Exhibit (c)(18)

AvidXchange Board Discussion Materials

Review of Process & IOIs 2

Process overview Executive summary was invited to join the process (offer price per share of $9.50-$10.00) Review of potential buyer dialogue and activity to date The Company held various preliminary conversations with 12 potential buyers in H2’24, and of these, 8 signed NDAs and were provided initial data room access as early as mid-January 2025 REDACTED and TPG submitted initial bids in late January and were asked to conduct additional diligence and submit revised bits by 3/24 During this revised bid period, REDACTED removed itself from the process while Bids were submitted again on 3/24 by TPG (offer price per share of $10.00) and Business and equity price fact pattern during Q1’25 initial and revised bid period LRP provided to bidders was revised downward (annual EBITDA revised down 9% adjusted for pubco costs), below consensus at the time Prior and Updated LRP both assumed material resumption of growth beginning in 2025E that would be clear directional change from pre-2025E trends After earnings release and initial 2025E public guidance provided on 2/26, share price fell 25% from $9.15 pre-earnings eventually down to $6.89 (closing price on 3/12 prior to Bloomberg article) Share price had already started to decline since REDACTED earnings release on 2/6; AVDX’s price decline from 2/5 ($10.81) to 3/12 ($6.89) was 36% Next steps Assess context for valuation Consider how to maximize value of current active parties Discuss inbounds and credibility to determine parties to invite as part of the process REDACTED REDACTED

Overview of process & dialogue 4 Preliminary conversations addressing inbound interest in H2’24 led to formal process held in January 2025 13 5 8 In the preceding months through Q4’24, the Company engaged with inbound interest from various potential acquirers by holding introductory conversations both in person and via videocall The Company signed NDAs with eight parties viewed that had communicated credible preliminary interest in a potential transaction These eight received invites to a virtual data room on or around 1/18, and they were sent process letters asking for IOIs to be submitted by 1/28 (ex. REDACTED) Five parties engaged in notably active post-NDA activity that included submitting diligence requests and holding calls and meetings covering financial and business strategy diligence including with the Company’s CEO and CFO TPG submitted a revised bid on 3/24 after submitting an initial bid on 1/31  submitted an initial bid on 3/24 after executing an NDA on 3/12 2 Inbound Interest and Introductory Dialogue (Q3/Q4’24/Q1’25) Signed NDAs and Engaged in Formal Process (Q1’25) Highly Active in Post- NDA Diligence (Q1’25) Following the news reporting, 11 additional parties have inbounded requesting more information regarding a potential transaction 3 Submitted IOI REDACTED submitted a non-binding IOI on 1/28 before later passing REDACTED Active REDACTED

Summary of IOIs received TPG (Received 3/24/25) (Received 3/24/25) 5 (1) TPG used FDSO of 225.1 from FDSO schedule as of 2/28/25 used FDSO of 223.1 from FDSO schedule as of 1/20/25 (2) REDACTED REDACTED Transaction Acquisition of 100% of AvidXchange in all-cash transaction Acquisition of 100% of AvidXchange in all-cash transaction Purchase Price Enterprise value: $1.9bn Purchase price per share(1): $10.00 Enterprise value: $1.7-1.8bn Purchase price per share(2): $9.50-10.00 Acquisition Funding Debt: $650mm (32% of sources of cash) Equity: $1,353mm (68% of sources of cash) Not referenced Remaining Due Diligence (i) Management meetings, (ii) top-line commercial & pricing packaging data requests, (iii) operations data requests, (iv) technology & AI diligence, (v) accounting, (vi) legal, (vii) tax, (viii) and payment regulatory diligence (i) Financial and operational trends, (ii) go-forward growth drivers, (iii) market positioning & competitive differentiation, (iv) go-to-market, (v) technology, (vi) accounting, (vii) legal, (viii) and tax Timing ~3-4 weeks from IOI acceptance to signing definitive documentation ~3 weeks from IOI acceptance to signing definitive documentation Advisors Davis Polk (legal counsel), Bain (commercial), West Monroe (technology), Deloitte (Accounting & Tax), Alvarez & Marsal (Operations), Schulte Roth & Zabel (Payments Regulatory) and Saxecap (AI) have been engaged and actively done work pre-IOI Specific external advisors not referenced; mentions that additional specialists and advisors including external market, accounting, tax and legal advisors will be retained to complete remaining diligence Management and Employee Retention Would plan to create a management equity incentive plan (“MEIP”) that would equate to 10% fully diluted ownership in the form of options and struck at the equity value at the time of closing which is in-line with market standards (40% time-vested options and 60% performance-vested options). At an appropriate time, would discuss go-forward incentive equity arrangements with the executive team Closing Conditions Final approval from TPG’s investment review committee prior to signing definitive documentation, with no additional approvals required Final approval from REDACTED investment review committee prior to signing definitive documentation, with no additional approvals required Expected Legal Terms Not referenced Not referenced

Summary of recent inbound communications Party Inbounding Contact(s) Status Notes Inbounds in response to 3/13 Bloomberg article         Pre-Bloomberg inbounds / regular dialogue   Corpay  Ron Clarke, CEO  Non-specific ongoing dialogue REDACTED 3/26: Upcoming call with REDACTED 3/14: REDACTED inbounded asking about AvidXchange, mentioning their investment in REDACTED 3/24: Call held w/ REDACTED 3/17: REDACTED inquired about AvidXchange and asked for call to learn more about “initial process considerations” 3/24: REDACTE inbounded regarding AvidXchange; mentioned that they would likely be exploring as a junior capital / co-invest opportunity and/or partnering with a larger sponsor 3/20: Call held w/ REDACTED 3/13: REDACTED inbounded asking about AvidXchange, among other topics 3/31: Upcoming call w/ REDACTED 3/25: REDACTED inbounded asking about AvidXchange to get an update on the process; call scheduled 3/26: Upcoming call w/ REDACTED 3/17: REDACTED inbounded regarding AvidXchange; mentioned that deal would likely be too large for them but would potentially be interested to co-invest with REDACTED 3/25: REDACTED shared private credit fund overview materials 3/24: REDACTED inbounded regarding AvidXchange noting they could be constructive in providing debt financing packages for buyers to consider 3/27: Upcoming call w/ REDACTED 3/25: REDACTED inbounded regarding AvidXchange to get an update on the process 3/17: REDACTED inbounded asking if it makes sense to re-engage; FT Partners said we are sorting through inbounds from the leak and would revert back on any relevant update, if any Mid-April: Mike and REDACTED to discuss network-of-network initiative and potentially processing REDACT transactions on larger sponsor; REDACTED noted other REDACTE investments in the supplier management space including REDACTED 3/5: REDACTED sent follow-up note saying it was a misunderstanding from his team that AvidXchange was evaluating strategic options; REDACTED confirmed he would be available to connect with Mike in person over dinner on 3/24 2/27: REDACTED reached out to Mike asking to catch up; REDACTED said he had heard from another investment bank that AvidXchange was evaluating strategic options 6 REDACTED

