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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13E-3
(Amendment No. 2)
RULE 13E-3 TRANSACTION STATEMENT
UNDER SECTION 13(E) OF
THE SECURITIES EXCHANGE ACT OF 1934
AVIDXCHANGE HOLDINGS, INC.
(Name of the Issuer)
AvidXchange Holdings, Inc.
Arrow Borrower 2025, Inc.
Arrow Merger Sub 2025, Inc.
Arrow Intermediate 2025, Inc.
Arrow Holdings 2025, Inc.
Arrow Parent 2025, L.P.
Arrow Parent GenPar 2025, LLC
TPG IX Arrow Parent Holdings, L.P.
Arrow Parent Holdings GenPar 2025, LLC
The Arrow Holdings Business Trust
TPG Partners IX, L.P.
Corpay, Inc.
Green and Gold 2014 GRAT
Green and Gold 2015 GRAT
Michael Praeger
(Names of Persons Filing Statement)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
05368X102
(CUSIP Number of Class of Securities)
 
 
 
 
 
 
 
AvidXchange Holdings, Inc.
Michael Praeger
Green and Gold 2014 GRAT
Green and Gold 2015 GRAT
c/o AvidXchange Holdings, Inc.
Michael Praeger
Chief Executive Officer
1210 AvidXchange Lane
Charlotte, NC 28206
(800) 560-9305
 
 
Arrow Borrower 2025, Inc.
Arrow Merger Sub 2025, Inc.
Arrow Intermediate 2025, Inc.
Arrow Holdings 2025, Inc.
Arrow Parent 2025, L.P.
Arrow Parent GenPar 2025, LLC
TPG IX Arrow Parent Holdings, L.P.
Arrow Parent Holdings GenPar 2025, LLC
The Arrow Holdings Business Trust
TPG Partners IX, L.P.
c/o TPG Partners IX, L.P.
301 Commerce Street, Suite 3300
Fort Worth, TX 76102
(817) 871-4000
 
 
Corpay, Inc.
Alissa Vickery
Chief Financial Officer
3280 Peachtree Road,
Suite 2400
Atlanta, GA 30305
(770) 449-0479
 
 
 
 
 
 
 
(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices
and Communications on Behalf of the Persons Filing Statement)
With copies to
 
 
 
 
David Beller
Ian Nussbaum
Cathy Birkeland
Latham & Watkins LLP
1271 Avenue of the Americas
New York, NY 10020
(212) 906-1200
 
 
Oliver Smith
Darren Schweiger
Michael Diz
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
(212) 450-4000
 
 
 
 
This statement is filed in connection with (check the appropriate box):
 
 
 
 
 
 
 
a.
 
 
☒
 
 
The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b.
 
 
 ☐
 
 
The filing of a registration statement under the Securities Act of 1933.
c.
 
 
 ☐
 
 
A tender offer.
d.
 
 
 ☐
 
 
None of the above.
 
 
 
 
 
 
 
Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒
Check the following box if the filing is a final amendment reporting the results of the transaction:  ☐
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.
Introduction
This Amendment No. 2 (“Amendment No. 2”) to the Transaction Statement on Schedule 13E-3 (as amended hereby, this “Transaction Statement”) is being filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), jointly by the following persons (each, a “Filing Person” and collectively, the “Filing Persons”): (1) AvidXchange Holdings, Inc., a Delaware corporation (“AvidXchange” or the “Company”); (2) Arrow Borrower 2025, Inc., a Delaware corporation (“Parent”); (3) Arrow Merger Sub 2025, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”); (4) Arrow Intermediate 2025, Inc., a Delaware corporation; (5) Arrow Holdings 2025, Inc., a Delaware corporation (“Holdings”); (6) Arrow Parent 2025, L.P., a Delaware limited partnership (“Topco”); (7) Arrow Parent GenPar 2025, LLC, a Delaware limited liability company; (8) TPG IX Arrow Parent Holdings, L.P., a Delaware limited partnership; (9) Arrow Parent Holdings GenPar 2025, LLC, a Delaware limited liability company; (10) The Arrow Holdings Business Trust, a Nevada business trust; (11) TPG Partners IX, L.P., a Delaware limited partnership; (12) Corpay, Inc., a Delaware corporation; (13) Green and Gold 2014 GRAT, an irrevocable trust; (14) Green and Gold 2015 GRAT, an irrevocable trust; and (15) Michael Praeger.
This Transaction Statement relates to the Agreement and Plan of Merger, dated as of May 6, 2025 (including all exhibits and documents attached thereto, and as it may be amended from time to time, the “Merger Agreement”), by and among the Company, Parent and Merger Sub. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent (the “Surviving Corporation”). The Merger Agreement and the transactions contemplated thereby, including the Merger, are more fully described in the Proxy Statement (as hereinafter defined).
In connection with the execution of the Merger Agreement, certain officers of the Company (each, a “Rollover Stockholder”) have entered into rollover agreements (the “Rollover Agreements”) with Holdings and Topco, pursuant to which, among other matters, each Rollover Stockholder will, immediately prior to the effective time of the Merger (the “Effective Time”), contribute, transfer and assign to Holdings certain shares of common stock of the Company, $0.001 par value per share (“Company Common Stock”) held by such Rollover Stockholder in exchange for newly issued shares of Holdings, and each Rollover Stockholder will immediately thereafter contribute such Holdings shares to Topco in exchange for Topco issuing newly issued units of Topco to such Rollover Stockholder, in each case, in accordance with the terms of the Rollover Agreements.
Upon the consummation of the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, each share of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than (i) shares owned immediately prior to the Effective Time by Parent, Merger Sub or any of their respective subsidiaries or held in treasury by the Company, (ii) shares as to which statutory rights of appraisal have been properly and validly exercised under Delaware law, and (iii) shares contributed to Topco prior to the Effective Time pursuant to the Rollover Agreements) will be converted into the right to receive $10.00 in cash, without interest (as may be adjusted pursuant to the Merger Agreement, the “Merger Consideration”). Shares of Company Common Stock with respect to which a demand for appraisal has been validly made (and not forfeited or withdrawn) in accordance with Delaware law (“Dissenting Shares”) will be entitled to receive payment of the appraised value of such shares as provided by Delaware law.
The board of directors of the Company (the “Company Board”) formed a transaction committee comprised solely of disinterested and independent members of the Company Board (the “Transaction Committee”), which, among other things, reviewed and evaluated the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger, in consultation with, where appropriate, Company management and the Company’s legal and financial advisors. The Board, by the unanimous vote of the independent directors, has (1) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair to, advisable and in the best interests of, the Company and its stockholders, (2) approved the execution, delivery and performance of the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger, (3) directed that the adoption of the Merger Agreement be submitted to a vote of the Company stockholders and (4) resolved to recommend the adoption of the Merger Agreement by the Company stockholders.
The Merger cannot be completed without the affirmative vote of the holders of at least a majority of the shares of Company Common Stock outstanding and entitled to vote in accordance with the General Corporation Law of the State of Delaware (the “DGCL”).
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If the Merger is consummated, the Company Common Stock will be delisted from the Nasdaq Global Select Market and deregistered under the Exchange Act.
Concurrently with the filing of this Amendment No. 2, the Company is filing with the SEC, under Regulation 14A of the Exchange Act, Amendment No. 2 to its preliminary proxy statement (as amended thereby, the “Proxy Statement”), pursuant to which the Company is soliciting proxies from stockholders of the Company in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment. Capitalized terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.
Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all appendices thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement and the appendices thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.
While each of the Filing Persons acknowledges that the Merger may be deemed to constitute a “going private” transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is “controlled” by any of the Filing Persons and/or their respective affiliates.
The information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company. All information contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement concerning each Filing Person has been supplied by such Filing Person.
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Item 1.
Summary Term Sheet
Regulation M-A Item 1001
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
Item 2.
Subject Company Information
Regulation M-A Item 1002
(a) Name and address. The Company’s name, and the address and telephone number of its principal executive offices are:
AvidXchange Holdings, Inc.
1210 AvidXchange Lane
Charlotte, NC 28206
(800) 560-9305
(b) Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“THE SPECIAL MEETING—Record Date; Shares Entitled to Vote; Quorum”
“SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY”
(c) Trading market and price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:
“MARKET PRICES”
(d) Dividends. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“THE MERGER AGREEMENT—Conduct of Business Pending the Merger”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends”
(e) Prior public offerings. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Prior Public Offerings”
(f) Prior stock purchases. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:
“SPECIAL FACTORS—Rollover Shares”
“THE MERGER AGREEMENT”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Prior Public Offerings”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Certain Transactions in the Shares of Company Common Stock”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Past Contacts, Transactions, Negotiations and Agreements”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
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Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference.
Item 3.
Identity and Background of Filing Person
Regulation M-A Item 1003
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
(a) – (b) Name and address; Business and background of entities.
“SUMMARY—The Parties to the Merger Agreement”
“SPECIAL FACTORS—Parties Involved in the Merger”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Directors and Executive Officers of the Company”
“OTHER IMPORTANT INFORMATION REGARDING THE PARENT FILING PARTIES”
“OTHER IMPORTANT INFORMATION REGARDING THE CEO ROLLOVER FILING PARTIES”
“WHERE YOU CAN FIND MORE INFORMATION”
(c) Business and background of natural persons.
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Directors and Executive Officers of the Company”
“OTHER IMPORTANT INFORMATION REGARDING THE PARENT FILING PARTIES”
“OTHER IMPORTANT INFORMATION REGARDING THE CEO ROLLOVER FILING PARTIES”
“WHERE YOU CAN FIND MORE INFORMATION”
Item 4.
Terms of the Transaction
Regulation M-A Item 1004
(a) Material terms.
(1) Tender offer. Not applicable.
(2) (i)-(vii) Merger or similar transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“THE SPECIAL MEETING—Vote Required; Abstentions and Broker Non-Votes”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Closing and Effective Time of the Merger”
“SPECIAL FACTORS—Merger Consideration”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Fairness Opinion of Barclays Capital Inc.”
“SPECIAL FACTORS—Materials Provided to the Company by FT Partners”
“SPECIAL FACTORS—Certain Financial Forecasts”
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“SPECIAL FACTORS—Purpose and Reasons of the CEO Rollover Filing Parties for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Anticipated Accounting Treatment of the Merger”
“SPECIAL FACTORS—Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock”
“SPECIAL FACTORS—Interests of the Directors and Executive Officers of the Company in the Merger—Treatment of the Company Equity Awards, Company Stock Plans and ESPP in the Merger”
“SPECIAL FACTORS—Litigation Related to the Merger”
“THE MERGER AGREEMENT—Conditions to the Merger”
“THE MERGER AGREEMENT—Effect of the Merger on Company Common Stock”
“THE MERGER AGREEMENT—Payment for the Company Common Stock”
“THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger”
“THE MERGER AGREEMENT—Indemnification of Directors and Officers; Insurance”
“THE MERGER AGREEMENT—Employee Matters”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Annex C – Fairness Opinion of Barclays
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
(c) Different terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“SPECIAL FACTORS—Rollover Shares”
“THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock”
“THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger”
“THE MERGER AGREEMENT—Indemnification of Directors and Officers; Insurance”
“THE MERGER AGREEMENT—Employee Matters”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
“PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
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Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
(d) Appraisal rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Appraisal Rights”
(e) Provisions for unaffiliated security holders. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:
“SPECIAL FACTORS—Provision for Unaffiliated Stockholders”
(f) Eligibility for listing or trading. Not applicable.
Item 5.
Past Contacts, Transactions, Negotiations and Agreements
Regulation M-A Item 1005
(a)(1) – (2) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“SPECIAL FACTORS—Financing of the Merger”
“THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock”
“THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Certain Transactions in the Shares of Company Common Stock”
“PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
(b) – (c) Significant corporate events; Negotiations or contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
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“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“SPECIAL FACTORS—Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock”
“SPECIAL FACTORS—Financing of the Merger”
“SPECIAL FACTORS—Financing Cooperation”
“SPECIAL FACTORS—Rollover Shares”
“THE MERGER AGREEMENT”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
(e) Agreements involving the subject company’s securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Financing of the Merger”
“SPECIAL FACTORS—Financing Cooperation”
“SPECIAL FACTORS—Rollover Shares”
“THE MERGER AGREEMENT”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
“THE SPECIAL MEETING—Vote Required; Abstentions and Broker Non-Votes”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Certain Transactions in the Shares of Company Common Stock”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
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Item 6.
Purposes of the Transaction, and Plans or Proposals.
Regulation M-A Item 1006
(b) Use of securities acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Effect on the Company if the Merger Is Not Consummated”
“SPECIAL FACTORS—Merger Consideration”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“SPECIAL FACTORS—Delisting and Deregistration of Common Stock”
“MARKET PRICES”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
(c)(1) – (8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties for the Merger”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Effect on the Company if the Merger Is Not Consummated”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“SPECIAL FACTORS—Financing of the Merger”
“SPECIAL FACTORS—Financing Cooperation”
“SPECIAL FACTORS—Rollover Shares”
“SPECIAL FACTORS—Delisting and Deregistration of Common Stock”
“THE MERGER AGREEMENT—Structure of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers”
“THE MERGER AGREEMENT—Conduct of Business Pending the Merger”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
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“MARKET PRICES”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Directors and Executive Officers of the Company”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
Item 7.
Purposes, Alternatives, Reasons and Effects
Regulation M-A Item 1013
(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger” 
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Fairness Opinion of Barclays Capital Inc.”
“SPECIAL FACTORS—Materials Provided to the Company by FT Partners”
(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
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“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Fairness Opinion of Barclays Capital Inc.”
“SPECIAL FACTORS—Materials Provided to the Company by FT Partners”
“SPECIAL FACTORS—Certain Financial Forecasts”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
Annex C – Fairness Opinion of Barclays
(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Plans for the Company After the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Effect on the Company if the Merger Is Not Consummated”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“SPECIAL FACTORS—Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock”
“SPECIAL FACTORS—Anticipated Accounting Treatment of the Merger”
“SPECIAL FACTORS—Financing of the Merger”
“SPECIAL FACTORS—Fees and Expenses”
“SPECIAL FACTORS—Merger Consideration”
“SPECIAL FACTORS—Delisting and Deregistration of Common Stock”
“SPECIAL FACTORS—Appraisal Rights”
“THE MERGER AGREEMENT—Indemnification of Directors and Officers; Insurance”
“THE MERGER AGREEMENT—Employee Matters”
10
“THE MERGER AGREEMENT—Structure of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers”
“THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock”
“THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger”
“THE MERGER AGREEMENT—Conduct of Business Pending the Merger”
“MARKET PRICES”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Item 8.
Fairness of the Transaction
Regulation M-A Item 1014
(a) – (b) Fairness; Factors considered in determining fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Fairness Opinion of Barclays Capital Inc.”
“SPECIAL FACTORS—Materials Provided to the Company by FT Partners”
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
Annex C – Fairness Opinion of Barclays
(c) Approval of security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“THE MERGER AGREEMENT—Conditions to the Merger”
“THE SPECIAL MEETING”
“PROPOSAL NO. 1: THE MERGER PROPOSAL”
11
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
(d) Unaffiliated representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
(e) Approval of directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Fairness Opinion of Barclays Capital Inc.”
“SPECIAL FACTORS—Materials Provided to the Company by FT Partners”
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“PROPOSAL NO. 1: THE MERGER PROPOSAL”
(f) Other offers. Not applicable.
Item 9.
Reports, Opinions, Appraisals and Negotiations
Regulation M-A Item 1015
(a) – (c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Fairness Opinion of Barclays Capital Inc.”
“SPECIAL FACTORS—Materials Provided to the Company by FT Partners”
“WHERE YOU CAN FIND MORE INFORMATION”
12
Annex C – Fairness Opinion of Barclays
The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of AvidXchange during its regular business hours by any interested equity security holder of AvidXchange or representative who has been so designated in writing.
Item 10.
Source and Amounts of Funds or Other Consideration
Regulation M-A Item 1007
(a) – (b) Source of funds; Conditions. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:
“SUMMARY”
“SPECIAL FACTORS—Financing of the Merger”
“SPECIAL FACTORS—Financing Cooperation”
Amended and Restated Commitment Letter, dated as of May 23, 2025, entered into by Arrow Borrower 2025, Inc., Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Cliffwater Corporate Lending Fund, MUFG Bank LTD., New Mountain Finance Advisers, L.L.C., PCL LVS IV LP, PCLF SPE III LP and Jasper CS LLC., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference
Equity Commitment Letter, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. and Arrow Borrower 2025, Inc., is attached hereto as Exhibit (b)(4) and is incorporated herein by reference
Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc., is attached hereto as Exhibit (b)(5) and is incorporated herein by reference
(c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“SPECIAL FACTORS—Fees and Expenses”
“THE MERGER AGREEMENT—Termination”
“THE MERGER AGREEMENT—Termination Fees”
“THE MERGER AGREEMENT—Expenses Generally”
(d) Borrowed funds. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SPECIAL FACTORS—Financing of the Merger”
“SPECIAL FACTORS—Financing Cooperation”
Amended and Restated Commitment Letter, dated as of May 23, 2025, entered into by Arrow Borrower 2025, Inc., Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Cliffwater Corporate Lending Fund, MUFG Bank LTD., New Mountain Finance Advisers, L.L.C., PCL LVS IV LP, PCLF SPE III LP and Jasper CS LLC., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference
Item 11.
Interest in Securities of the Subject Company
Regulation M-A Item 1008
(a) Securities ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SPECIAL FACTORS—Interests of Executive Officers and Directors of the Company in the Merger”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
“SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT”
13
Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
(b) Securities transactions. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:
“SPECIAL FACTORS—Rollover Shares”
“THE MERGER AGREEMENT”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Prior Public Offerings”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Certain Transactions in the Shares of Company Common Stock”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto
Item 12.
The Solicitation or Recommendation
Regulation M-A Item 1012
(d) Intent to tender or vote in a going-private transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
“SPECIAL FACTORS—Purpose and Reasons of the Purchaser Filing Parties for the Merger”
“SPECIAL FACTORS—Rollover Shares”
“THE SPECIAL MEETING—Vote Required; Abstentions and Broker Non-Votes”
“THE SPECIAL MEETING—Shares Held by Directors and Executive Officers”
“THE SPECIAL MEETING—Shares Held by the Supporting Stockholders”
“THE MERGER AGREEMENT—The Voting and Support Agreement”
Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference
(e) Recommendation of others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger”
“SPECIAL FACTORS—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger”
14
“SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger”
Item 13.
Financial Statements
Regulation M-A Item 1010
(a) Financial information. The audited consolidated financial statements of the Company for the fiscal years ended December 31, 2024 and 2023 are incorporated herein by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 28, 2025 (see “Item 8. Financial Statements and Supplementary Data” beginning on page 59). The consolidated financial statements set forth in Item 1 of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed on May 9, 2025, are incorporated herein by reference.
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“SPECIAL FACTORS—Certain Financial Forecasts”
“OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Book Value per Share”
“WHERE YOU CAN FIND MORE INFORMATION”
(b) Pro forma information. Not applicable.
Item 14.
Persons/Assets, Retained, Employed, Compensated or Used
Regulation M-A Item 1009
(a) – (b) Solicitations or recommendations; Employees and corporate assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION”
“SPECIAL FACTORS—Background of the Merger”
“SPECIAL FACTORS—Recommendation of the Board and Reasons for the Merger”
“SPECIAL FACTORS—Fees and Expenses”
“SPECIAL FACTORS—Interests of Directors and Executive Officers of the Company in the Merger”
“THE SPECIAL MEETING—Solicitation of Proxies”
Item 15.
Additional Information
Regulation M-A Item 1011
(b) Golden Parachute Compensation. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:
“SUMMARY”
“GENERAL INFORMATION—What am I being asked to vote on at the Special Meeting?”
“SPECIAL FACTORS—Certain Effects of the Merger on the Company”
“SPECIAL FACTORS—Certain Effects of the Merger for the Purchaser Filing Parties”
“THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock”
“THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger”
15
“SPECIAL FACTORS—Interests of Directors and Executive Officers of the Company in the Merger—Treatment of the Company Equity Awards, Company Stock Plans and ESPP in the Merger”
“THE SPECIAL MEETING—Purpose of the Special Meeting”
“PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL”
Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.
(c) Other material information. The information set forth in the Proxy Statement, including all appendices thereto, is incorporated herein by reference.
Item 16.
Exhibits
Regulation M-A Item 1016
(a)(1) Preliminary Proxy Statement of AvidXchange Holdings, Inc. (included in Schedule 14A filed on August 6, 2025 and incorporated herein by reference).
(a)(2) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).
(a)(3) Letter to AvidXchange Holdings, Inc. Stockholders (included in the Proxy Statement and incorporated herein by reference).
(a)(4) Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).
(a)(5) Press Release, dated May 6, 2025 (filed as Exhibit 99.1 to AvidXchange Holdings, Inc.’s Current Report on Form 8-K, filed May 6, 2025 and incorporated herein by reference).
(a)(6) Current Report on Form 8-K, dated May 6, 2025 (included in Schedule 14A filed on May 6, 2025 and incorporated herein by reference).
(a)(7) Current Report on Form 8-K, dated May 7, 2025 (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).
(a)(8) Email to Employees (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).
(a)(9) Avid Social Media Posts (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).
(a)(10) Teammate FAQs (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).
(a)(11) Customer/Supplier/Partner Email (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).
(a)(12) Customer-Facing Teammate FAQs (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).
(a)(13) Supplemental Teammate FAQs (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).
(a)(14) Customer-Facing Teammate Communication (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).
(a)(15) Praeger Social Media Posts (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).
(b)(1)+ Limited Guarantee, dated as of May 6, 2025, entered into by Corpay, Inc. in favor of AvidXchange Holdings, Inc.
(b)(2)+ Limited Guarantee, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. in favor of AvidXchange Holdings, Inc.
16
(b)(3)+ Amended and Restated Commitment Letter, dated as of May 23, 2025, entered into by Arrow Borrower 2025, Inc., Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Cliffwater Corporate Lending Fund, MUFG Bank LTD., New Mountain Finance Advisers, L.L.C., PCL LVS IV LP, PCLF SPE III LP and Jasper CS LLC.
(b)(4)+ Equity Commitment Letter, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. and Arrow Borrower 2025, Inc.
(b)(5)+ Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc.
(c)(1) Fairness Opinion of Barclays Capital Inc. (included as Annex C to the Proxy Statement and incorporated herein by reference).
(c)(2)+** Discussion materials prepared by Barclays Capital Inc., dated January 13, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(3)+ Discussion materials prepared by Barclays Capital Inc., dated January 24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(4)** Discussion materials prepared by Barclays Capital Inc., dated January 31, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(5)** Discussion materials prepared by Barclays Capital Inc., dated February 3, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(6)+ Discussion materials prepared by Barclays Capital Inc., dated February 3, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(7)+** Discussion materials prepared by Barclays Capital Inc., dated March 7, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(8)** Discussion materials prepared by Barclays Capital Inc., dated March 26, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(9)+** Discussion materials prepared by Barclays Capital Inc., dated March 27, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(10)+** Discussion materials prepared by Barclays Capital Inc., dated April 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(11)+** Discussion materials prepared by Barclays Capital Inc., dated April 17, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(12)+** Discussion materials prepared by Barclays Capital Inc., dated May 5, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(13)+ Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated December 18, 2024, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(14)+ Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated January 8, 2025 and reviewed January 10, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(15)+** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated January 24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(16)+ Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated January 24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.
(c)(17)** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated February 3, 2025, for the Transaction Committee of the Board of Directors and the Board of Directors of AvidXchange Holdings, Inc.
(c)(18)** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated March 26, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
17
(c)(19)+** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated March 31, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(20)+** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated April 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(21)+** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated April 17, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(22)** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated May 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(c)(23)+** Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated May 5, 2025, for the Board of Directors of AvidXchange Holdings, Inc.
(d)(1) Merger Agreement (included as Annex A to the Proxy Statement and incorporated herein by reference).
(d)(2)+ Form of Rollover Agreement.
(d)(3) Voting and Support Agreement, dated as of May 6, 2025, by and among Parent, Company and the stockholders of the Company party thereto (included as Annex D to the Proxy Statement and incorporated herein by reference).
(f)+ Section 262 of the Delaware General Corporation Law.
107+ Filing Fee Table
+
Previously Filed.
**
Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment.
18
SIGNATURE
After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated as of August 6, 2025.
 
 
 
 
AVIDXCHANGE HOLDINGS, INC.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ Ryan Stahl
 
 
 
 
 
 
Name: Ryan Stahl
 
 
 
 
 
 
Title: General Counsel, Senior Vice President and Secretary
 
 
 
 
 
 
 
ARROW BORROWER 2025, INC.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
ARROW MERGER SUB 2025, INC.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
ARROW INTERMEDIATE 2025, INC.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
ARROW HOLDINGS 2025, INC.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
ARROW PARENT 2025, L.P.
 
