and not applicable thereafter ‒ OID: 3.0% 5 22 5-Year LBO analysis based on LRP and assumptions from REDACTED IOI Sources & Uses Debt Fees (OID) Other Advisory Costs 22 60 0.9% 2.3% Cash on Balance Sheet 57 2.2% Total Uses of Cash $2,562 100.0% Sources of Cash Uses of Cash Private Equity $1,441 56.2% Consideration to Sellers $2,414 94.2% REDACTED Existing Term Loan Payoff 9 0.4%

(1) Assumes entry acquisition valuation as follows: acquisition share price of $11.00 (4% premium to share price as of 01/31/25), and enterprise value of $2.034bn IRR Sensitivity MoM Sensitivity 3.1x 2.8x 2.6x 2.0x 1.6x 3.6x 3.3x 3.0x 2.3x 1.8x 4.1x 3.7x 3.3x 2.6x 2.1x 4.6x 5.1x 4.1x 4.6x 3.7x 4.1x 2.8x 3.1x 2.3x 2.5x Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x EBITDA 14.0x 16.0x 18.0x 20.0x 22.0x GP 7.2x 8.2x 9.2x 10.2x 11.3x Exit LTM Multiples 30.6% 27.2% 24.3% 16.7% 11.3% 34.4% 30.9% 28.0% 20.2% 14.6% 37.7% 34.2% 31.2% 23.3% 17.6% 40.7% 37.2% 34.1% 26.1% 20.2% 43.4% 39.8% 36.7% 28.6% 22.7% Entry GP Multiple, Acquisition EV, and Premium EBITDA 14.0x 16.0x 18.0x 20.0x 22.0x GP 7.2x 8.2x 9.2x 10.2x 11.3x Exit LTM Multiples EBITDA GP 8.1x 8.4x 8.6x 8.9x 9.1x EBITDA GP 8.1x 8.4x 8.6x 8.9x 9.1x 14.0x 7.2x 30.4% 30.5% 30.6% 30.7% 30.9% 14.0x 7.2x 3.1x 3.1x 3.1x 3.2x 3.2x 16.0x 8.2x 34.1% 34.2% 34.4% 34.5% 34.7% TM les 16.0x 8.2x 3.6x 3.6x 3.6x 3.7x 3.7x 18.0x 9.2x 37.4% 37.5% 37.7% 37.8% 38.0% t L ltip 18.0x 9.2x 4.0x 4.1x 4.1x 4.1x 4.2x 20.0x 10.2x 40.3% 40.5% 40.7% 40.9% 41.0% Exi Mu 20.0x 10.2x 4.5x 4.6x 4.6x 4.6x 4.7x 22.0x 11.3x 43.0% 43.2% 43.4% 43.6% 43.8% 22.0x 11.3x 5.0x 5.0x 5.1x 5.1x 5.2x Debt Leverage Multiple of EBITDA(1) Exit LTM Multiples 5 23 Debt Leverage Multiple of EBITDA(1) 5-Year LBO returns sensitivity for REDACTED IOI Sources & Uses assuming LRP forecast Given the strong return profile implied by the LRP at a wide range of purchase price premiums, it is clear that REDACTED is discounting the LRP assumptions meaningfully in the investment case underlying its proposed purchase price range