Financial Profile Summary 6 LRP & Related Context

Perspective on LRP forecast Actual results have historically underperformed LRP forecasts by ~20% within 3-4 years LRP is a management tool to express what is possible in the business LRP is not meant to be a balanced perspective on forecast or probability-weighting of execution risk LRP is the outcome of a strategic planning process outlining opportunities for growth LRP in the context of valuation LRP can be viewed as a base for probability-weighting on market and execution risks to assess likelihood of actual future results Valuing the Company assuming 100% of LRP implicitly assumes zero execution risk on any of the growth opportunities Investors have clearly discounted LRP forecast TPG has previously mentioned that they are assuming 10% annual growth, which represents assumption of ~70% of LRP growth

Material risk factors to LRP forecast Substantial execution and broader market risk factors Risk Factor Description / Management Commentary Transaction Volume & ePay Adoption Retaining customers and increasing their adoption of ePay on the AvidPay Network Transaction retention declined from 107% in 2022 to ~95% in 2025E in post-pandemic macroeconomic environment LRP forecast assumes transaction retention rises back to 103% New Customer Sales LRP assumes 14% TSV growth in 2025E after multiple years of zero bookings growth Strategies in place to reaccelerate bookings growth, but assume clear inflection Assumed inflection is driven by new partnerships (AppFolio, REDACTED ), but the actual trajectory and impact of these partnerships remains to be seen Yield Expansion LRP assumes significant transaction revenue yield expansion This is predicated on rising ePay adoption and new products LRP assumes exiting 2025 with material increase in ePay penetration, particularly driven by new pay modes Yield expansion alone is assumed drives 5-7% annual revenue growth, and this is predicated on new products that are either in early stages or entirely remain to be launched Material Contribution of Future New Products New products with minimal or zero revenue today are assumed to be material contributors to LRP forecast Payment Accelerator 2.0, Spend Management, and new ePay solutions Market & Competition There may be material contraction in interchange rates over the next decade whether driven by regulatory requirements or pressure from supplier customers Competitive AI-driven products may cause a paradigm shift in the competitive landscape Existing parties in the ecosystem may opt to compete with AVDX by loss-leader strategy on pricing or customer rebates, substantially deteriorating the industry’s economics Profit Margin LRP assumes EBITDA margin expansion from 19% in 2024 to 42% in 2029E Meaningful execution risks to LRP assumptions regarding unit cost reduction and yield expansion 10

Risk Factor Description / Analyst Commentary Interchange Compression “Weakness in monetization and volume, which defied our positive thesis that AVDX’s business model should be relatively resilient given its middle-market exposure and differentiated interchange pricing structure. Monetization trends at peer BILL also weaken our conviction that AVDX can improve its take-rate trajectory near term without help from the macro” (JPM Feb 2025). Payment Mix “Dependence on ACH and virtual card payments as the company earns a substantial portion of its revenue from electronic payment transactions, and its growth is dependent upon the continued acceptance, security, and adoption of electronic payment types that can be monetized by the company;” (UBS Feb 2025). Transaction Retention “Transactions retained on network continuing to be trending below 100% level, with Q4 exiting at roughly ~6% below the normalized level of 104-105% (i.e., HOA, marketing, and professional services verticals remained cautious on spending albeit gradually ramp up post election)” (UBS Feb 2025). Competitive dynamics and technology developments (AI) “We believe AVDX lacks a natural pure-play competitor focused on the same vertical markets and coming close to its scale, but there are diversified and larger competitors including fintechs and banks/issuers with deeper pockets and/or distribution advantages” (JPM Feb 2025). “Moreover, emerging forms of fast ACH and real-time payments with enhanced data and lower variable costs could become alternatives to virtual cards and pressure take rates longer term” (JPM Feb 2025). Heightened cyclicality from real-estate concentration and limited penetration into additional verticals “AVDX competes in seven primary verticals, some of which are exposed to cyclicality (bills paid positively correlated to business activity) such as real estate/HOA and construction.” (JPM Feb 2025). Public perceptions on hitting numbers “The [downward] outlook seems reasonable, if not beatable, but starting below the coveted double-digit mark with growth in-line with network growth in commercial among a cohort of double-digit B2B growers keeps us on the sidelines on AVDX stock with a close eye on macro recovery potential in order to get more constructive on shares.” (JPM Feb 2025). Unaffected share price decline as a result of lower than expected 2025 guidance Unaffected VWAP of $7.27 from the day following the company’s Q4’24 earnings announcement (2/26) – day prior to initial news leak (3/12) Analyst commentary regarding key risk factors 10

11 2025E Revenue & EBITDA comparison (Guidance, Current Consensus and Updated LRP) Revenue (2025E) EBITDA (2025E) $457 $458 $470 $464 Guidance(1) Current Consensus(2) Updated LRP 80% of Updated LRP Guidance(1) Current Consensus(2) Updated LRP 80% of Updated LRP Growth Growth $89 $90 $100 $97 Guidance figures calculated as the midpoint of the range provided by AvidXchange during 2/26/25 earnings call CapIQ consensuses as of 01/26/25 (2024) and 3/26/25 (2025) Implied YoY Growth % 3% 4% 7% 6% EBITDA Margin % 19% 20% 21% na +2.9% to Guidance +2.6% to Current Consensus +13.0% to Guidance +11.5% to Current Consensus

LRP topline metrics 383 425 496 598 706 836 56 45 41 27 35 31 $439 $470 $537 $625 $741 $867 2024 2025E 2026E 2027E 2028E 2029E 79 83 90 102 114 129 79 83 91 102 114 129 2024 2025E 2026E 2027E 2028E 2029E 83 92 103 116 131 152 $84 $92 $105 $116 $133 $152 2024 2025E 2026E 2027E 2028E 2029E YoY Growth % (excl. Float & Political | Total incl. Float & Political) 9% 11% 12% 12% 14% 16% 10% 10% 14% 11% 15% 15% YoY Growth % (excl. Float & Political | Total incl. Float & Political) 5% 5% 9% 12% 12% 13% 5% 5% 9% 12% 13% 13% YoY Growth % (excl. Float & Political | Total incl. Float & Political) 13% 11% 17% 20% 18% 18% 15% 7% 14% 16% 19% 17% Revenue ($mm) Float & Political Excl. Float & Political TPV ($bn) Political Excl. Political Transactions (mm) Political Excl. Political 14 Source: AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25

