Overview of Transaction

• On August 27, 2019, AvidXchange announced it has agreed to acquire BankTEL Systems
• Founded in 1992, BankTEL is a leading international software company that focuses solely on accounting solutions for financial institutions, offering both accounts payable and payment automation technology
• BankTEL serves more than 20% of banks across the U.S.
• AvidXchange is the industry leader in automating invoice and payment processes for businesses
• The Company focuses on serving mid-market clients and spans multiple industries including Real Estate, Financial Services, Energy and Construction

Significance of Transaction

• Through this acquisition, AvidXchange becomes the dominant provider of invoice-to-payment solutions for mid-market customers in the banking and financial services sector
• Integrating AvidPay into BankTEL's ASCEND solution gives AvidXchange customers more industry-specific capabilities for AP, fixed assets, and prepaid and accruals
• This is AvidXchange’s fifth acquisition in ten years

FT Partners' Role

• FT Partners served as exclusive strategic and financial advisor to AvidXchange
• FT Partners has been AvidXchange’s advisor since 2009, working with the Company on multiple capital raises in excess of $570 million, as well as a number of acquisitions
• This transaction underscores the long-term nature of many of FT Partners’ relationships as well as our deep expertise in advising leading Financial Management Solution providers