5 24 IRR Sensitivity (1) MoM Sensitivity (1) 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 1.6x 1.9x 2.3x 2.4x 2.6x 1.8x 2.1x 2.2x 2.6x 2.6x 3.0x 2.8x 3.2x 3.0x 3.4x 2.4x 2.8x 2.9x 3.3x 3.4x 3.9x 3.6x 4.1x 3.9x 4.4x 8.0% 10.0% 12.0% 14.0% 16.0% 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 11.2% 16.0% 20.3% 21.7% 23.8% 15.1% 20.1% 24.2% 25.7% 27.7% 19.2% 24.2% 28.2% 29.7% 31.7% 23.2% 28.2% 32.2% 33.7% 35.7% 27.4% 32.2% 36.2% 37.7% 39.7% 8.0% 10.0% 12.0% 14.0% 16.0% 2024-29E Revenue CAGR $11.00 per share / $2.0bn EV 30.0% 45.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2.0x Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 1.5x 1.8x 1.9x 1.7x 2.0x 2.1x 2.3x 2.0x 2.3x 2.4x 2.6x 1.2x 1.4x 1.6x 1.9x 2.1x 2.3x 2.6x 2.6x 3.0x 2.8x 3.1x 3.0x 3.4x 2024-29E Revenue CAGR 30.0% 45.0% 8.0% 10.0% 12.0% 14.0% 16.0% 16.9% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 9.6% 13.5% 14.9% 13.2% 17.1% 18.5% 20.5% 16.9% 20.7% 22.1% 24.1% 5.1% 8.6% 12.2% 15.9% 19.5% 20.5% 24.1% 24.3% 28.0% 25.7% 29.4% 27.7% 31.3% 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 8.0% 10.0% 12.0% 14.0% 16.0% 1.5x 1.7x 1.9x 1.5x 1.8x 2.0x 1.7x 1.9x 2.2x 2.1x 2.3x 2.4x 1.0x 1.2x 1.3x 1.5x 1.7x 1.2x 1.4x 1.6x 1.8x 2.1x 2.4x 2.6x 2.8x 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 8.0% 10.0% 12.0% 14.0% 16.0% 8.6% 11.9% 15.2% 9.9% 13.3% 16.6% 11.8% 15.1% 18.5% 18.6% 19.9% 21.8% 0.7% 3.9% 7.2% 10.5% 13.8% 4.9% 8.2% 11.6% 14.9% 18.2% 21.9% 23.3% 25.2% 2024-29E Revenue CAGR $13.00 per share / $2.4bn EV $15.00 per share / $2.9bn EV (1) Assumes exit multiple of 18.0x 2029E EBITDA 5-Year LBO returns sensitivity for REDACTED IOI Sources & Uses at different entry prices and a range of investment period growth CAGR and margin assumptions

Assumptions Sources & Uses Acquisition Term Loan Cash Interest Expense ($43) ($88) ($88) - - Cash on Balance Sheet 389 13.8% Acquisition Incremental Debt Cash Interest Expense - - - ($226) ($226) Total Sources of Cash $2,826 100.0% Acquisition Term Loan Principal Repayment - - ($730) - - Refinancing - - $1,865 - - Cash Flow Available for Equity $24 ($27) $1,220 $17 $107 ($ mm) 2025E 2026E 2027E 2028E 2029E Income Statement Total Revenue $487 $567 $668 $788 $922 Growth % 11% 16% 18% 18% 17% Gross Profit $359 $432 $521 $630 $756 Margin % 74% 76% 78% 80% 82% Adj. EBITDA $104 $161 $229 $303 $387 Margin % 21% 28% 34% 39% 42% D&A ($37) ($36) ($32) ($31) ($34) OID Amortization ($2) ($2) ($2) ($2) ($2) Adj. EBIT $65 $122 $195 $270 $351 Margin % 13% 22% 29% 34% 38% Interest Expense ($83) ($88) ($88) ($226) ($226) Stock-Based Compensation ($54) ($45) ($47) ($62) ($69) Other Stock Grants ($3) ($3) ($4) ($4) ($5) Interest Income $1 $0 $0 $0 $0 EBT ($74) ($13) $56 ($22) $52 Taxes 28% - - - - - Net Income ($74) ($13) $56 ($22) $52 Cash Flow Adj. EBITDA $104 $161 $229 $303 $387 Net Movement in Working Capital $4 ($2) ($8) ($17) ($8) Provision for Doubtful Accounts $4 $11 $12 $14 $15 Interest Income $1 $0 $0 $0 $0 Cash Taxes Paid - - - - - Operating Cash Flow $114 $170 $234 $301 $394 CapEx ($22) ($30) ($22) ($24) ($27) Supplier Advances ($24) ($78) ($39) ($34) ($34) Operating Cash Flow Available for Debt Service $67 $61 $173 $243 $332 Sources of Cash Uses of Cash Private Equity $1,747 61.8% Consideration to Sellers $2,748 97.2% New Debt 690 24.4% Existing Term Loan Payoff 9 0.3% Debt Fees (OID) Other Advisory Costs 21 19 0.7% 0.7% Cash on Balance Sheet 30 1.1% Total Uses of Cash $2,826 100.0% LBO analysis entry enterprise value of $2.4bn ($12.50 entry share price) reflects 18% premium to AVDX share price as of January 31st, 2024, and implies 32% five- year IRR Offer price premium: 18% Exit multiple: 18.0x trailing EBITDA LBO acquisition close: January 2025 LBO recapitalization: December 2027 LBO exit: December 2029 Initial acquisition debt financing of $690mm assuming 8.1x LTM EBITDA leverage with a $1,865mm recapitalization at the same LTM multiple Debt financing fees assumptions: ‒ Cash Interest rate: 12.10% (SOFR + 725); applicable to 50% of principal for the first 18 months of the term loan and applicable to 100% of the principal thereafter ‒ PIK interest rate of 11.35% (SOFR + 650); applicable to 50% of principal for the first 18 months of the term loan and not applicable thereafter ‒ OID: 3.0% 6 25 5-Year LBO analysis based on LRP and assumptions from TPG’s IOI