LRP profit metrics $67 $81 $138 $203 $269 $342 15% 17% 26% 33% 36% 39% 2024 2025E 2026E 2027E 2028E 2029E $323 $350 $409 $488 $592 $711 74% 75% 76% 78% 80% 82% 2024 2025E 2026E 2027E 2028E 2029E $85 $100 $156 $220 $289 $364 19% 21% 29% 35% 39% 42% 2024 2025E 2026E 2027E 2028E 2029E YoY Growth % 22% 8% 17% 19% 22% 20% YoY Growth % 366% 21% 70% 47% 32% 27% YoY Growth % 178% 18% 55% 41% 31% 26% Margin % Gross Profit ($mm) Gross Profit Margin % EBITDA less Software Capex ($mm) EBITDA less Software Capex Margin % EBITDA ($mm) EBITDA 14 Source: AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25

Summary P&L 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E ($mm) Net Revenue by Type 14 Source: AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25 Payments $116 $158 $214 $265 $313 $333 $386 $453 $545 $644 Software 68 88 100 112 121 131 144 165 188 214 Services 2 3 3 3 4 6 6 7 8 9 Total Net Revenue $186 $248 $316 $381 $439 $470 $537 $625 $741 $867 YoY Growth % Payments 36% 35% 24% 18% 6% 16% 17% 20% 18% Software 29% 13% 13% 8% 8% 11% 14% 14% 14% Services 22% 14% 15% 26% 37% 7% 9% 13% 14% Total Net Revenue 34% 27% 20% 15% 7% 14% 16% 19% 17% Total Revenue excl. Float & Political 34% 22% 14% 13% 11% 17% 20% 18% 18% Gross Profit by Type Payments $73 $108 $152 $201 $249 $265 $311 $370 $455 $550 Software 37 51 58 69 79 90 102 121 140 164 Services (8) (8) (7) (7) (5) (4) (3) (3) (3) (3) Total Gross Profit $102 $151 $203 $264 $323 $350 $409 $488 $592 $711 Margin % Payments 63% 68% 71% 76% 80% 79% 80% 82% 84% 85% Software 54% 58% 58% 62% 65% 69% 70% 73% 75% 76% Services - - - - - - - - - - Total Gross Profit 55% 61% 64% 69% 74% 75% 76% 78% 80% 82% Opex by Function Sales & Mktg. ($48) ($60) ($73) ($73) ($77) ($85) ($88) ($100) ($118) ($139) R&D (44) (60) (75) (86) (88) (93) (94) (93) (107) (121) G&A (43) (57) (70) (75) (74) (73) (72) (75) (78) (87) Total Opex ($135) ($177) ($218) ($234) ($239) ($250) ($253) ($267) ($304) ($347) % of Net Revenue 73% 71% 69% 61% 54% 53% 47% 43% 41% 40% EBITDA ($33) ($26) ($15) $30 $85 $100 $156 $220 $289 $364 Margin % (18%) (11%) (5%) 8% 19% 21% 29% 35% 39% 42% EBITDA less Software Capex ($44) ($43) ($40) $14 $67 $81 $138 $203 $269 $342 Margin % (24%) (17%) (13%) 4% 15% 17% 26% 33% 36% 39%

15 Revenue & EBITDA of Updated LRP vs. Prior LRP Updated LRP revised outlook for annual revenue and EBITDA downward by 6% and 10%, respectively $303 $387 $104$100 $161$156 $229 $220 $289 $364 2025E 2026E 2027E 2028E 2029E PA & Spnd Mgmt -$1 -$16 -$27 -$21 -$14 Transactional -$12 -$13 -$13 -$24 -$40 Other run rate -$4 -$2 -$4 -$2 -$1 Updated vs. Prior -3% -5% -6% -6% -6% Revenue -$17.1 -$29.9 -$42.9 -$47.3 -$54.9 COR $7.7 $7.1 $9.5 $9.5 $9.9 Opex $5.0 $11.9 $18.7 $17.3 $16.1 PubCo. - $6.0 $6.0 $6.0 $6.0 Updated vs. Prior(1) -4% +1% -1% -3% -4% $487 $668 $788 $922 $470 $567 $537 $625 $741 $867 2025E 2026E 2027E 2028E 2029E Prior LRP Updated LRP Revenue (2025-29E) 2025-29E CAGR: 17% 2025-29E CAGR: 17% EBITDA (2025-29E) 2025-29E CAGR: 39% 2025-29E CAGR: 38% (1) EBITDA variance adjusts for impact of public company costs being removed from updated LRP

Valuation Considerations 16

10% 13% 15% 38% 42% 45% 31% 34% 38% 24% 27% 30% 3% 6% 8% Purchase Price EV Premium / (Discount) to: Current Share Price $8.66 (26%) - 5% 12% 16% 19% 27% 34% 41% 49% Unaffected Share Price (1) $6.89 - 34% 41% 51% 56% 61% 70% 80% 90% 100% Unaffected VWAP (Post-Earnings, Pre-Article) (2) $7.27 (7%) 25% 31% 40% 45% 50% 59% 68% 77% 86% 30-Day VWAP $7.68 (13%) 17% 22% 31% 35% 39% 48% 56% 65% 73% 180-Day VWAP $9.24 (31%) (8%) (3%) 3% 7% 10% 17% 24% 30% 37% Purchase Price Share Price Premium / (Discount) to: Current Share Price $8.66 (20%) - 4% 21% 27% 33% 39% Unaffected Share Price (1) $6.89 - 26% 31% 52% 60% 67% 74% Unaffected VWAP (Post-Earnings, Pre-Article) (2) $7.27 (5%) 19% 24% 44% 51% 58% 65% 30-Day VWAP $7.68 (10%) 13% 17% 37% 43% 50% 56% 180-Day VWAP $9.24 (25%) (6%) (3%) 14% 19% 24% 30% Analysis at various prices Enterprise value and share price premiums 17 Note: Enterprise value based on $9mm in debt, $389mm in cash & equivalents, 206.1mm basic shares outstanding, 14.8mm RSUs, 0.1mm ESPP, and 0.7-2.9mm vested options Last closing price on 3/12 prior to Bloomberg story release on 3/13 VWAP (Post-Earnings, Pre-Article) is calculated based on the date range 2/27-3/12 TPG original offer price per share from IOI submitted on 1/31/25 was $12.00 - $13.00 Reference Price Unaffected Price (1) Current Price TPG(3) REDACTED Offer R ange Share Price Enterprise Value $6.89 $1,147 $8.66 $9.00 $1,541 $1,617 $9.50 $9.75 $1,729 $1,785 $10.00 $1,841 $10.50 $11.00 $11.50 $12.00 $1,953 $2,066 $2,178 $2,291