 
 
 
 
 
 
 
 
 
By:
 
 
ARROW PARENT GENPAR 2025, LLC, its general partner
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
ARROW PARENT GENPAR 2025, LLC
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19
 
 
 
 
TPG IX ARROW PARENT HOLDINGS, L.P.
 
 
 
 
 
 
 
 
 
 
By:
 
 
ARROW PARENT HOLDINGS GENPAR 2025, LLC, its general partner
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
ARROW PARENT HOLDINGS GENPAR 2025, LLC
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Authorized Signatory
 
 
 
 
 
 
 
 
 
 
THE ARROW HOLDINGS BUSINESS TRUST
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ John Flynn
 
 
 
 
 
 
Name: John Flynn
 
 
 
 
 
 
Title: Trustee
 
 
 
 
 
 
 
 
 
 
TPG PARTNERS IX, L.P.
 
 
 
 
 
 
 
 
 
 
By:
 
 
TPG GENPAR IX, L.P., its general partner
 
By:
 
 
TPG GENPAR IX ADVISORS, LLC, its general partner
 
 
 
 
 
 
 
 
By:
 
 
/s/ Martin Davidson
 
 
 
 
 
 
Name: Martin Davidson
 
 
 
 
 
 
Title: Chief Accounting Officer
 
 
 
 
 
 
 
 
 
 
CORPAY, INC.
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ Alissa Vickery
 
 
 
 
 
 
Name: Alissa Vickery
 
 
 
 
 
 
Title: Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
GREEN AND GOLD 2014 GRAT
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ James Blakey
 
 
 
 
 
 
Name: James Blakey
 
 
 
 
 
 
Title: Trustee
 
 
 
 
 
 
 
 
 
 
GREEN AND GOLD 2015 GRAT
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ James Blakey
 
 
 
 
 
 
Name: James Blakey
 
 
 
 
 
 
Title: Trustee
 
 
 
 
 
 
 
 
 
 
MICHAEL PRAEGER
 
 
 
 
 
 
 
 
 
 
By:
 
 
/s/ Michael Praeger
 
 
 
 
 
 
Name: Michael Praeger
 
 
 
 
 
 
 
 
 
 
20
Exhibit (c)(4)

 Project Virgil  January 2025 
 
 Proposed Agenda  Restricted - External  Process Update  Virgil Trading Performance  4  8 
 
 Process Update 
 
 Overview of process & dialogue  Preliminary conversations addressing inbound interest in H2’24 led to formal process held in January 2025  4  12  7  4  2  Inbound Interest and Introductory Dialogue  (Q3/Q4’24)  Highly Active in Post- NDA Diligence  (Mid/Late January 2025)  Signed NDAs and Invited to Formal Process  (Mid-January 2025)  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 seven parties that had communicated credible preliminary interest in a potential transaction  These seven 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  Four 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  REDACTED  submitted a non-binding IOI on 1/28  TPG remains highly active in finalizing their initial diligence and potentially imminently submitting a non-binding IOI  Still Active  REDACTED  Restricted - External 
 
 Pass rationale summary  Selected pass rationale among post-NDA parties who elected not to submit IOIs  Restricted - External  Five Parties Passed Post-NDA(a)  Did not engage in process post invitation  REDACTED  Passed after diligence  REDACTED  Slowing growth in recent years and in near-term outlook  Multi-year trend of slowing topline growth across revenue, volume, and customer counts mutes interest from parties seeking to invest into businesses with stronger current growth profile  Inability to offer compelling purchase price premium to public market value  Initial conversations with some parties took place in 2024 when the share price was trading at ~$8  By January when the Company’s share price had appreciated to $10-11, some parties indicated they could not offer a compelling premium to current public market value  Lack of visibility in various cited growth opportunities underlying the Company’s LRP model  Desire to see material traction in identified growth vectors such as Payments Accelerator, new pay modes, and Spend Management in order to more fully underwrite the growth projected in the LRP  Revenue mix  Some parties cited desire to see mix and growth opportunities more heavily weighted to software  revenue versus the majority of the Company’s existing revenue coming from payment monetization  Seeking transformational component of investment thesis  One party noted desire for notionally “transformational” opportunity, such as major imminent M&A, to form the core of their investment thesis, versus just underwriting incremental product roadmap and go-to-market growth drivers  Complexities and timing associated with regulatory approvals required to close  Necessity of securing MTL license transfers add transaction complexity and significant time between signing and closing, impacting potential buyer interest  5  (a) Among the twelve parties with which the Company engaged in preliminary dialogue, five did not proceed to NDA signing. These five were  REDACTED 
 
 Restricted - External  Transaction  Acquisition of 100% of AvidXchange in all-cash transaction  Purchase Price  Enterprise value: $1.9-2.1bn  Purchase price per share(a): $10.75 – 11.25  Premium vs. Closing Share Price on 1/30/25: 1-6%  Premium vs. 180-day VWAP: 16-21%  Valuation Multiples  2024 EBITDA Multiple: 22-25x  2025E EBITDA Multiple: 18-20x  2024 EBITDA less Capitalized Software Spend Multiple: 28-31x(b)  2025E EBITDA less Capitalized Software Spend Multiple: 22-25x  Acquisition Funding(c)  Debt: $732mm (34% of sources of cash)  ~7x Q4’24 run-rate EBITDA  Equity: $1,405mm (66% 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  Timing  4-6 weeks from IOI acceptance to signing definitive documentation  Would not occur before the Company’s earnings announcement in late February  Advisors  Have engaged REDACTED for post-IOI work  Closing Conditions  Final approval from REDACTED investment committee prior to signing definitive documentation, with no additional approvals required  Expected Legal Terms   (i) No indemnity deal, (ii) a go-shop period and a reduced go-shop termination fee, (iii) a general company termination fee and sponsor reverse termination fee, (iv) 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  (c) Funding of sources of cash assuming midpoint of purchase price range  6  REDACTEDnon-binding IOI summary  Received 1/28/25  (b) REDACTEDspecifically 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  (a) REDACTED assumed FDSO of 216.7mm 
 
 Virgil Trading Performance 
 
 Virgil Share Price Over Time  $5  $10  $15  $20  $30  Oct-21  Apr-22  Nov-22  May-23  Dec-23  Jun-24  Jan-25  Source(s): FactSet. Market data as of 1/29/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins.  Share Price Since IPO  $10.76  Post-Earnings Price Reaction  IPO Price $25  $25.00  First Day Close:  $24.94  Nov 2024  3Q24 earnings; Strong bottom line growth;  raised EBITDA guidance  from $74mm to $78.5mm  Nov 2021  3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%;  May 2022  1Q22 earnings; Raised CY23 revenue guidance from $299mm to  $305mm  Jan 2023  Named Dan Drees as President  Jun 2023  Virgil Investor Day  CY21  CY22  CY23  CY24  Q3  Q4  CY21  Q1  Q2  Q3  Q4  CY22  Q1  Q2  Q3  Q4  CY23  Q1  Q2  Q3  NTM Rev Growth(1)  24%  20%  20%  22%  21%  20%  16%  16%  16%  18%  19%  17%  17%  17%  13%  11%  NTM Gross Margin(1)  61%  63%  63%  62%  64%  65%  66%  66%  67%  68%  70%  72%  72%  73%  73%  74%  NTM EBITDA Margin(1)  (17%)  (13%)  (13%)  (10%)  (7%)  (3%)  1%  1%  2%  6%  10%  17%  17%  18%  19%  21%  NTM Rule of 40  7%  7%  7%  12%  14%  17%  17%  17%  18%  24%  29%  34%  34%  35%  32%  32%  Share Price Summary  High  Low  Avg  Since IPO  $26.57  $6.14  $10.44  LTM  $13.29  $7.44  $10.57  Market & Operating Summary (1/29/2025)  2024E  2025E  2026E  Market Cap  $2,399  EV / Revenue  4.8x  4.3x  3.8x  (-) Cash  ($386)  EV / Gross Profit  6.5x  5.8x  5.0x  (+) Debt  $72  EV / EBITDA  26.2x  21.0x  15.9x  Enterprise Value  $2,086  Jul 2024  2Q24 earnings; Lowered CY24 revenue guidance  from $445mm to  $437.5mm  Aug 2024  Announced first ever Share Repurchase Plan of up to $100mm  8  Restricted - External  30% 1-day  drop  $12.72  $8.94 
 
 Virgil Relative Share Price Performance vs. Peers  Source(s): FactSet. Market data as of 1/29/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL.  Share Price Performance Since IPO  0%  50%  100%  150%  Oct-21  Apr-22  Nov-22  Virgil  May-23  Dec-23  Jun-24  Jan-25  Peers(1)  8  Restricted - External  (57%)  (1%)  Since IPO  3-Yr  2-Yr  1-Yr  YTD  Virgil  (57%)  19%  (6%)  (6%)  5%  Peers  (1%)  17%  10%  28%  5%  Performance 
 
 Virgil Q2 2024 Earnings Release on CY2024E Guidance  Source(s): FactSet, Broker Research, Company filings.  Revenue  Adj. EBITDA  $441.0  $442.0  $436.0  $444.4  $447.6  $447.5  $447.0  $448.0  $439.0  Q1 ’24A  May Roadshow  Q2 ’24A  Interest from customer funds  $49  $45  $45  $67  $71  $73  $52  $73  $77  $71  $75  $75  Q1 ’24A  May Roadshow  Q2 ’24A  ($ in millions)  ($ in millions)  Consensus  10  Restricted - External  CY24E Guidance Over Time  (2.2%)  (0.5%)  0%  ∆ to Midpoint  (3.8%)  0%  32% 
 
 Virgil Q4 2024 and CY2025E Consensus vs. Guidance  Q4 2024A  CY2025E  Source(s): Company Filings, Virgil Management Estimates, Broker Research as of 1/29/2025. 1. Calculated by taking latest FY guidance from 3Q24 disclosure and subtracting reported nine month results for 2024 (Q1 – Q3 2024). 2. Based on discussions with management.  10  Restricted - External  Consensus (Midpoint)  Illustrative Guidance(2)  $ Delta  % Delta  Revenue (Low)  $480.0  $453.0  ($27.0)  (5.6%)  Growth  9.4%  3.2%  620bps  Revenue (Midpoint)  $480.0  $456.5  ($23.5)  (4.9%)  Growth  9.4%  4.0%  (540bps)  Revenue (High)  $480.0  $460.0  ($20.0)  (4.2%)  Growth  9.4%  4.8%  (460bps)  EBITDA (Low)  $99.5  $87.0  ($12.5)  (12.6%)  Margin  20.7%  19.2%  (150bps)  EBITDA  (Midpoint)  $99.5  $89.5  ($10.0)  (10.1%)  Margin  20.7%  19.6%  (110bps)  EBITDA (High)  $99.5  $92.0  ($7.5)  (7.5%)  Margin  20.7%  20.0%  (70bps)  Implied Q4(1)  Consensus  Actuals  Δ to Implied  Δ to Consensus  Revenue  $114.5  $114.9  $115.4  0.8%  0.4%  Growth  10.0%  10.3%  10.9%  90bps  60bps  EBITDA  $20.1  $21.2  $26.3  30.8%  24.1%  Margin  17.6%  18.5%  22.8%  520bps  430bps 
 
 (9.6%)  (11.2%)  (14.7%)  (19.3%)  (7.6%)  (8.2%)  (14.1%)  (15.5%)  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  (4.5%)-(6.0%)  128  123  193  223  85  88  168  192  Median  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  (4.5%)-(6.0%)  (7.6%)  (13.9%)  (15.9%)  (5.0%)  (10.2%)  (17.2%)  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  65  143  213  50  105  162  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  Technology Universe Guidance Analysis Over The Last 3 Years(1)  Sales Guidance Revision  Source(s): Company Filings, FactSet. Market data as of 1/29/2025. 1. Analysis includes Technology stocks traded on a major exchange with market caps over $500mm and who have reported full year guidance on a quarterly cadence over the past 3 years. 2. Values shown for companies that have revised sales or EBITDA guidance lower for the full year and experienced a negative stock price reaction the following day. Excludes 27 instances when firms have not recovered after 650 days or below 10 days.  EBITDA  Guidance  Revision  Average 1-Day Share Price Reaction(2)  Days to Recover(2)  Average  12  Restricted - External  % Guidance Revision  % Guidance Revision 
 
 Average EV / NTM EBITDA  1 Year  2 Year  3 Year  Peers  13.3x  12.3x  12.5x  -  10.0x  20.0x  30.0x  Oct-21  Apr-22  Nov-22  Virgil  May-23  Jun-24  Jan-25  Dec-23  Peers(1)  4.3x  2.0x  Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25  6.0x  10.0x  14.0x  Multiples Compared to Peers  Source(s): FactSet. Market data as of 1/29/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period.  Median EV / NTM Revenue Over Time  Median EV / NTM EBITDA Over Time(2)  6.3x  16.2x  0.0x  Average EV / NTM Revenue  1 Year 2 Year 3 Year  Virgil Peers  4.0x  5.1x  4.0x  5.4x  4.0x  5.8x  12  Restricted - External 
 