(1) Assumes entry acquisition valuation as follows: acquisition share price of $12.50 (18% premium to share price as of 01/31/25), and enterprise value of $2.367bn IRR Sensitivity MoM Sensitivity 3.2x 2.9x 2.6x 2.0x 1.6x 3.7x 3.3x 3.0x 2.3x 1.9x 4.2x 3.8x 3.4x 2.6x 2.1x 4.7x 5.2x 4.2x 4.7x 3.8x 4.2x 2.9x 3.2x 2.4x 2.6x Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x EBITDA 14.0x 16.0x 18.0x 20.0x 22.0x GP 7.2x 8.2x 9.2x 10.2x 11.3x Exit LTM Multiples 31.3% 27.9% 25.0% 17.4% 11.9% 35.0% 31.6% 28.6% 20.8% 15.2% 38.3% 34.9% 31.8% 23.9% 18.2% 41.3% 37.8% 34.7% 26.7% 20.8% 44.1% 40.5% 37.4% 29.2% 23.3% Entry GP Multiple, Acquisition EV, and Premium EBITDA 14.0x 16.0x 18.0x 20.0x 22.0x GP 7.2x 8.2x 9.2x 10.2x 11.3x Exit LTM Multiples EBITDA GP 7.6x 7.9x 8.1x 8.4x 8.6x EBITDA GP 7.6x 7.9x 8.1x 8.4x 8.6x 14.0x 7.2x 24.9% 24.9% 25.0% 25.1% 25.1% 14.0x 7.2x 2.6x 2.6x 2.6x 2.7x 2.7x 16.0x 8.2x 28.4% 28.5% 28.6% 28.7% 28.8% TM les 16.0x 8.2x 3.0x 3.0x 3.0x 3.1x 3.1x 18.0x 9.2x 31.6% 31.7% 31.8% 31.9% 32.0% t L ltip 18.0x 9.2x 3.4x 3.4x 3.4x 3.5x 3.5x 20.0x 10.2x 34.5% 34.6% 34.7% 34.8% 35.0% Exi Mu 20.0x 10.2x 3.8x 3.8x 3.8x 3.9x 3.9x 22.0x 11.3x 37.1% 37.2% 37.4% 37.5% 37.6% 22.0x 11.3x 4.2x 4.2x 4.2x 4.3x 4.3x Debt Leverage Multiple of EBITDA(1) Debt Leverage Multiple of EBITDA(1) Exit LTM Multiples 6 26 5-Year LBO returns sensitivity for TPG’s IOI Sources & Uses assuming LRP forecast Given the strong return profile implied by the LRP at a wide range of purchase price premiums, it is clear that TPG is discounting the LRP assumptions meaningfully in the investment case underlying its proposed purchase price range