Analysis at various prices Implied Valuation Multiples 26.5x 27.4x 28 .2x 21.2x 21.9x 22 .6x Revenue Multiples Q2'25E RR $454 8% 2.5x 3.4x 3.6x 3.8x 3.9x 4.1x 4.3x 4.5x 4.8x 5.0x 2025E 470 7% 2.4x 3.3x 3.4x 3.7x 3.8x 3.9x 4.2x 4.4x 4.6x 4.9x Gross Profit Multiples Q2'25E RR $333 73% 3.4x 4.6x 4.9x 5.2x 5.4x 5.5x 5.9x 6.2x 6.5x 6.9x 2025E 350 75% 3.3x 4.4x 4.6x 4.9x 5.1x 5.3x 5.6x 5.9x 6.2x 6.5x EBITDA Multiples Q2'25E RR $84 18% 13.7x 18.4x 19.3x 20.6x 21.3x 22.0x 23.3x 24.7x 26.0x 27.3x 2025E 100 21% 11.4x 15.4x 16.1x 17.2x 17.8x 18.4x 19.5x 20.6x 21.7x 22.8x EBITDA less Software Capex Multiples Q2'25E RR $65 14% 17.6x 23.6x 24.8x 30.0x 31.7x 33.4x 35.1x 2025E 81 17% 14.1x 18.9x 19.8x 24.0x 25.4x 26.7x 28.1x 18 Note: Enterprise value based on $9mm in debt, $389mm in cash & equivalents, 206.1mm basic shares outstanding, 14.8mm RSUs, 0.1mm ESPP, and 0.7-2.9mm vested options (1) Last closing price on 3/12 prior to Bloomberg story release on 3/13 Unaffected Price (1) Current Price TPG(2) REDACTED Offer R ange Share Price Enterprise Value $6.89 $1,147 $8.66 $9.00 $1,541 $1,617 $9.50 $9.75 $1,729 $1,785 $10.00 $1,841 $10.50 $11.00 $11.50 $12.00 $1,953 $2,066 $2,178 $2,291 Metrics $ Growth / Margin

REDACTED High: $10.00 Mid: $9.75 Low: $9.50 AVDX 2-year share price performance: 2-Yr High: $13.29 1-Yr High: $13.15 TPG: $10.00 180-Day VWAP: $9.24 30-Day VWAP: $7.68 2-Yr & 1-Yr Low: $6.89 $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 $6.75 $6.50 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Closing share price as of 3/25/25: $8.66 19

Selected equity analyst research highlights 20 Analyst (Price Target) 2024 2025E 2026E 2027E 2028E 2029E Valuation Methodology Commentary UBS ($8.00) EV / Revenue 3.5x 3.4x 3.0x 2.7x 2.4x 2.1x 4x EV / CY26E Gross Profit Historical Performance: Revenue growth excluding float revenue and political spend contribution came in at ~9.6% YoY (based on ~11% reported growth excluding ~3% political revenue contribution and float revenue inflecting to a drag of ~1.5%), continuing to decelerate throughout 2024” Near-term Outlook: “We lower our multiple due to weaker than expected 2025 guidance on the back end of continuing macro uncertainty around discretionary spend and sub 100% level transactions retained on network, which create further headwind for revenue to revert back to the 20%+ target range set at 2023 investor day” Other Considerations: “We believe additional confidence in a more meaningful re-acceleration in topline trends (i.e., transactions retained on network, volumes, payment modality commentary, etc.) will be required for the shares to see upside” EV / EBITDA 18.0x 17.4x 13.5x 10.8x 8.9x 7.5x Revenue $439 $456 $509 $571 $643 $714 Growth % 15% 4% 12% 12% 13% 11% EBITDA $85 $88 $113 $141 $172 $203 Margin % 19% 19% 22% 25% 27% 28% Rating: Neutral JP Morgan ($9.00) EV / Revenue 3.5x 3.3x 3.0x 2.7x - - 4x EV / CY26E Gross Profit Historical Performance: “Weaker than expected volume retention in core business combined with dual headwinds from float and political in 2025 drove growth below expectations and the peer group…“Weakness in monetization and volume, which defied our positive thesis that AVDX’s business model should be relatively resilient given its middle-market exposure and differentiated interchange pricing structure” Near-term Outlook: “We attribute the deceleration to (1) slower conversion of backlog to new sales in 2024 vs 2023 macroeconomic factors, a 2pt y/y headwind to 2025 core growth, and (2) lower “same store ” payment volume retention, a 3pt headwind, offset by a 1pt tailwind from Payment Accelerator product, mostly in the back half, and a 1pt tailwind from favorable payment mix” Other Considerations: “Difficult macro dynamics and tough compares on non-core put more pressure on new products, like Payment Accelerator, and new partnerships, like with AppFolio and M3, to have a strong start at a time when investor skepticism toward new products in the sector is high” EV / EBITDA 17.9x 17.1x 12.8x 10.9x - - Revenue $439 $458 $506 $569 - - Growth % 15% 4% 10% 12% - - EBITDA $85 $89 $119 $140 - - Margin % 19% 19% 24% 25% - - Rating: Neutral Piper Sandler ($8.00) EV / Revenue 3.3x 3.1x 2.9x - - - 16% WACC; 17x EV / CY29E FCF Terminal Value Historical Performance: “While Q4 results were very close to Street, FY25 guidance came in broadly lower than consensus 6% & 14% lower on revenue growth & EBITDA margins respectively” Near-term Outlook: “We lower our PT to $8 - reflecting potential prolonged disruptions to AVDX's business. We are hopeful Q4 exit rates indicate adjusted growth & margins could exceed initial guidance, however the macro remains difficult to predict” Risks to Achievement of Price Target & Recommendation: “Competition, history of operating losses, software & services partnerships” EV / EBITDA 16.9x 16.2x 13.2x - - - Revenue $439 $457 $500 - - - Growth % 15% 4% - - - - EBITDA $85 $88 $108 - - - Margin % 19% 19% 22% - - - Rating: Neutral Note: Financial metrics reported as $ in mm UBS equity research report released on 2/26/2025 JP Morgan equity research report released on 2/27/2025 Piper Sandler equity research report released on 2/28/2025

FT Partners applied a broad set of analyses to assess valuation context for AvidXchange Implied Value per Share Implied Value vs. Current Share Price (6) Market Multiples Intrinsic Cashflow 1 2 3 4 5 21 Implied valuation range based on min / max implied valuation from the 25th and 75th percentile of the selected peer group’s 2025E / 2026E EV / Revenue and EV / Gross Profit Multiples Rule of X implied valuation based on rule of X score of 41.4% / 45.8% for 2025E metrics using the current LRP / downside case 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 (6) Current share price premium / discount % based on AvidXchange share price of $8.66 as of 3/25/25 (7) Unaffected share price premium / discount % based on AvidXchange share price of $6.89 as of 3/12/25 Implied Value vs. Unaffected Share Price (7) 5-year LBO based on LRP forecast and financing assumptions and transaction sources & uses stated IOIs that estimate AVDX value today based on a required equity rate of return of 20-25% $12.64 to $13.79 +46% to +59% +83% to +100% LBO Implied from IOIs at LRP (5) 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) $5.95 to $14.58 -31% to +68% -14% to +112% 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) $10.58 to $11.81 +22% to +36% +54% to +71% 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 $11.31 to $12.95 +31% to +50% +64% to +88% 5-year discounted cash flow using LRP forecast, with sensitivity analyses for a range of WACC, terminal multiple, and future performance assumptions DCF (4) $11.13 to $15.43 +28% to +78% +61% to +124% TPG / REDACTED in TPG / REDACTED