 0.0x  10.0x  20.0x  30.0x  40.0x  0%  5%  10%  15%  20%  25%  30%  35%  Payments Companies Regression Analysis  CY25E Revenue Growth  Source(s): FactSet. Market data as of 1/29/2025. Includes 63 companies in Payments space. Values above <0.0x and >85.0x are denoted as “NM” and excluded from the regression.  14  EV/CY25E EBITDA vs CY25E Revenue Growth  21.0x  EV/CY25E EBITDA  10%  (Implied) Multiples  Current  Consensus Guidance (Low) Guidance (Mid) Guidance (High)  18.0x  12.5x  11.6x  10.6x  3% 4% 5%  Restricted - External 
 
 2025 EBITDA  Preliminary Budget(1)  Illustrative Guidance(1)  LRP  Consensus  High  Mid Low  (10.0%) (12.5%)  $90 $87  +4.9%  -  (3.7%)  (7.5%)  (19.6%)  $104  $99  $96  $92  $80  21.0x  $11.21  $10.76  $10.42  $10.07  $9.83  $9.60  $8.95  19.0x  $10.31  $9.90  $9.59  $9.27  $9.06  $8.85  $8.25  17.0x  $9.38  $9.02  $8.74  $8.45  $8.26  $8.07  $7.54  15.0x  $8.46  $8.13  $7.88  $7.63  $7.46  $7.29  $6.82  13.0x  $7.52  $7.24  $7.02  $6.80  $6.65  $6.51  $6.10  11.0x  $6.58  $6.34  $6.16  $5.97  $5.85  $5.73  $5.38  EV / 2025 EBITDA Multiple  2025 Revenue  Preliminary Budget(1)  Illustrative Guidance(1)  LRP  Consensus  High  Mid Low  (4.9%) (5.6%)  $457 $453  +1.4%  -  (3.0%)  (4.2%)  (10.0%)  $487  $480  $465  $460  $432  EV / 2025 Revenue Multiple  4.8x  $11.96  $11.82  $11.51  $11.39  $11.32  $11.24  $10.79  1/29 close  4.3x  $10.88  $10.76  $10.48  $10.38  $10.31  $10.24  $9.84  3.8x  $9.81  $9.70  $9.45  $9.36  $9.30  $9.24  $8.88  3.3x  $8.73  $8.63  $8.42  $8.34  $8.28  $8.23  $7.92  2.8x  $7.64  $7.56  $7.37  $7.31  $7.26  $7.22  $6.95  2.3x  $6.55  $6.48  $6.33  $6.27  $6.23  $6.20  $5.98  Illustrative Virgil Share Price Sensitivity  Preliminary Share Price Sensitivity  EV / 2025 EBITDA Multiple  EV / 2025 Revenue Multiple  Current Multiple Implied by Consensus  % Delta vs. Consensus:  Source(s): Company Filings, Management Estimates, Broker Research as of 1/29/2025. 1. Based on discussions with management.  15  1/29 close  Current Multiple Implied by Consensus  Restricted - External 
 
 Disclaimer  Restricted - External  The following pages contain material that was provided to the Board of Directors (the “Board”) of Virgil (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes.  Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice.  Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction.  Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person.  Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions.  These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein.  Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 
 
Exhibit (c)(5)

 Project Virgil  February 2025 
 
 Situation Update 
 
 Overview of process & dialogue  Preliminary conversations addressing inbound interest in H2’24 led to formal process held in January 2025  12  7  4  2  Inbound Interest and Introductory Dialogue  (Q3/Q4’24)  Highly Active in Post- NDA Diligence  (Mid/Late January 2025)  Signed NDAs and Invited to Formal Process  (Mid-January 2025)  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 seven parties that had communicated credible preliminary interest in a potential transaction  These seven 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  Four 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  REDACTEDsubmitted a non-binding IOI on 1/28  TPG submitted a non-binding IOI on 1/31  Submitted IOI  REDACTED  4  Restricted - External 
 
 Pass rationale summary  Selected pass rationale among post-NDA parties who elected not to submit IOIs  4  Restricted - External  Five Parties Passed Post-NDA(1)  Did not engage in process post invitation  REDACTED  Passed after diligence  REDACTED  Slowing growth in recent years and in near-term outlook  Multi-year trend of slowing topline growth across revenue, volume, and customer counts mutes interest from parties seeking to invest into businesses with stronger current growth profile  Inability to offer compelling purchase price premium to public market value  Initial conversations with some parties took place in 2024 when the share price was trading at ~$8  By January when the Company’s share price had appreciated to $10-11, some parties indicated they could not offer a compelling premium to current public market value  Lack of visibility in various cited growth opportunities underlying the Company’s LRP model  Desire to see material traction in identified growth vectors such as Payments Accelerator, new pay modes, and Spend Management in order to more fully underwrite the growth projected in the LRP  Revenue mix  Some parties cited desire to see mix and growth opportunities more heavily weighted to software  revenue versus the majority of the Company’s existing revenue coming from payment monetization  Seeking transformational component of investment thesis  One party noted desire for notionally “transformational” opportunity, such as major imminent M&A, to form the core of their investment thesis, versus just underwriting incremental product roadmap and go-to-market growth drivers  Complexities and timing associated with regulatory approvals required to close  Necessity of securing MTL license transfers add transaction complexity and significant time between signing and closing, impacting potential buyer interest  1. Among the twelve parties with which the Company engaged in preliminary dialogue, five did not proceed to NDA signing. These five were  REDACTED 
 
 Offer Price  $10.75 - $11.25 / Share(1)  $12.00 - $13.00 / Share(2)  Premium %  16% - 21% premium to Virgil’s 180-day VWAP of $9.26 / share  19% - 29% premium to Virgil’s 30-day VWAP Enterprise Value  Valuation  Methodology  31-33x implied multiple of FY2024 Adjusted EBITDA less Capitalized Software  Expenses of $62mm  28.5x implied EV / Adjusted 2024 EBITDA Multiple  Sources & Structure of Financing  All-cash transaction funded by 66% of Equity and 34% of Debt  REDACTEDto form a new acquisition vehicle  All-cash transaction funded by 72% equity and 28% debt  Diligence Requirements  Key Diligence Topics Include:  Growth strategy and competitive landscape  Recent performance and 2025 budget  Suppliers, buyers-suppliers and partners  Top clients and partnerships  Go-to-market and costs  Technologies and product roadmap  Accounting & legal  Key Diligence Topics Include:  Ability to maintain 10%+ Revenue growth in the near-term  2024 quarterly performance and predicted momentum  Assessment of software & payments whitespace  Technology diligence  Historical ERP integration timeline  Review of key partnership contracts  Detailed product roadmap  Opportunities for operating efficiency  M&A deep-dive and go-forward strategy  Accounting, legal and tax diligence  Time to Completion  Four to six weeks to execute confirmatory diligence and negotiate definitive transaction documentation  Does not expect to complete diligence by the company's next quarterly earnings.  Six weeks to execute confirmatory diligence and negotiate definitive transaction documentation  Advisors  REDACTED  Commercial Diligence: TBD  Accounting Diligence: TBD  Legal Diligence: Davis Polk  Technology Diligence: West Monroe  Commercial Diligence: Bain  Accounting & Tax diligence: Deloitte  AI Diligence: Saxecap  Side-by-Side of Indicative Key Terms  REDACTED  Source(s): Bidders’ Proposals  1. REDACTED LOI assumes FDSO of 216.7mm and net debt as of 9/30/2024 of 385.2mm, representing enterprise value between $1.9bn - $2.1bn.  2.  TPG’s LOI assumes that 205,517,689 common shares outstanding, 7,396,102 options outstanding with a weighted average strike price of $9.02, and 10,171,108 RSUs and ESPP shares outstanding. Per IOI, TPG’s offer is  based on Company LRP shared in January 2025. The midpoint of Purchase Consideration represents enterprise value of ~2.4bn. Debt and Cash balances reflect Company LRP as of 12/31/2024.  Restricted - External  5 
 
 Preliminary Perspectives on Valuation 
 
 (1)  0.0%  (4.8%)  0.0%  (2.0%)  (4.0%)  (6.0%)  (8.0%)  (9.0%)  (2)  Implied 2029E EBITDA Margin (%)  Barclays’ Preliminary Discounted Cash Flow Analysis  Financial Performance Sensitivity  Source(s): Historicals per Filings, CY25E to CY29E based on Company LRP. 1. Revenue growth sensitized from 2025E to 2029E. 2. EBITDA margin sensitized from 2025E to 2029E.  Preliminary Share Price - 15.0x Terminal Multiple  Key Assumptions  Implied 2029E EBITDA ($mm)  Assumes valuation date of 03/31/2025  Preliminary figures based on Company LRP through  2029E  Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management  Assumes 15.0x Terminal LTM EV/EBITDA Multiple  Assumes 14% WACC  Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology  Company LRP sensitized with annual revenue growth and EBITDA margin  Assumes other key financial metrics such as CapEx, Stock-based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP  LRP  16.0%  15.0%  14.0%  13.0%  12.0%  11.2%  42.0%  $387  $371  $355  $340  $325  $313  40.0%  $369  $353  $338  $323  $309  $298  38.0%  $350  $335  $321  $307  $294  $283  36.0%  $332  $318  $304  $291  $278  $268  34.0%  $313  $300  $287  $275  $263  $254  33.0%  $305  $292  $279  $267  $255  $246  (1)  LRP  16.0%  15.0%  14.0%  13.0%  12.0%  11.2%  42.0%  $16.72  $16.05  $15.40  $14.78  $14.18  $13.70  40.0%  $15.90  $15.27  $14.66  $14.06  $13.49  $13.04  38.0%  $15.09  $14.49  $13.91  $13.34  $12.80  $12.37  36.0%  $14.28  $13.71  $13.16  $12.63  $12.11  $11.70  34.0%  $13.47  $12.93  $12.41  $11.91  $11.42  $11.03  33.0%  $13.06  $12.54  $12.04  $11.54  $11.07  $10.84  0.0%  (4.8%)  0.0%  (2.0%)  (4.0%)  (6.0%)  (8.0%)  (9.0%)  Implied 2029E EBITDA Margin (%)  (2)  Extrapolated Consensus  Extrapolated Consensus  (1)  2024E - 2029E Revenue CAGR Delta vs. LRP (%) (1)  (1.0%) (2.0%) (3.0%) (4.0%)  2024E to 2029E Implied Revenue CAGR (%)  2024E - 2029E Revenue CAGR Delta vs. LRP (%) (1)  (1.0%) (2.0%) (3.0%) (4.0%)  2024E to 2029E Implied Revenue CAGR (%)  2026E - 2029E EBITDA  Margin Delta vs LRP (%) (2)  2026E - 2029E EBITDA  Margin Delta vs LRP (%)(2)  7  Restricted - External 
 
 Appendix 
 
 Process Overview  Buyer Outreach  14  7  4  2  Introductory Conversations Held  Parties Engaged with Process Letter  Engaged in Due Diligence Sessions  IOI Received  REDACTED REDACTED  REDACTED  11  Restricted - External  REDACTED  REDACTED  REDACTED 
 
 Summary of Indications of Interest  $10.75  $10  $11  $12  $13  $14  CY25E EBITDA ($104mm)  18.3x  20.5x  22.7x  24.9x  27.1x  CY26E EBITDA ($161mm)  11.9x  13.3x  14.7x  16.2x  17.6x  CY25E Revenue ($487mm)  3.9x  4.4x  4.9x  5.3x  5.8x  CY26E Revenue ($567mm)  3.4x  3.8x  4.2x  4.6x  5.0x  Current Price (01/31/25):  $10.60  Current Bids  Offer Price Range  $2.08bn  11  Restricted - External  13.0x  $11.25  $2.20bn  13.7x  Legend  Implied Enterprise Value  Implied EV / CY2026E EBITDA  $12.00  $2.37bn 14.7x  $13.00  $2.60bn 16.2x  REDACTED 
 