6 27 5-Year LBO returns sensitivity for TPG’s IOI Sources & Uses at different entry prices and a range of investment period growth CAGR and margin assumptions 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 1.6x 2.0x 2.4x 2.5x 2.7x 1.9x 2.3x 2.7x 2.9x 3.1x 2.2x 2.5x 2.9x 2.7x 3.0x 3.4x 3.1x 3.5x 4.0x 3.3x 3.7x 4.2x 3.6x 4.0x 4.6x 8.0% 10.0% 12.0% 14.0% 16.0% 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 12.1% 17.0% 21.1% 22.5% 24.6% 16.1% 21.0% 25.1% 26.5% 28.6% 20.1% 25.1% 29.0% 30.5% 32.5% 24.2% 29.0% 33.0% 34.4% 36.5% 28.3% 32.9% 36.9% 38.3% 40.4% 8.0% 10.0% 12.0% 14.0% 16.0% 2024-29E Revenue CAGR $11.00 per share / $2.0bn EV 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 1.3x 1.6x 1.8x 1.9x 2.1x 1.5x 1.8x 2.1x 2.2x 2.4x 1.7x 2.1x 2.4x 2.5x 2.7x 1.9x 2.3x 2.7x 2.9x 3.1x 2.2x 2.6x 3.1x 3.2x 3.5x 8.0% 10.0% 12.0% 14.0% 16.0% 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 5.9% 10.4% 14.3% 15.7% 17.6% 9.5% 14.1% 17.9% 19.3% 21.2% 13.1% 17.7% 21.5% 22.9% 24.8% 16.7% 21.2% 25.0% 26.4% 28.4% 20.3% 24.8% 28.6% 30.0% 32.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 8.0% 10.0% 12.0% 14.0% 16.0% 1.5x 1.7x 1.9x 1.6x 1.8x 2.1x 1.7x 2.0x 2.2x 2.2x 2.3x 2.5x 1.1x 1.2x 1.4x 1.6x 1.8x 1.3x 1.5x 1.7x 1.9x 2.1x 2.5x 2.6x 2.8x 2024-29E Revenue CAGR 30.0% Terminal Year EBITDA Margin 35.0% 40.0% 42.0% 45.0% 8.0% 10.0% 12.0% 14.0% 16.0% 9.3% 12.6% 15.9% 10.6% 14.0% 17.3% 12.5% 15.8% 19.2% 19.3% 20.6% 22.5% 1.4% 4.7% 7.9% 11.3% 14.6% 5.7% 9.0% 12.3% 15.6% 18.9% 22.6% 23.9% 25.8% 2024-29E Revenue CAGR $13.00 per share / $2.4bn EV $15.00 per share / $2.9bn EV IRR Sensitivity (1) MoM Sensitivity (1) (1) Assumes exit multiple of 18.0x 2029E EBITDA

Appendix – DCF Reference Materials 28

Unlevered Cash Flow Projection(1) DCF Assumptions ($ mm) 2024 2025E 2026E 2027E 2028E 2029E Revenue YoY Growth % Gross Profit Margin % EBITDA (excl. SBC) Margin % Stock-Based Comp Other Stock Grants $439 15% $323 74% $85 19% (47) (3) $487 11% $359 74% $104 21% (54) (3) $567 16% $432 76% $161 28% (45) (3) $668 18% $521 78% $229 34% (47) (4) $788 18% $630 80% $303 39% (62) (4) $922 17% $756 82% $387 42% (69) (5) $34 8% ($2) $48 10% $11 $113 20% $76 $179 27% $146 EBITDA (incl. SBC) Margin % EBIT Cash Taxes Paid % of EBIT $237 30% $206 ($18) 9% $314 34% $280 ($77) 28% - - - - - - - - EBIAT ($2) $11 $76 $146 $188 $202 Addback D&A $36 $37 $36 $32 $31 $34 Provision for Doubtful Accounts $4 $4 $11 $12 $14 $15 Capex Cash from NWC Supplier Advances (20) (24) (7) (22) 4 (24) (30) (2) (78) (22) (8) (39) (24) (17) (34) (27) (8) (34) UFCF Margin % ($13) (3%) $10 2% $13 2% $123 18% $158 20% $182 20% Discounted UFCF - $9 $10 $89 $100 $101 WACC: 14.0% Investment Date: January 31, 2025 Exit Date: December 31, 2029 18.0x trailing EBITDA multiple for terminal value 42% long-term EBITDA margin Mid-point method discounting for annual UFCF For calculating share price from enterprise value, the calculation adds $380mm net cash balance and divides aggregate equity value by 221.2mm FDSO which excludes unvested shares DCF Summary EBITDA (2029E) Terminal Value Multiple $387 18.0x Terminal Value $6,969 Discounted Terminal Value Discounted Cash Flows $3,619 309 Total Enterprise Value $3,929 Share Price $19.48 DCF Summary (1) AvidXchange forecasted financials shown here through 2029E reflect estimates from Current LRP shared with FT Partners on 11/14/24 5-Year DCF analysis: Current LRP 29