Source: CapIQ as of 3/25/25 AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 2/8/25) AvidXchange revenue growth rate excludes float & political 1 AVDX implied valuation (1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 4.9x / 4.2x / 2.0x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $13.39 / $11.90 / $6.51 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +55% / +37% / -25% AVDX implied valuation (1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 5.7x / 4.6x / 2.2x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $13.67 / $11.48 / $6.38 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +58% / +33% / -26% 2026E EV / Revenue 2.8x 2.6x 2.0x 1.0x 4.2x 6.5x 4.9x 4.9x Median (excl. AVDX): 4.2x 22 Sector public comparables referenced in selected AVDX equity research 2025E EV / Revenue 3.2x 3.0x 2.2x 1.2x 4.6x 7.2x 5.5x 5.7x Median (excl. AVDX): 4.6x YoY Growth % 11% (2) 12% 7% 11% 14% 7% 16% 17% YoY Growth % 17% (2) 16% 10% 10% 14% 11% 17% 17% (1) (1)

Source: CapIQ as of 3/25/25 (1) AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 2/8/25) 1 Sector public comparables referenced in selected AVDX equity research (cont.) 23 2026E EV / Gross Profit 3.7x 3.0x 2.4x 1.6x 5.3x 8.3x 7.0x 6.0x Median (excl. AVDX): 5.3x AVDX implied valuation(1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 7.0x / 5.3x / 2.4x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $14.58 / $11.36 / $6.22 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: 68% / 31% / -28% 2025E EV / Gross Profit 4.3x 3.5x 2.7x 1.8x 5.8x 9.2x 8.2x 7.1x Median (excl. AVDX): 5.8x AVDX implied valuation (1) Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 8.2x / 5.8x / 2.7x AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $14.50 / $10.83 / $5.95 AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +67% / +25% / -31% Gross Margin % 75% 85% 80% 78% 68% 82% 64% 80% Gross Margin % 76% 84% 81% 79% 69% 81% 63% 81% (1) (1)

2.0x - 4.0x 6.0x 8.0x 16.0x 14.0x 12.0x 10.0x Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Source: CapIQ as of 3/25/25 Historical NTM EV / Gross Profit Multiples 3.5x | Bill.com 4.3x | AvidXchange 9.2x | Corpay 8.2x | nCino 7.1x | Workiva 5.8x | Blackline AvidXchange Corpay ncino Workiva Blackline Bill.com Median Latest NTM Gross Profit Multiple 4.3x 9.2x 8.2x 7.1x 5.8x 3.5x 7.7x 2-Yr Median Gross Profit Multiple 5.8x 8.1x 9.6x 8.8x 7.2x 6.4x 8.4x Current vs. Median Gross Profit Multiple -25% +14% -15% -19% -20% -45% -9% 1 24 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 3/25/25 for 114 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 $425mm / $417mm respectively Illustrative downside case assumes 80% of 2025 LRP AVDX implied valuation assuming Current LRP 2025E Rule of X efficiency components ‒ 2025E Revenue excl. Float & Political Growth: 11.1% Growth at 2.0x multiplier: 22.2% ‒ 2025E EBITDA Margin: 23.6% Rule of X Efficiency Score: 45.8% Implied EV & 2025E revenue multiple: $2.2bn (5.3x) Implied share price & premium vs. AVDX today : $11.81 (+36%) 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 22% - 36% 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 10.0x 15.0x 20.0x 25.0x 100% 125% 2025E Revenue Multiple vs. 2025E Efficiency 5.3x 4.7x AVDX Current LRP Rule of X efficiency 25% 41% 46% 50% 75% Implied 2025E Revenue Multiple Curve vs. Rule of X Efficiency 2 25 AVDX implied valuation at 80% of LRP revenue growth Rule of X efficiency components ‒ 2025E Revenue excl. Float & Political Growth: 8.9% Growth at 2.0x multiplier: 17.8% ‒ 2025E EBITDA Margin: 23.6% Rule of X Efficiency Score: 41.4% Implied EV & 2025E revenue multiple: $2.0bn (4.7x) Implied share price & premium vs. AVDX today : $10.58 (+22%) AVDX LRP Downside Rule of X efficiency AVDX Multiple at Rule of X Valuation with Current LRP AVDX Multiple at Rule of X Valuation at 80% of LRP Revenue Growth AVDX Current Multiple 3.8x

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%(4) 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%(5) 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)(3) $8.66 $439 $470 $323 $350 $85 $100 13% 11% 74% 75% 19% 21% AVDX Implied Enterprise Value ($mm) $1,948 $2,438 $2,514 $2,147 $2,212 $1,511 $1,576 AVDX Implied Share Price $10.44 $12.61 $12.95 $11.31 $11.59 $8.46 $8.75 % Premium to Current Share Price 21% 46% 50% 31% 34% (2%) 1% 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 3/25/25; 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 LTM and NTM periods for AvidXchange reflect CY2024 and CY2025E respectively; revenue growth figures exclude float and political 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 26

Acquisitions of publicly traded technology companies in 2024 exhibited a median control premium of 17%, below the 10-year median of 29% 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 26% 19% 19% 22% 23% 27% 36% 28% 29% 28% 33% 7% 32% 27% 30% 22% 32% 30% 30% 17% 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 17 23 15 20 21 55 138 46 33 27 Deal Count – Technology Sector 3 9 2 7 8 6 9 13 9 10 Source: CapIQ as of 3/25/25. Implied share price calculated by applying median control premiums to AVDX’s current share price as of 3/25/25 ($8.66). Median for 2015-24 Screening Criteria FT screened for all closed acquisitions of U.S. publicly traded companies since 2015 with total transaction size of >$1bn Publicly listed technologies companies acquired since 2015 have demonstrated median control premium of 29%, 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 Median 28% 17% Implied AVDX Share Price (1) 10-Year Median $10.96 $11.25 2024 Median $11.11 $10.12 Summary 10-Yr Tech Sector Median: 29% (2) 3 27