 ($ in millions, except for per share data)  Share Price ($)  % Premium to Current  Fully Diluted Shares (mm)  Fully Diluted Equity Value  Plus: Gross Debt(1) Less: Cash(1)  Net Debt  Virgil Current  REDACTED  (Low)  REDACTED  (Midpoint)  REDACTED  (High)  TPG  (Low)  TPG  (Midpoint)  TPG  (High)  $10.60  $10.75  $11.00  $11.25  $11.50  $12.00  $12.50  $13.00  $14.00  $15.00  $16.00  -  1%  4%  6%  8%  13%  18%  23%  32%  42%  51%  222.9  223.0  223.0  223.1  223.2  223.3  223.5  223.7  224.1  224.4  224.7  $2,363  $2,397  $2,454  $2,510  $2,567  $2,680  $2,794  $2,909  $3,137  $3,366  $3,595  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  $72  (386)  ($314)  ($314)  ($314)  ($314)  ($314)  ($314)  ($314)  ($314)  ($314)  ($314)  ($314)  $2,049  $2,083  $2,140  $2,197  $2,253  $2,367  $2,481  $2,595  $2,824  $3,053  $3,281  -  1%  4%  6%  8%  13%  18%  23%  32%  42%  51%  2%  3%  6%  8%  10%  15%  20%  25%  34%  44%  54%  9%  10%  13%  15%  18%  23%  28%  33%  43%  54%  64%  (20%)  (19%)  (17%)  (15%)  (13%)  (10%)  (6%)  (2%)  5%  13%  20%  42%  44%  48%  51%  55%  61%  68%  75%  88%  102%  115%  (4%)  (2%)  0%  2%  5%  9%  14%  18%  27%  36%  45%  4.7x  4.7x  4.9x  5.0x  5.1x  5.4x  5.6x  5.9x  6.4x  6.9x  7.5x  4.2x  4.3x  4.4x  4.5x  4.6x  4.9x  5.1x  5.3x  5.8x  6.3x  6.7x  3.6x  3.7x  3.8x  3.9x  4.0x  4.2x  4.4x  4.6x  5.0x  5.4x  5.8x  25.7x  26.1x  26.9x  27.6x  28.3x  29.7x  31.1x  32.6x  35.4x  38.3x  41.2x  19.6x  20.0x  20.5x  21.1x  21.6x  22.7x  23.8x  24.9x  27.1x  29.3x  31.4x  12.8x  13.0x  13.3x  13.7x  14.0x  14.7x  15.4x  16.2x  17.6x  19.0x  20.4x  33.2x  33.7x  34.6x  35.6x  36.5x  38.3x  40.2x  42.0x  45.7x  49.4x  53.1x  25.4x  25.8x  26.5x  27.2x  27.9x  29.3x  30.7x  32.1x  35.0x  37.8x  40.6x  18.1x  18.4x  18.9x  19.4x  19.9x  20.9x  21.9x  23.0x  25.0x  27.0x  29.0x  Total Enterprise Value  Premiums Analysis:   Virgil   Current Price (01/31/25)  $10.60  30-Day Closing Average (01/31/25)  $10.42  90-Day Closing Average (01/31/25)  $9.76  52 Week High (02/29/24)  $13.29  52 Week Low (09/17/24)  $7.44  Analyst Price Target - Median(2)  $11.00  Multiples Analysis:   LRP Metric:  CY2024E Revenue  $439  CY2025E Revenue  $487  CY2026E Revenue  $567  CY2024E EBITDA(3)  $80  CY2025E EBITDA(3)  $104  CY2026E EBITDA(3)  $161  CY2024E EBITDA - Capex (Software & Technology)  $62  CY2025E EBITDA - Capex (Software & Technology)  $81  CY2026E EBITDA - Capex (Software & Technology)  $113  Summary of Offers and Implied Multiples at Various Prices  Summary Value  Premiums  Multiples  11  Restricted - External  Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. 
 
 $5  $10  $15  $20  $30  Oct-21  Apr-22  Nov-22  May-23  Dec-23  Jun-24  Jan-25  Virgil Share Price Over Time  Share Price Since IPO  IPO Price $25  $25.00  First Day Close:  $24.94  $10.60  Post-Earnings Price Reaction  Nov 2024  3Q24 earnings;  Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm  Nov 2021  3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%;  May 2022  1Q22 earnings; Raised CY23 revenue guidance from $299mm to  $305mm  Jan 2023  Named Dan Drees as President  Jun 2023  Virgil Investor Day  Jul 2024  2Q24 earnings; Lowered CY24 revenue guidance  from $445mm to  $437.5mm  Aug 2024  Announced first ever Share Repurchase Plan of up to $100mm  30% 1-day  drop  $12.72  $8.94  Source(s): FactSet. Market data as of 1/31/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins.  CY21  CY22  CY23  CY24  Q3  Q4  CY21  Q1  Q2  Q3  Q4  CY22  Q1  Q2  Q3  Q4  CY23  Q1  Q2  Q3  NTM Rev Growth(1)  24%  20%  20%  22%  21%  20%  16%  16%  16%  18%  19%  17%  17%  17%  13%  11%  NTM Gross Margin(1)  61%  63%  63%  62%  64%  65%  66%  66%  67%  68%  70%  72%  72%  73%  73%  74%  NTM EBITDA Margin(1)  (17%)  (13%)  (13%)  (10%)  (7%)  (3%)  1%  1%  2%  6%  10%  17%  17%  18%  19%  21%  NTM Rule of 40  7%  7%  7%  12%  14%  17%  17%  17%  18%  24%  29%  34%  34%  35%  32%  32%  Enterprise Value  $2,049  Since IPO  Share Price Sum High  $26.57  mary Low  $6.14  Avg  $10.45  Market & Operating Summary (1/31/2025)  2024E 2025E 2026E  Market Cap $2,363 EV / Revenue 4.7x 4.3x 3.8x  LTM  $13.29  $7.44  $10.58  (-) Cash  ($386)  EV / Gross Profit  6.4x  5.7x  4.9x  (+) Debt  $72  EV / EBITDA  25.7x  20.6x  15.7x  11  Restricted - External 
 
 Virgil Relative Share Price Performance vs. Peers  Share Price Performance Since IPO  0%  50%  100%  150%  Oct-21  Apr-22  Nov-22  Virgil  May-23  Dec-23  Jun-24  Jan-25  Peers(1)  13  Restricted - External  (58%)  0%  Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL.  Performance  Since IPO  3-Yr  2-Yr  1-Yr  YTD  Virgil  (58%)  2%  (5%)  (3%)  3%  Peers  0%  14%  14%  31%  6% 
 
 Virgil Q2 2024 Earnings Release on CY2024E Guidance  Source(s): FactSet, Broker Research, Company filings.  Revenue  Adj. EBITDA  $441.0  $442.0  $436.0  $444.4  $447.6  $447.5  $447.0  $448.0  $439.0  Q1 ’24A  May Roadshow  Q2 ’24A  Interest from customer funds  $49  $45  $45  $67  $71  $73  $52  $73  $77  $71  $75  $75  Q1 ’24A  May Roadshow  Q2 ’24A  ($ in millions)  ($ in millions)  Consensus  14  Restricted - External  CY24E Guidance Over Time  (2.2%)  (0.5%)  0%  ∆ to Midpoint  (3.8%)  0%  32% 
 
 Virgil Q4 2024 and CY2025E Consensus vs. Guidance  Q4 2024A  CY2025E  Source(s): Company Filings, Virgil Management Estimates, Broker Research as of 1/31/2025. 1. Calculated by taking latest FY guidance from 3Q24 disclosure and subtracting reported nine month results for 2024 (Q1 – Q3 2024). 2. Based on discussions with management.  14  Restricted - External  Consensus (Midpoint)  Illustrative Guidance(2)  $ Delta  % Delta  Revenue (Low)  $480.0  $453.0  ($27.0)  (5.6%)  Growth  9.4%  3.2%  620bps  Revenue (Midpoint)  $480.0  $456.5  ($23.5)  (4.9%)  Growth  9.4%  4.0%  (540bps)  Revenue (High)  $480.0  $460.0  ($20.0)  (4.2%)  Growth  9.4%  4.8%  (460bps)  EBITDA (Low)  $99.5  $87.0  ($12.5)  (12.6%)  Margin  20.7%  19.2%  (150bps)  EBITDA  (Midpoint)  $99.5  $89.5  ($10.0)  (10.1%)  Margin  20.7%  19.6%  (110bps)  EBITDA (High)  $99.5  $92.0  ($7.5)  (7.5%)  Margin  20.7%  20.0%  (70bps)  Implied Q4(1)  Consensus  Actuals  Δ to Implied  Δ to Consensus  Revenue  $114.5  $114.9  $115.4  0.8%  0.4%  Growth  10.0%  10.3%  10.9%  90bps  60bps  EBITDA  $20.1  $21.2  $26.3  30.8%  24.1%  Margin  17.6%  18.5%  22.8%  520bps  430bps 
 
 (9.6%)  (11.2%)  (14.7%)  (19.3%)  (7.6%)  (8.2%)  (14.1%)  (15.5%)  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  (4.5%)-(6.0%)  128  123  193  223  85  88  168  192  Median  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  (4.5%)-(6.0%)  (7.6%)  (13.9%)  (15.9%)  (5.0%)  (10.2%)  (17.2%)  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  65  143  213  50  105  162  0.0%-(1.5%)  (1.5%)-(3.0%)  (3.0%)-(4.5%)  Technology Universe Guidance Analysis Over The Last 3 Years(1)  Sales Guidance Revision  Source(s): Company Filings, FactSet. Market data as of 1/31/2025. 1. Analysis includes Technology stocks traded on a major exchange with market caps over $500mm and who have reported full year guidance on a quarterly cadence over the past 3 years. 2. Values shown for companies that have revised sales or EBITDA guidance lower for the full year and experienced a negative stock price reaction the following day. Excludes 27 instances when firms have not recovered after 650 days or below 10 days.  EBITDA  Guidance  Revision  Average 1-Day Share Price Reaction(2)  Days to Recover(2)  Average  16  Restricted - External  % Guidance Revision  % Guidance Revision 
 
 Average EV / NTM EBITDA  1 Year  2 Year  3 Year  Peers  13.4x  12.3x  12.5x  -  10.0x  20.0x  30.0x  Oct-21  Apr-22  Nov-22  Virgil  May-23  Jun-24  Jan-25  Dec-23  (1)  Peers  Multiples Compared to Peers  Median EV / NTM Revenue Over Time  Median EV / NTM EBITDA Over Time(2)  Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period.  0.0x  6.0x  10.0x  14.0x  6.4x  4.3x  2.0x  Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25  15.4x  Average EV / NTM Revenue  1 Year 2 Year 3 Year  Virgil Peers  4.0x  5.1x  4.0x  5.5x  4.0x  4.0x  16  Restricted - External 
 
 Payments Companies Regression Analysis  EV/CY25E EBITDA vs CY25E Revenue Growth  0.0x  10.0x  20.6x  20.0x  18.1x  30.0x  40.0x  0%  5%  10%  15%  20%  25%  30%  35%  CY25E Revenue Growth  EV/CY25E EBITDA  10%  (Implied) Multiples  Current  Consensus Guidance (Low) Guidance (Mid) Guidance (High)  12.5x  11.5x  10.6x  3% 4% 5%  Source(s): FactSet. Market data as of 1/31/2025. Includes 63 companies in Payments space. Values above <0.0x and >85.0x are denoted as “NM” and excluded from the regression.  18  Restricted - External 
 
 2025 Revenue  Preliminary Budget(1)  Illustrative Guidance(1)  LRP  Consensus  High  Mid Low  (4.9%) (5.6%)  $457 $453  +1.4%  -  (3.0%)  (4.2%)  (10.0%)  $487  $480  $465  $460  $432  EV / 2025 Revenue Multiple  2025 EBITDA  Preliminary Budget(1)  Illustrative Guidance(1)  LRP  Consensus  High  Mid Low  (10.0%) (12.5%)  $90 $87  +4.9%  -  (3.7%)  (7.5%)  (19.6%)  $104  $99  $96  $92  $80  20.6x  $11.04  $10.60  $10.26  $9.92  $9.69  $9.46  $8.82  18.6x  $10.12  $9.72  $9.42  $9.10  $8.90  $8.69  $8.11  16.6x  $9.20  $8.84  $8.57  $8.29  $8.10  $7.92  $7.39  14.6x  $8.27  $7.95  $7.71  $7.46  $7.30  $7.13  $6.67  12.6x  $7.33  $7.06  $6.85  $6.63  $6.49  $6.35  $5.95  10.6x  $6.40  $6.16  $5.99  $5.81  $5.69  $5.57  $5.24  EV / 2025 EBITDA Multiple  Illustrative Virgil Share Price Sensitivity  Preliminary Share Price Sensitivity  EV / 2025 EBITDA Multiple  EV / 2025 Revenue Multiple  Implied by Consensus  % Delta vs. Consensus:  Current Multiple  Source(s): Company Filings, Management Estimates, Broker Research as of 1/31/2025. 1. Based on discussions with management.  19  4.8x  $11.80  $11.66  $11.35  $11.24  $11.16  $11.09  $10.65  4.3x  $10.72  $10.60  $10.32  $10.22  $10.16  $10.09  $9.69  1/31 close  3.8x  $9.65  $9.54  $9.29  $9.20  $9.15  $9.09  $8.74  3.3x  $8.57  $8.47  $8.26  $8.18  $8.13  $8.08  $7.77  2.8x  $7.48  $7.40  $7.22  $7.15  $7.11  $7.06  $6.80  2.3x  $6.39  $6.32  $6.17  $6.12  $6.08  $6.04  $5.83  Current Multiple Implied by Consensus  1/31 close  Restricted - External 
 