(6%) 6% 18% 23% 30% 8.80 9.91 11.03 11.46 12.11 Total Enterprise Value Implied EV / 2024 Gross Profit Terminal Year EBITDA Margin % 30.0% 35.0% 40.0% 42.0% 45.0% 1,432 1,663 1,893 1,986 2,123 Terminal Year EBITDA Margin % 30.0% 35.0% 40.0% 42.0% 45.0% 4.4 5.1 5.9 6.1 6.6 2024-29E % of LRP Rev CAGR 7.3% 50% 9.1% 63% 10.9% 75% 12.8% 88% 14.6% 100% $1,301 $1,513 $1,725 $1,810 $1,936 1,571 1,822 2,072 2,170 2,316 1,719 1,989 2,254 2,360 2,518 1,872 2,160 2,447 2,562 2,733 4.0x 4.7x 5.3x 5.6x 6.0x 4.9 5.6 6.4 6.7 7.2 5.3 6.2 7.0 7.3 7.8 5.8 6.7 7.6 7.9 8.5 10.14 11.42 12.69 13.20 13.95 Implied Share Price Premium to Current Price ($8.66) 7.3% 50% $7.59 $8.54 $9.48 $9.86 $10.42 (12%) (1%) 10% 14% 20% 9.1% 63% 8.17 9.20 10.23 10.64 11.25 10.9% 75% 2% 14% 27% 32% 40% 12.8% 88% 9.46 10.66 11.84 12.31 13.00 9% 23% 37% 42% 50% 14.6% 100% 17% 32% 47% 52% 61% 12.0% $10.55 $12.38 $14.20 $16.03 $17.85 22% 43% 64% 85% 106% C 13.0% 10.18 11.94 13.69 15.43 17.17 18% 38% 58% 78% 98% AC 14.0% 9.84 11.52 13.20 14.87 16.53 14% 33% 52% 72% 91% W 15.0% 9.51 11.13 12.73 14.33 15.92 10% 28% 47% 65% 84% 16.0% 9.20 10.75 12.29 13.82 15.35 6% 24% 42% 60% 77% Total Enterprise Value Terminal EBITDA Multiple (2029E) Implied EV / 2024 Gross Profit Terminal EBITDA Multiple (2029E) 8.0x 10.0x 12.0x 14.0x 16.0x 8.0x 10.0x 12.0x 14.0x 16.0x 12.0% $1,964 $2,377 $2,791 $3,204 $3,618 6.1x 7.4x 8.6x 9.9x 11.2x C 13.0% 1,883 2,278 2,674 3,069 3,464 5.8 7.0 8.3 9.5 10.7 AC 14.0% 1,805 2,184 2,562 2,941 3,319 5.6 6.8 7.9 9.1 10.3 W 15.0% 1,732 2,094 2,456 2,819 3,181 5.4 6.5 7.6 8.7 9.8 16.0% 1,662 2,009 2,356 2,703 3,050 5.1 6.2 7.3 8.4 9.4 Implied Share Price Premium to Current Price ($8.66) DCF analysis on 5-year forecast from LRP implies AVDX value per share today of $11.13-15.43 at WACC range of 13-15% and terminal EBITDA multiple range of 8-12x 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 12.0x LTM EBITDA exit multiple. CAGR shown for 2024-29E is inclusive of float and political revenue. 4 28 LRP Assumptions & Output TPG / IOI Implied Price Range REDACTED

Assumptions Sources & Uses CapEx Supplier Advances ($20) ($22) ($20) ($25) ($23) ($30) ($25) ($40) Operating Cash Flow Available for Debt Service $117 $175 $236 $304 Total Sources of Cash $2,299 100.0% Acquisition Term Loan Cash Interest Expense ($40) ($83) - - Acquisition Incremental Debt Cash Interest Expense - - ($204) ($204) Acquisition Term Loan Principal Repayment - ($688) - - Refinancing - $1,690 - - Cash Flow Available for Equity $77 $1,094 $31 $99 ($ mm) 2025E 2026E 2027E 2028E 2029E Income Statement Total Revenue $470 $537 $625 $741 $867 Growth % 7% 14% 16% 19% 17% Gross Profit $350 $409 $488 $592 $711 Margin % 75% 76% 78% 80% 82% Adj. EBITDA $100 $156 $220 $289 $364 Margin % 21% 29% 35% 39% 42% D&A ($35) ($34) ($30) ($28) ($30) OID Amortization - ($2) ($2) ($2) ($2) Adj. EBIT (P&L) $65 $120 $188 $259 $332 Margin % 14% 22% 30% 35% 38% Interest Expense ($78) ($83) ($204) ($204) Stock-Based Compensation ($79) ($89) ($74) ($72) Other Stock Grants ($3) ($4) ($4) ($5) Interest Income $1 $1 $1 $1 EBT (P&L) ($40) $13 ($23) $52 EBT (est. for tax) ($84) ($26) ($45) $55 Taxes 28% - - - - Net Income ($40) $13 ($23) $52 Cash Flow Adj. EBITDA $156 $220 $289 $364 Net Movement in Working Capital ($4) ($8) ($10) ($8) Provision for Doubtful Accounts $7 $7 $9 $12 Interest Income Cash Taxes Paid $1 - $1 - $1 - $1 - Operating Cash Flow $159 $220 $289 $369 Cash on Balance Sheet 389 16.9% Sources of Cash Uses of Cash Private Equity $1,259 54.8% Consideration to Sellers $2,221 96.6% New Debt 650 28.3% Existing Term Loan Payoff 9 0.4% Debt Fees (OID) Other Advisory Costs 20 19 0.8% 0.8% Cash on Balance Sheet 30 1.3% Total Uses of Cash $2,299 100.0% LBO analysis entry enterprise value of $1.8bn ($10.00 entry share price) reflects 15% premium to AVDX share price as of March 21st, 2024, and implies 41% four- year IRR Offer price premium: 15% Exit multiple: 12.0x trailing EBITDA LBO acquisition close: December 2025 LBO recapitalization: December 2027 LBO exit: December 2029 Initial acquisition debt financing of $650mm assuming 7.7x LTM EBITDA leverage with a $1,690mm 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% 5 29 5-Year LBO analysis based on LRP and assumptions from TPG’s IOI

(1) Assumes entry acquisition valuation as follows: acquisition share price of $10.00 (15% premium to share price as of 3/25/25), and enterprise value of $1.841bn IRR Sensitivity MoM Sensitivity Entry GP Multiple, Acquisition EV, and Premium EV ($mm) Share Price Acquisition Premium Entry GP Multiple EBITDA $1,729 $9.50 9.7% 4.9x $1,785 $9.75 12.6% 5.1x $1,841 $10.00 15.5% 5.2x $1,897 $10.25 18.4% 5.4x $1,953 $10.50 21.2% 5.6x GP 4.1x 5.1x 6.1x 7.2x 8.2x 8.0x 10.0x 12.0x 14.0x 16.0x 1.1x 1.7x 2.3x 2.9x 3.5x 1.0x 1.6x 2.1x 2.7x 3.3x 0.9x 1.5x 2.0x 2.5x 3.1x 0.9x 1.4x 1.9x 2.4x 2.9x 0.8x 1.3x 1.8x 2.3x 2.7x Exit LTM Multiples Entry GP Multiple, Acquisition EV, and Premium EV ($mm) Share Price Acquisition Premium Entry GP Multiple EBITDA $1,729 $9.50 9.7% 4.9x $1,785 $9.75 12.6% 5.1x $1,841 $10.00 15.5% 5.2x $1,897 $10.25 18.4% 5.4x $1,953 $10.50 21.2% 5.6x GP 4.1x 5.1x 6.1x 7.2x 8.2x 8.0x 10.0x 12.0x 14.0x 16.0x 30.4% 38.9% 45.9% 51.8% 57.0% 28.1% 36.7% 43.6% 49.4% 54.6% 26.1% 34.6% 41.4% 47.3% 52.4% 24.1% 32.6% 39.4% 45.2% 50.3% 22.3% 30.7% 37.5% 43.3% 48.3% Exit LTM Multiples EBITDA GP 6.7x 7.2x 7.7x 8.2x 8.7x EBITDA GP 6.7x 7.2x 7.7x 8.2x 8.7x 8.0x 4.1x 25.5% 25.8% 26.1% 26.4% 26.7% 8.0x 4.1x 0.9x 0.9x 0.9x 1.0x 1.0x 10.0x 5.1x 33.7% 34.1% 34.6% 35.0% 35.5% TM les 10.0x 5.1x 1.4x 1.4x 1.5x 1.5x 1.6x 12.0x 6.1x 40.4% 40.9% 41.4% 42.0% 42.5% t L ltip 12.0x 6.1x 1.9x 2.0x 2.0x 2.1x 2.1x 14.0x 7.2x 46.1% 46.6% 47.3% 47.9% 48.6% Exi Mu 14.0x 7.2x 2.4x 2.5x 2.5x 2.6x 2.7x 16.0x 8.2x 51.0% 51.7% 52.4% 53.1% 53.8% 16.0x 8.2x 2.9x 3.0x 3.1x 3.2x 3.3x Debt Leverage Multiple of EBITDA(1) Debt Leverage Multiple of EBITDA(1) Exit LTM Multiples 5 30 5-Year LBO returns sensitivity for TPG’s IOI Sources & Uses assuming LRP forecast

2024-29E % of 2024-29E % of Rev CAGR LRP 30.0% 35.0% 40.0% 42.0% 45.0% Rev CAGR LRP 30.0% 35.0% 40.0% 42.0% 45.0% 8.8% 60% 16.3% 23.8% 29.7% 31.8% 34.7% 8.8% 60% 1.1x 1.5x 1.9x 2.1x 2.3x 10.2% 70% 20.1% 27.5% 33.3% 35.4% 38.2% 10.2% 70% 1.1x 1.5x 2.0x 2.1x 2.4x 11.7% 80% 23.9% 31.1% 36.8% 38.9% 41.7% 11.7% 80% 1.1x 1.6x 2.0x 2.2x 2.5x 13.1% 90% 27.7% 34.7% 40.3% 42.4% 45.2% 13.1% 90% 1.2x 1.6x 2.1x 2.2x 2.5x 14.6% 100% 31.6% 38.3% 43.8% 45.9% 48.7% 14.6% 100% 1.2x 1.7x 2.1x 2.3x 2.6x Terminal Year EBITDA Margin Terminal Year EBITDA Margin 5 31 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 IRR Sensitivity (1) MoM Sensitivity (1) (1) Assumes exit multiple of 12.0x 2029E EBITDA $9.50 per share ($1.7bn EV) Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.8% 60% 0.7x 1.1x 1.4x 1.6x 1.8x 10.2% 70% 0.8x 1.1x 1.5x 1.6x 1.9x 11.7% 80% 0.8x 1.2x 1.5x 1.7x 1.9x 13.1% 90% 0.8x 1.2x 1.6x 1.7x 1.9x 14.6% 100% 0.9x 1.2x 1.6x 1.8x 2.0x 2024-29E Rev CAGR % of LRP Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.8% 60% 9.7% 16.7% 22.4% 24.5% 27.3% 10.2% 70% 13.1% 20.2% 25.7% 27.8% 30.5% 11.7% 80% 16.6% 23.5% 29.0% 31.0% 33.8% 13.1% 90% 20.1% 26.8% 32.3% 34.3% 37.0% 14.6% 100% 23.6% 30.1% 35.5% 37.5% 40.3% 2024-29E Rev CAGR % of LRP $10.50 per share ($2.0bn EV) Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.8% 60% 0.9x 1.3x 1.7x 1.8x 2.1x 10.2% 70% 0.9x 1.3x 1.7x 1.9x 2.1x 11.7% 80% 0.9x 1.4x 1.8x 1.9x 2.2x 13.1% 90% 1.0x 1.4x 1.8x 2.0x 2.2x 14.6% 100% 1.0x 1.4x 1.8x 2.0x 2.3x 2024-29E Rev CAGR % of LRP Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.8% 60% 12.8% 20.0% 25.8% 27.9% 30.7% 10.2% 70% 16.4% 23.6% 29.3% 31.3% 34.1% 11.7% 80% 20.0% 27.1% 32.7% 34.7% 37.5% 13.1% 90% 23.6% 30.5% 36.0% 38.1% 40.9% 14.6% 100% 27.3% 33.9% 39.4% 41.4% 44.2% 2024-29E Rev CAGR % of LRP $10.00 per share ($1.8bn EV)

Appendix – DCF Reference Materials 32

Unlevered Cash Flow Projection(1) DCF Assumptions ($ mm) 2024 2025E 2026E 2027E 2028E 2029E Revenue YoY Growth % YoY Growth % excl. Float & Political Gross Profit Margin % EBITDA (excl. SBC) Margin % Stock-Based Comp Other Stock Grants $439 15% 13% $323 74% $85 19% (47) (3) $470 7% 11% $350 75% $100 21% (65) (3) $537 14% 17% $409 76% $156 29% (79) (3) $625 16% 20% $488 78% $220 35% (89) (4) $741 19% 18% $592 80% $289 39% (74) (4) $867 17% 18% $711 82% $364 42% (72) (5) $34 8% ($2) (0%) ($2) (0%) $33 7% ($2) (0%) ($45) (10%) $74 14% $39 7% ($4) (1%) $127 20% $97 16% $58 9% $210 28% $182 25% $161 22% EBITDA (incl. SBC) Margin % EBIT (P&L) Margin % EBIT (est. for tax) Margin % Cash Taxes Paid % of EBIT (est. for tax) $288 33% $258 30% $261 30% ($36) 14% - - - - - - - - - - EBIAT Addback D&A Provision for Doubtful Accounts Capex Cash from NWC Supplier Advances ($2) $36 $4 (20) (25) (7) ($2) $35 $4 (22) 4 (20) $39 $34 $7 (20) (4) (22) $97 $30 $7 (20) (8) (25) $182 $28 $9 (23) (10) (30) $222 $30 $12 (25) (8) (40) UFCF Margin % ($13) (3%) ($0) (0%) $34 6% $82 13% $156 21% $191 22% Discounted UFCF - ($0) $28 $59 $99 $106 WACC: 14.0% Investment Date: March 31, 2025 Exit Date: December 31, 2029 12.0x 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 223.0mm FDSO which excludes unvested shares DCF Summary EBITDA (2029E) Terminal Value Multiple $364 12.0x Terminal Value $4,372 Discounted Terminal Value Discounted Cash Flows $2,270 292 Total Enterprise Value $2,562 Share Price $13.20 DCF Summary (1) AvidXchange forecasted financials shown here through 2029E reflect estimates from Current LRP shared with FT Partners on 2/8/25 5-Year DCF analysis: Current LRP 33