 Summary of Broker Price Targets and Recommendations  Source(s): FactSet, AlphaSense, Broker Research, Press release. Market data as of 1/31/2025.  20  Share Price Targets  Price  % vs. Current:  13%  4%  $10.60  $12.00  $11.00  $15.00  $9.00  Current Mean Median Max Min  (15%)  Buy 47%  Hold 41%  Sell 12%  Buy / Hold / Sell  Price Target and Valuation Methodology by Analyst  Price Target History  42%  $12.00  $10.60  Broker  Date of Latest Report  Price Target  Recommendation  Primary Valuation Methodology  Secondary Valuation Methodology  Wolfe  1/29/2025  $13.00  Buy  14.0x CY26 EV/EBITDA  4.5x CY26 EV/Gross Profit  Baird  1/16/2025  $14.00  Buy  4.5x CY26 EV/Revenue  -  Wells Fargo  1/16/2025  $10.00  Hold  14.0x CY26 EV/EBITDA  4.0x CY26 EV/Gross Profit  BMO  1/15/2025  $11.00  Hold  20.0x CY26 EV/EBITDA  -  Goldman Sachs  1/9/2025  $9.50  Sell  12.0x CY26 EV/EBITDA  -  Keefe Bruyette  1/5/2025  $11.00  Hold  -  -  KeyBanc  12/18/2024  $14.00  Buy  4.4x CY25 EV/Revenue  -  BTIG  12/11/2024  $14.00  Buy  20.0x CY26 EV/EBITDA  -  UBS  12/7/2024  $10.50  Hold  5.0x CY26 EV/Gross Profit  -  Barclays  11/15/2024  $13.00  Buy  7.0x CY25 EV/Gross Profit  DCF  Morgan Stanley  11/7/2024  $11.00  Hold  15.0x CY26 EV/EBITDA  -  JP Morgan  11/7/2024  $10.00  Hold  4.0x EV/Gross Profit  -  Piper Sandler  11/7/2024  $10.00  Hold  DCF  -  Compass Point  11/7/2024  $15.00  Buy  2.9x CY25 EV/Revenue  -  Deutsche Bank  11/7/2024  $15.00  Buy  -  -  Susquehanna  11/7/2024  $14.00  Buy  0.48x CY26 P/S/G  -  BofA  11/6/2024  $9.00  Sell  3.0x CY26 EV/Revenue  -  $14.36  3-Yr Max  avg. price target  Restricted - External 
 
 Disclaimer  Restricted - External  The following pages contain material that was provided to the Board of Directors (the “Board”) of Virgil (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes.  Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice.  Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction.  Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person.  Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions.  These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein.  Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 
 
Exhibit (c)(8)

 Project Virgil  March 2025 
 
 Share Price Since IPO  Virgil Share Price Over Time  $5  $10  $15  $20  $25  $30  Oct-21  Jun-22  Feb-23  Nov-23  Jul-24  Mar-25  $8.42  Post-Earnings Price Reaction  IPO Price  $25.00  First Day Close:  $24.94  Share Price Summary  High Low  Avg  Since IPO LTM  $26.57  $13.15  $6.14  $6.89  $10.38  $10.11  Nov 2021  3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%  May 2022  1Q22 earnings; Raised CY23 revenue guidance from $299mm to  $305mm  Jun 2023  Virgil Investor Day  Jul 2024  2Q24 earnings; Lowered CY24 revenue guidance from $445mm to  $437.5mm  Aug 2024  Announced first ever Share Repurchase Plan of up to  $100mm  Nov 2024  3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from  $74mm to $78.5mm  30%  1-day  $12.72  drop  $8.94  Feb 2025  4Q24 & FY24  earnings; Weaker CY25  revenue guidance  Jan 2023  Named Dan Drees as President  CY21  CY22  CY23  CY24  Q3  Q4  CY21  Q1  Q2  Q3  Q4  CY22  Q1  Q2  Q3  Q4  CY23  Q1  Q2  Q3  Q4  CY24  NTM Rev Growth(1)  24%  20%  20%  22%  21%  20%  16%  16%  16%  18%  19%  17%  17%  17%  13%  11%  11%  11%  NTM Gross Margin(1)  61%  63%  63%  62%  64%  65%  66%  66%  67%  68%  70%  72%  72%  73%  73%  74%  74%  74%  NTM EBITDA Margin(1)  (17%)  (13%)  (13%)  (10%)  (7%)  (3%)  1%  1%  2%  6%  10%  17%  17%  18%  19%  21%  22%  22%  NTM Rule of 40  7%  7%  7%  12%  14%  17%  17%  17%  18%  24%  29%  34%  34%  35%  32%  32%  32%  32%  Source(s): FactSet. Market data as of 3/19/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins.  Unaffected Price  $6.89  Unaffected  %∆  $6.89  Unaffected Share Price Current $∆  $8.42 $1.53  22.2%  Market & Operating Summary (3/19/2025)  2024E  2025E  2026E  Market Cap  $1,866  EV / Revenue  3.5x  3.4x  3.0x  (-) Cash  ($402)  EV / Gross Profit  4.8x  4.5x  4.0x  (+) Debt  $72  EV / EBITDA  18.1x  17.3x  13.4x  Enterprise Value  $1,536  Key Process Dates      REDACTED  : 1/28/2025  TPG Bid: 1/31/2025  Leak: 3/13/2025  2  Restricted - External 
 
 Virgil Relative Share Price Performance vs. Peers  Source(s): FactSet. Market data as of 3/19/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL.  Share Price Performance Since IPO  0%  50%  100%  150%  Oct-21  Jun-22  Feb-23  Nov-23  Jul-24  Mar-25  Virgil  Peers (1)  3  Restricted - External  (66%)  (16%)  Performance Since Leak  (Unaffected as of 3/12/2025)  Virgil  22%  Peers  3%  Since IPO  3-Yr  2-Yr  1-Yr  YTD  Virgil  (66%)  (0%)  12%  (35%)  (18%)  Peers  (16%)  (11%)  12%  7%  (15%)  Performance 
 
 CY2024E Guidance Over Time  Revenue  Adj. EBITDA  Consensus  Virgil CY2024E Guidance Over Time  $441.0  $442.0  $436.0  $437.0  $444.4  $447.6  $447.5  $436.5  $447.0  $448.0  $439.0  $439.0  ($ in millions)  Interest from customer funds  $49  $45  $45  (2.2%)  (0.6%)  (0.1%)  ∆ to Midpoint  Q1 ’24A  May Roadshow  Q2 ’24A Q3 ’24A  0.3%  $50  $438.9  Q4 ’24A  Actuals  $50  $67  $71  $73  $52  $73  $77  $78  $74  $71  $75  $75  $79  ($ in millions)  (4.0%)  0.0%  33.5%  5.9%  Q1 ’24A  May Roadshow  Q2 ’24A Q3 ’24A  $84.7  ($ in millions)  Market Reaction  (3.3%) 0.8% (29.7%) 13.9% (20.6%) (3.3%) 0.8% (29.7%) 13.9% (20.6%)  Source(s): FactSet, Broker Research, Company filings.  4  Restricted - External  Q4 ’24A  Actuals 
 
 CY2025E Virgil Guidance vs Consensus  CY2025E Guidance  Revenue  EBITDA  $101  Consensus  (Pre-Q4’24 Earnings)  $481  Consensus  (Pre-Q4’24 Earnings)  10%  4%  Growth  21%  19%  Margin  Guidance Range  (As of Q4’24 Earnings)  Guidance Range  (As of Q4’24 Earnings)  $453  $460  $86  $91  Source(s): FactSet, Broker Research, Company filings.  4  Restricted - External 
 
 Median EV / NTM Revenue Over Time  Multiples Compared to Peers  2.0x  6.0x  10.0x  14.0x  Oct-21  Jun-22  Feb-23  Nov-23  Jul-24  Mar-25  Virgil  Peers  Average EV / NTM Revenue  1 Year 2 Year  3 Year  Virgil Peers  3.8x  5.2x  4.0x  5.4x  3.9x  3.9x  5.2x  Source(s): FactSet. Market data as of 3/19/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL.  6  Restricted - External  3.1x  (1) 
 
 Share Price Targets  Buy / Hold / Sell  Price Target History  Summary of Broker Price Targets and Recommendations  $8.42  $9.30  $8.00  $13.00  $7.00  Current  Mean  Median  Max  Min  $9.30  $8.42  Price Target and Valuation Methodology by Analyst  Broker  Date of Latest Report  Previous Price Target  Price Target  % Δ in Price Target  Recommendation  Primary Valuation Methodology  Secondary Valuation Methodology  Wolfe  3/19/2025  $13.00  NA  -  Hold  11.0-13.0x CY26 EV/EBITDA  -  BTIG  3/17/2025  $14.00  $11.00  (21%)  Buy  15.0x CY26 EV/EBITDA  -  KBW  3/13/2025  $11.00  $8.00  (27%)  Hold  -  -  Baird  3/13/2025  $14.00  $12.00  (14%)  Buy  -  -  Wells Fargo  3/13/2025  $10.00  $8.00  (20%)  Hold  4.0x CY26 EV/Gross Profit  -  Compass Point  3/11/2025  $15.00  $13.00  (13%)  Buy  5.0x CY26 Mkt Cap/Revenue  -  Barclays  3/4/2025  $13.00  $8.00  (38%)  Hold  6.0x CY26 EV/Gross Profit  DCF  BMO  2/26/2025  $11.00  $7.50  (32%)  Hold  15.0x CY26 EV/EBITDA-CapEx  -  Deutsche Bank  2/26/2025  $15.00  $11.00  (27%)  Buy  19.0x CY26 EV/EBITDA  -  Goldman Sachs  2/26/2025  $9.50  $7.00  (26%)  Sell  9.0x CY26 EV/EBITDA  -  J.P. Morgan  2/27/2025  $10.00  $9.00  (10%)  Hold  4.0x CY26 EV/Gross Profit  -  KeyBanc  2/26/2025  $14.00  NA  NA  Hold  2.6x CY25 EV/Revenue  -  Morgan Stanley  2/27/2025  $11.00  $8.00  (27%)  Hold  13.0x CY26 EV/EBITDA  -  Piper Sandler  2/28/2025  $10.00  $8.00  (20%)  Hold  DCF  -  Susquehanna  2/28/2025  $14.00  $13.00  (7%)  Buy  11.0x CY26 EV/EBITDA  -  UBS  2/26/2025  $10.50  $8.00  (24%)  Buy  4.0x CY26 EV/Gross Profit  -  Bank of America  2/26/2025  $9.00  $8.00  (11%)  Sell  3.0x CY26 EV/Revenue  0.4x CY26 EV/Rev/Growth  Avg: $12.00  Avg: $9.30  Avg: (21%)  Hold 53%  Source(s): FactSet, Bloomberg, AlphaSense, Broker Research, Press release. Market data as of 3/19/2025.  7  Restricted - External  Buy 35%  Sell 12%  % vs. Current:  10%  (5%)  (17%)  54% 
 
 Investor 1  Multiple Investors  Investor 4  Select Investor Feedback Post-Leak  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  Source: Company. 1. Shareholdings in Virgil as per latest 13F filings. 2. Fully Diluted Shares Outstanding as of 12/31/24 per company model.  8  Restricted - External 
 
 Investor Cost Basis Summary – Management View  Source: Company. 1. The 4.3mm delta in share count between the Total and Float reflects shares held by retail investors.  9  Restricted - External  Investor Type  Share Count  % Float  Basis  Min. Price  Max Price  Index  44,684,691  29%  $9.85  $8.05  $12.07  Growth & Hedge  59,048,409  38%  $9.97  $7.99  $17.55  GARP  24,001,921  15%  $9.98  $8.05  $12.62  Value & Other  24,050,873  15%  $9.92  $7.81  $16.86  Total  151,785,894  % of Float  97%  Float(1)  156,100,000  Investor Cost Basis Summary  The below table sets out the investor cost basis based on the latest available data from the latest 13F filings (which lag by 45 days)  Management believes that the estimates below should be reasonable plus/minus $0.50 to $1.00 per share  Management believes that the basis will be lower now since Q4’24 results, and believes the current cost basis is more likely in the $7 - $9 range  The data in the table below is calculated as a % of float, i.e. the table excludes all insider ownership 
 