AVDX current capitalization Source: AVDX share price from CapIQ as of 3/25/25; figures in millions of dollars except price per share figures or unless otherwise stated FDSO estimates exclude unvested shares Ownership metrics sourced from CapIQ as of 3/25/25 AvidXchange Enterprise Value Walk Share Price (3/25/25) $8.66 FDSO (1) 228mm Equity Value $1,978 Cash and Equivalents $389 Debt $9 Net Debt ($380) Enterprise Value $1,598 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 34 Ownership Summary by Type (2) Top Public Ownership Summary (2) Holder Common Stock Equivalent Held (mm) % of CSO Vanguard 18 9% Fidelity 15 7% Michael Praeger 14 7% BlackRock 14 7% Greenhouse Funds 8 4% All Other 97 66% Total 204 100% 77% 14% 9% Institutions Individuals/Insiders Public and Other

WACC Formulation WACC Sensitivity Analysis Target Levered Beta Pre-Tax Cost of Debt 1.66 1.71 1.76 1.81 1.86 3% 6% 9% 12% 15% 4.0% 10.9% 11.1% 11.3% 11.5% 11.7% (4.5%) 13.7% 13.7% 13.7% 13.7% 13.7% k 4.5% 11.8% 12.0% 12.2% 12.4% 12.7% et tio (3.0%) 13.8% 13.8% 13.8% 13.8% 13.8% Ris um 5.0% 12.6% 12.8% 13.1% 13.3% 13.6% arg Ra (1.5%) 13.9% 13.9% 13.9% 13.9% 13.9% et mi 5.5% 13.4% 13.7% 14.0% 14.3% 14.5% X T age - 14.0% 14.0% 14.0% 14.0% 14.0% ark Pre 6.0% 14.3% 14.6% 14.9% 15.2% 15.5% VD ver 1.5% 14.1% 14.1% 14.1% 14.1% 14.1% M 6.5% 15.1% 15.4% 15.7% 16.1% 16.4% A Le 3.0% 14.2% 14.2% 14.2% 14.2% 14.2% 7.0% 15.9% 16.3% 16.6% 17.0% 17.3% 4.5% 14.3% 14.3% 14.3% 14.3% 14.3% WACC Assumptions Note: $ in mm. Source: CNBC 10-Year Treasury Rate Source: Kroll equity risk premium Source: Two-year beta from CapIQ as of 3/25/2025 WACC AVDX Actual Unlevered Beta AVDX Target Leverage Ratio Tax Rate AVDX Target Levered Beta Multiplied by: Market Risk Premium Adjusted Market Risk Premium Add: Risk-free Rate of Return (Rf) Cost of Equity Multiply by: Target E/(D+E+C) Cost of Equity Portion 1.758 0.0% 27.7% 1.758 5.5% 9.7% 4.3% 14.0% 100.0% 14.0% Target Cost of Debt (Rd) Tax Rate Post-Tax Cost of Debt Multiply by: Target D/(D+E+C) Cost of Debt Portion 8.6% 27.7% 6.2% 0.0% 0.0% Risk-free Rate of Return (Rf) Tax Rate Post-Tax Cash Return Multiply by: Target C/(D+E+C) Cost of Cash Portion 4.3% 27.7% 3.1% 0.0% 0.0% WACC 14.0% Date of Analysis Risk-free Rate of Return (Rf)1 Market Risk Premium (Rm - Rf)2 Target Cost of Debt (Kd) Tax Rate 03/25/25 4.3% 5.5% 8.6% 27.7% AvidXchange Capitalization $1,978 9 (389) $1,598 Equity Total Debt Cash and Equivalents Enterprise Value % Mix E/(D+E+C) D/(D+E+C) C/(D+E+C) 124% 1% (24%) Unlevered Beta Analysis Company Levered Beta Total Debt Cash & Equiv. Equity Value Net Debt / Equity Unlevered Beta Bill.com 1.684 $1,678 $2,211 $5,128 (10%) 1.820 Flywire 1.138 - 611 1,262 (48%) 1.751 Paymentus 0.949 - 206 3,540 (6%) 0.991 AVDX Actual Unlevered Beta AVDX Actual Leverage Ratio (Net Debt/Equity) Statutory Tax Rate 1.758 (19.2%) 27.7% AVDX Actual Levered Beta3 1.513 35 WACC calculation methodology

Selected publicly listed companies trading metrics 36 Source: CapIQ as of 3/21/25 AvidXchange financials reflect estimates from Current LRP. Revenue growth figures shown exclude float & political revenue. Paymentus revenue adjusted to reflect contribution profit estimates from JP Morgan report (November 2024); contribution profit reflects gross profit plus other cost of revenue. Other cost of revenue equals cost of revenue less interchange and assessment fees paid to payment processors (1) (2)

Appendix – LRP Growth Levers 40

$439 $470 $537 $625 $741 $867 $486 $599 $811 $1,100 $1,375 $742 $1,012 2024 2025E 2026E 2027E 2028E 2029E Organic revenue growth outlook and upsides to LRP Estimated impact of growth lever upsides would increase 5-year topline CAGR to 26% versus baseline 15% in LRP - 19 117 271 405 15 32 43 51 14 15 17 19 12 16 18 15 $360 12 $16 $63 $186 $508 2025E 2026E 2027E 2028E 2029E LRP + Organic Growth Lever Upsides ($mm) Growth Lever Upsides Not Included in LRP ($mm) LRP + All Identified Growth Lever Upsides 15% ‘24-29E CAGR 26% LRP + New ERP Embedded Pay Partnerships (NetSuite) LRP $,1,272 24% REDACTED 40

Appendix – TPG IOI 40

TPG IOI – Received 3/24/25 40

TPG IOI – Received 3/24/25 (cont.) 40

Appendix – REDACTEDIOI 40

IOI – Received 3/24/25 REDACTED REDACTED REDACTED REDACTED REDACTED 40 REDACTED REDACTED REDACTED REDACTED REDACTED

IOI – Received 3/24/25 (cont.) REDACTED REDACTED REDACTED REDACTED REDAC REDACTED REDACTED REDACTED REDACTED REDACT REDAC 40 REDACTED

IOI – Received 3/24/25 (cont.) REDACTED REDACTED REDACTED 40 REDACTED