 Revenue  ($ in millions)  Non- GAAP EBITDA(1)  Financial Projections: Company LRP vs. Current Consensus vs. Extrapolated Consensus  December LRP  Comparison of Virgil Company LRP and Consensus  (Updated) February LRP  Current Consensus  Extrapolated Consensus(2)  $439  $487  $567  $668  $922  $439  $470  $537  $625  $867  $458  $505  $565  $458  $505  $565  $668  CY'24E  CY'25E  CY'26E  CY'27E  CY'29E  CY'24A  CY'25E  CY'26E  CY'27E  CY'29E  CY'25E  CY'26E  CY'27E  CY'25E  CY'26E  CY'27E  CY'29E  $80  $104  $161  $229  $85  $100  $150  $214  $89  $115  $140  $89  $115  $140  $202  CY'24E  CY'25E  CY'26E  CY'27E  CY'29E  CY'24A  CY'25E  CY'26E  CY'27E  CY'29E  CY'25E  CY'26E  CY'27E  CY'25E  CY'26E  CY'27E  CY'29E  17%  41%  19%  34%  CAGR (’24E – ’27E):  15%  CAGR (’24A – ’27E):  12%  CAGR (’24A – ’27E):  9%  CAGR (’24A – ’27E):  9%  CAGR (’27E – ’29E):  17%  CAGR (’27E – ’29E):  18%  CAGR (’27E – ’29E):  9%  CAGR (’24E – ’27E):  42%  CAGR (’24A – ’27E):  36%  CAGR (’24A – ’27E):  18%  CAGR (’24A – ’27E):  18%  CAGR (’27E – ’29E):  30%  CAGR (’27E – ’29E):  29%  CAGR (’27E – ’29E):  20%  $387  $358  23%  16%  18%  30%  25%  19%  23%  17%  14%  16%  7%  9%  10%  12%  4%  10%  12%  4%  11%  25%  % Growth: 15%  15%  % Margin: 18% 21% 28% 34% 42% 19% 21% 28%  FY24 Revenue missed original Management Guidance but beat EBITDA guidance  Updated February LRP revised ’25E Revenue and ’25E EBITDA down 3.4% and 3.9%, respectively  Based on discussions with management, Q1’25 Revenue and EBITDA expected to miss vs. LRP  Source(s): Company Filings, Broker Research and Company December and February LRP. 1. Unburdened by SBC. 2. Highly preliminary and not used in formal valuation.  10  Restricted - External 
 
 Risks to Company LRP  9  Restricted - External  The Company LRP is a growth plan and does not account for major risk factors that may meaningfully impact company performance over time, including:  Macro environment risks  Execution risk  Monetization timing of new wins  The current LRP assumes significant growth acceleration in the near term, which is dependent on a number of KPIs that need to improve in the current year:  Increasing retention rates back to 104-105% vs the 99% in 2024  Increasing TSV  Yield expansion  Over the longer term, growth is also highly dependent on successful and timely launch of three brand new products that need to ramp quickly  Payment Accelerator  Spend Management  Pay Platform  Other risks that Management is observing are new technology offerings driven by AI, increased pricing competition from existing and new entrants and Interchange contraction, among others  Margin expansion, in particular unit-cost reduction, may become more challenging as the high-impact levers have been addressed  Historically, the Company has typically underperformed LRPs by c. 20% in year 3 and 4 
 
 0.0%  (1.0%)  (4.0%)  (5.8%)  2024A - 2029E Revenue CAGR Delta vs. LRP (%)(1)  (2.0%) (3.0%)  2024A to 2029E Implied Revenue CAGR (%)  0.0%  (2.0%)  (4.0%)  (6.0%)  (8.0%)  (10.0%)  (11.0%)  2026E - 2029E EBITDA  Margin Delta  vs LRP (%)(2)  Implied 2029E EBITDA Margin (%)  Preliminary Discounted Cash Flow Analysis  Financial Performance Sensitivity  Source(s): Historicals per Filings.  CY25E to CY29E based on Feb Company LRP. Revenue growth sensitized from 2025E to 2029E.  11  Preliminary, subject to further  Key Assumptions  Assumes valuation date of 03/31/2025  Preliminary figures based on Company LRP through 2029E  Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management  Assumes 13.0x Terminal LTM EV/EBITDA Multiple  Assumes 14.5% WACC  Assumes mid-year discounting except for terminal value which is discounted using  end-of-period discounting methodology  Company LRP sensitized with annual revenue growth and EBITDA margin  Assumes other key financial metrics such as CapEx, Stock- based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP  Preliminary Implied Share Price - 13.0x Terminal Multiple  apolated ensus  Implied 2029E EBITDA ($mm)  polated Consensus  LRP  14.6%  13.6%  12.6%  11.6%  10.6%  8.8%  41.3%  $13.51  $12.98  $12.46  $11.96  $11.47  $10.63  39.3%  $12.87  $12.36  $11.87  $11.39  $10.93  $10.12  37.3%  $12.23  $11.74  $11.27  $10.82  $10.38  $9.62  35.3%  $11.58  $11.12  $10.67  $10.24  $9.82  $9.10  33.3%  $10.93  $10.50  $10.07  $9.66  $9.27  $8.58  31.3%  $10.28  $9.86  $9.47  $9.08  $8.70  $8.05  30.3%  $9.92  $9.52  $9.13  $8.76  $8.40  $7.97 Extr Cons  2024A - 2029E Revenue CAGR Delta vs. LRP (%)(1)  0.0% (1.0%) (2.0%) (3.0%) (4.0%) (5.8%)  2024A to 2029E Implied Revenue CAGR (%)  0.0%  (2.0%)  (4.0%)  (6.0%)  (8.0%)  (10.0%)  (11.0%)  2026E - 2029E EBITDA  Margin Delta  vs LRP (%)  (2)  Implied 2029E EBITDA Margin (%)  LRP  14.6%  13.6%  12.6%  11.6%  10.6%  8.8%  41.3%  $358  $343  $328  $313  $299  $275  (2.0%)  $341  $326  $312  $298  $284  $261  (4.0%)  $324  $309  $296  $283  $270  $248  (6.0%)  $306  $293  $280  $267  $255  $235  (8.0%)  $289  $276  $264  $252  $241  $221  (10.0%)  $272  $260  $248  $237  $226  $208  (11.0%)  $263  $251  $240  $230  $219  $202  Extra  review and diligence  EBITDA margin sensitized from 2025E to 2029E.  Restricted - External 
 
 Preliminary Virgil Valuation Summary  $7.85  $7.55  $7.38  $8.92  $11.34  $9.95  $10.69  $6.35  $9.15  $9.59  $6.01  $7.00  $6.89  $8.61  $14.09  $13.50  $9.62  $11.57  $16.16  $15.11  $16.55  $9.71  $14.36  $15.73  $8.78  $13.00  $13.15  $10.34  $5 $10 $15 $20  Comparable Companies  EV / CY2025E Revenue  EV / CY2026E Revenue EV / CY2025E EBITDA EV / CY2026E EBITDA  Precedent Transactions  EV / CY2024A Revenue  EV / CY2025E Revenue  DCF (Terminal Multiple)  Company LRP Incl. NOLs  Extrapolated Consensus Incl. NOLs  LBO  Company LRP  Company LRP PF Acquisitions Extrapolated Consensus  Analyst Price Targets  Recent Trading  52-Week Trading Range  Premiums  1-Day Unaffected  Price Per Share  Notes  Premiums:  1–Day unaffected premium of 25% – 50% for US-based Technology take-private transactions since 2020(2)  Preliminary Comparable Companies(1):  3.0x – 6.0x Company LRP 2025E Revenue of $470mm  2.5x – 5.0x Company LRP 2026E Revenue of $537mm  13.0x – 18.0x Company LRP 2025E EBITDA of $100mm  11.0x – 15.0x Company LRP 2026E EBITDA of $150mm, incl. Public Company Costs  Preliminary Precedent Transactions:  5.0x – 7.5x 2024A Company Revenue of $439mm  4.0x – 6.5x 2025E Company LRP Revenue of $470mm  Preliminary DCF Analysis:  13.5% - 15.5% WACC  10.0x - 16.0x Terminal EV / LTM EBITDA Multiple  Valuation Methodology  Reference Only   Premiums   Recent Trading  Precedent Transactions  Comparable Companies   Analyst Price Targets   Preliminary 5-Year LBO Analysis:  Company LRP Pro Forma Acquisitions assumes two acquisitions in 2026E and 2028E, each with $20mm EBITDA for $240mm (12.0x EV / EBITDA multiple)  Extrapolated Consensus aligns with Broker Consensus Estimates for 2025E - 2027E, then assumes Revenue CAGR of 9% from 2026E – 2029E and annual EBITDA Margin expansion of ~3% for 2026E – 2029E  10.0x - 16.0x EBITDA Exit Multiple  20% - 25% Target IRR  7.5x (LTM EBITDA) leverage representing $640mm - $650mm of debt  Preliminary 5-Year DCF  Preliminary 5-Year LBO  : Individual Analyst Price Targets  Preliminary DCF Analysis – Extrapolated Consensus:  Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 9% from 2026E – 2029E and annual EBITDA Margin expansion of ~3% for 2026E – 2029E  13.5% - 15.5% WACC  10.0x - 16.0x Terminal EV / LTM EBITDA Multiple  Current Price (3/19/25):  $8.42  Unaffected Price (3/12/25):  $6.89  2.  Based on US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020.  Restricted - External  Source(s): Company LRP, Company, Factset, Bloomberg and Broker Research. Market data as of 03/19/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates.  1. Based on current trading of comparable companies including Adyen, Bill.com, Blackline, Corpay, Flywire, Paymentus, Payoneer, Shift4 and Wex. 
 
 Process Overview  Buyer Outreach  14  7  4  2  2  Introductory Conversations Held  Parties Engaged with Process Letter  Engaged in Due Diligence Sessions  IOI Received (1/31)  Updated IOI (3/24)  REDACTED  REDACTED  REDACTED  REDACTED  REDACTEDREDACTED  REDACTED  12  Restricted - External 
 
 Summary of Indications of Interest  $9  $10  $11  $12  $13  $14  Current Price (3/19/25):  $8.42  Current Bids  $10.75  $2.06bn  $11.25  $2.17bn  Offer Price Range  13.8x  14.5x  Legend  Implied Enterprise Value  Implied EV / CY2026E EBITD  A  $12.00  $2.34bn 15.6x  $13.00  $2.57bn 17.2x  $9.50  $1.79bn  11.9x  $10.00  $1.89bn  12.6x  $10.00  $1.89bn 12.6x  CY25E EBITDA ($100mm) 16.6x  CY26E EBITDA ($150mm) 11.1x  CY25E Revenue ($470mm) 3.5x  CY26E Revenue ($537mm) 3.1x  18.9x  12.6x  4.0x  3.5x  21.1x  14.1x  4.5x  3.9x  23.4x  15.6x  5.0x  4.4x  25.6x  17.2x  5.5x  4.8x  27.9x  18.7x  6.0x  5.2x  1/31 Bids  3/24 Bids  REDACTED  REDACTED  13  Restricted - External 
 
 ($ in millions, except for per share data)  Share Price ($)  % Premium / (Discount) to Current  % Premium / (Discount) to Unaffected  Fully Diluted Shares (mm) Fully Diluted Equity Value Plus: Gross Debt(1)  Less: Cash(1) Net Debt  Total Enterprise Value  Premiums Analysis:  Virgil  30-Day Closing Average (03/19/25)  $8.68  90-Day Closing Average (03/19/25)  $9.96  52 Week High (03/28/24)  $13.15  52 Week Low (03/12/25)  $6.89  Analyst Price Target - Median(2)  $8.00  Multiples Analysis:  LRP Metric:  CY2024A Revenue  $439  CY2025E Revenue  $470  CY2024A EBITDA(3)  $85  CY2025E EBITDA(3)  $100  Summary of Offers and Implied Multiples at Various Prices  Summary Value  Premiums  Multiples  3/12/25 3/19/25 1/31 Bid  3/24 Bid  Virgil Unaffected  Virgil Current  REDACTED REDACTED TPG TPG  (Low) (High) (Low) (High)  RED RED  (Low) (High)  TPG  $6.89  $8.42  $10.75 $11.25 $12.00 $13.00  $9.50 $10.00  $10.00  $11.00 $12.00  (18%)  -  221.4  -  22%  221.6  28% 34% 43% 54%  56% 63% 74% 89%  222.4 222.5 222.7 223.1  13% 19%  38% 45%  221.9 222.1  19%  45%  222.1  31% 43%  60% 74%  222.4 222.7  $1,526  $72 (402)  ($330)  $1,866  $72 (402)  ($330)  $2,390 $2,503 $2,673 $2,901  $72 $72 $72 $72  (402) (402) (402) (402)  ($330) ($330) ($330) ($330)  $2,108 $2,221  $72 $72  (402) (402)  ($330) ($330)  $2,221  $72 (402)  ($330)  $2,447 $2,673  $72 $72  (402) (402)  ($330) ($330)  $1,196  $1,536  $2,061 $2,174 $2,343 $2,571  $1,779 $1,891  $1,891  $2,117 $2,343  (21%)  (31%)  (48%)  - (14%)  2.7x  2.5x  14.1x  11.9x  (3%)  (16%)  (36%)  22%  5%  3.5x  3.3x  18.1x  15.3x  24% 30% 38% 50%  8% 13% 20% 30%  (18%) (14%) (9%) (1%)  56% 63% 74% 89%  34% 41% 50% 63%  4.7x 5.0x 5.3x 5.9x  4.4x 4.6x 5.0x 5.5x  24.3x 25.7x 27.7x 30.3x  20.5x 21.7x 23.4x 25.6x  9% 15%  (5%) 0%  (28%) (24%)  38% 45%  19% 25%  4.1x 4.3x  3.8x 4.0x  21.0x 22.3x  17.7x 18.9x  15%  0%  (24%)  45%  25%  4.3x  4.0x  22.3x  18.9x  27% 38%  10% 20%  (16%) (9%)  60% 74%  38% 50%  4.8x 5.3x  4.5x 5.0x  25.0x 27.7x  21.1x 23.4x  Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation.  14  Restricted - External 
 
 Side-by-Side of Indicative Key Terms  Offer Price  $9.50-10.00 / Share(1)  $10.00 / Share(2)  Premium %  38-45% premium to Virgil’s unaffected share price of $6.89 as of March 12th  9-15% premium to Virgil’s one-day closing price of $8.68 as of March 24th  54% premium to Virgil’s unaffected Enterprise Value as of March 12th  45% premium to its unaffected share price of $6.89 as of March 12th  Valuation Methodology  Undisclosed  Assumed company will not pay any dividends between sign and close  Cash and debt figures reflect 12/31/24 balance sheet  Deceleration of revenue growth since 2021 has weighed on view of valuation  Sources & Structure  of Financing  Combination of equity and debt; capital structure to be determined in next phase  Equity capital provided by REDACTED  Debt financing through previous relationships with lenders  27% debt financing and 57% new equity and 16% existing cash on Balance Sheet  Equity to be funded from TPG IX  Additional debt from third-party debt financing  Valuation includes management incentive plan  Assumes 10% fully diluted ownership in stock options including 40% time-vested options and 60% performance-vested options  Diligence Requirements  Key Diligence Topics Include:  Financial and operational trends  Go-forward growth drivers  Market position and competitive differentiation  Go-to-Market  Confirmatory  Key Diligence Topics Include:  Management meetings  Top-line commercial & pricing packaging data  Operations data  Technology and AI diligence  Confirmatory  Time to Completion  Three weeks to execute diligence and negotiation definitive transaction documentation  Three-Four weeks to execute diligence and negotiation definitive transaction documentation  Advisors  To be engaged in Round 2  Would include external market consultants, accounting, tax, legal advisors and other additional specialists  Bain (Business / Commercial)  Deloitte (Financial / Accounting)  Saxe Cap / West Monroe (Technology/Cyber/AI)  David Polk (Legal)  Alvarez Marsal (Operations)  REDACTED  Source(s): Bidders’ Proposals  1. RED LOI assumes FDSO of 205,517,689 common shares, 10,098,649 outstanding RSUs, 7,396,102 vested and unvested options with a weighted average strike price of $9.02 and 72,459 ESPP shares.  15  2.  TPG IOI assumes FDSO of 228,399,524 as of 2/28/25.  Restricted - External 
 
 Buyers Engaged in R2 – Diligence Summary  Buyer  Advisors Hired  Expert Sessions  Key Discussion Topics  REDACTED  REDACTED  Financial Diligence  Corporate Strategy  Revenue drivers  Pricing  Price / volume breakdown of revenue  TSV  Margins on payment  Historical vs. projected performance  Go-to-Market by business type  REDACTED  NA  To date only had a 4- hour management meeting on 3/18  Normalized growth  Structural profitability  Channel positioning, competitive landscape, and unit economics  Margin expansion opportunity  Retention and bookings rebound  Bain (Business / Commercial) Deloitte (Financial / Accounting) Saxe Cap / West Monroe (Technology/Cyber/AI)  David Polk (Legal) Alvarez Marsal (Operations)  Financial Diligence  Corporate Strategy  Product and Technology  Go-to-Market  AI  R&D / Technology  Growth drivers  Understanding the reacceleration in growth  Relationships with ERP  Sales strategies and marketing techniques  TSV / TSV by vertical  VCC  REDACTED  Macroeconomic trends  16  Restricted - External 
 
 Diligence Overview – TPG  Date  Session  Advisors  Key Diligence Areas  1/22/2025  Financial Due Diligence  -  New Logo / Retention  Software & Payments KPIs  1/24/2025  Corporate Strategy  -  Top-line Momentum & Growth Levers (Retention, Pricing)  Management Plan  1/27/2025  Product & Technology  West Monroe  Product Roadmap  Automation Process  AI & Disruption Risks  1/30/2025  Revenue  Bridge  -  Revenue Visibility  2/14/2025  On-Site  Alvarez & Marsal, Bain, SaxeCap, Deloitte  Retention & New Paymodes  ERP Partnerships (Appfolio, REDACTED )  M&A Pipeline  2/18/2025  Financial Due Diligence  Deloitte  VCC Volume Trends  Payment Accelerator & New Paymodes  2/18/2025  Go-to-Market  Alvarez & Marsal  Customer Journey & Segmentation  Sales Organization, Compensation, and Process  2/21/2025  2/27/2025  GenAI Diligence  SaxeCap, Bain  AI Opportunities, Proprietary Data Assets, AI Roadmap  Operational Augmentation Opportunities using AI  Volume Trends and Growth Inflection  3/13/2025  Additional Due Diligence  -  GTM by Vertical  Growth Trajectory and Inflection  High Visibility Upside Nodes  3/21/2025  Product, R&D & Technology  Alvarez & Marsal, West Monroe, Deloitte  Product Roadmap & Infrastructure  Technology Org  Technology Spend  REDACTED  17  Restricted - External 
 
 Other Inbounds Received  R  R  Party  Inbounding Contact(s)  Status Notes  Inbounds in response to 3/13 Bloomberg article  EDACTED  3/19: Scheduling call with REDACTED for later in March  3/14: REDACTED inbounded asking about Virgil, mentioning their investment in REDACTED  3/24: Upcoming call with REDACTED  3/17: REDACTED inquired about Virgil and asked for call to learn more about “initial process considerations”  3/20: Call held with REDACTED  3/13: REDACTED inbounded asking about Virgil, among other topics  3/17: REDACTED inbounded regarding Virgil; mentioned that deal would likely be too large for them but would  potentially be interested to co-invest with larger sponsor; REDACTED notes other REDACTED in the REDACTED  REDACTED  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  Inbounds prior to 3/13 Bloomberg article  REDACTED  3/24: Upcoming in-person meeting between Mike and REDACTED to discuss network-of-network initiative and potentially processing REDACTED on AvidPay Network  3/5: REDACTED sent follow-up note saying it was a misunderstanding from his team that Virgil 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 has heard from another investment bank that Virgil was evaluating strategic options  EDACTED  Corpay  Ron Clarke, CEO  Non-specific ongoing dialogue  18  Restricted - External 
 
 Appendix 
 
 Gross Profit Capex %  Float  Price Chg. Since Equity Enterprise EV/Revenue EV/EBITDA Revenue Growth Margin EBITDA Margin of Rev Rev Mix   3/19/2025  1/22/2025  Value  Value  CY24E  CY25E  CY26E  CY24E  CY25E  CY26E  '24/'23  '25/'24  '26/'25  CY25E  CY25E  CY26E  CY25E  CY25E  Virgil (Feb LRP)  $8.42  (19%)  $1,866  $1,536  3.5x  3.3x  2.9x  18.1x  15.3x  9.9x  15.3%  7.0%  14.3%  74.6%  21.4%  29.0%  4.7%  9.7%  Virgil (Feb LRP - Unaffected)  $6.89  (34%)  $1,526  $1,196  2.7x  2.5x  2.2x  14.1x  11.9x  7.7x  15.3%  7.0%  14.3%  74.6%  21.4%  29.0%  4.7%  9.7%  Virgil (Consensus)  $8.42  (19%)  $1,866  $1,536  3.5x  3.4x  3.0x  18.1x  17.3x  13.4x  15.3%  4.3%  10.3%  74.6%  19.4%  22.7%  4.8%  9.8%  Virgil (Consensus Unaffected)  $6.89  (34%)  $1,526  $1,196  2.7x  2.6x  2.4x  14.1x  13.4x  10.4x  15.3%  4.3%  10.3%  74.6%  19.4%  22.7%  4.8%  9.8%  Adyen (1)  $1,693.11  8%  $53,475  $42,610  19.6x  15.8x  12.6x  39.6x  29.8x  22.5x  22.7%  24.5%  25.3%  NA  53.0%  56.0%  4.8%  NA  Corpay  352.34  (6%)  25,312  31,778  7.7x  7.2x  6.5x  14.6x  13.5x  12.0x  6.2%  6.6%  10.5%  78.6%  53.4%  54.6%  4.6%  1.7%  Shift4  88.25  (24%)  8,811  9,993  6.8x  5.9x  4.9x  14.5x  11.8x  9.9x  28.9%  16.5%  18.4%  69.4%  49.7%  50.0%  10.3%  NA  Bill.com  48.04  (48%)  5,119  4,645  3.4x  3.0x  2.5x  21.4x  17.5x  13.1x  17.4%  14.0%  16.9%  84.2%  16.9%  19.3%  1.8%  8.5%  Wex  154.73  (15%)  6,223  10,071  3.8x  3.8x  3.6x  8.7x  9.1x  8.6x  3.1%  (0.1%)  5.4%  61.1%  42.3%  42.5%  6.2%  NA  Payoneer  7.64  (26%)  3,028  2,531  2.6x  2.4x  2.2x  9.4x  9.7x  8.4x  17.6%  6.7%  11.6%  82.5%  25.1%  25.8%  2.1%  20.7%  Paymentus  27.82  (11%)  3,603  3,397  10.9x  9.3x  8.0x  36.1x  29.0x  23.2x  29.4%  16.6%  16.4%  86.1%  32.1%  34.6%  8.6%  NA  Blackline  50.16  (16%)  3,324  3,380  5.2x  4.8x  4.4x  20.6x  18.2x  15.7x  10.7%  7.4%  9.5%  80.0%  26.4%  27.9%  4.3%  NA  Flywire  10.29  (46%)  1,348  687  1.4x  1.2x  1.1x  8.8x  6.4x  4.8x  24.3%  17.0%  17.6%  64.0%  19.2%  22.0%  1.5%  NA  Min  1.4x  1.2x  1.1x  8.7x (2)  9.1x (2)  8.4x (2)  3.1%  (0.1%)  5.4%  61.1%  16.9%  19.3%  1.5%  1.7%  Mean  6.8x  5.9x  5.1x  14.9x  (2)  (2)  13.3x  11.3x  (2)  17.8%  12.1%  14.6%  75.7%  35.4%  37.0%  4.9%  10.3%  Median  5.2x  4.8x  4.4x  (2)  14.5x  (2)  12.6x  (2)  10.9x  17.6%  14.0%  16.4%  79.3%  32.1%  34.6%  4.6%  8.5%  Max  19.6x  15.8x  12.6x  21.4x (2)  18.2x(2)  15.7x (2)  29.4%  24.5%  25.3%  86.1%  53.4%  56.0%  10.3%  20.7%  EBITDA multiples.  19  diligence  Restricted - External  Preliminary Comparable Public Companies  Operating and Valuation Metrics Through CY26  Source(s): FactSet, Broker Research and Company LRP. Market data as of 3/19/2025. 1. Adyen does not report gross profit. 2. Excludes Adyen, Paymentus and Flywire EV/  Preliminary, subject to  further review and 
 
 Source(s): FactSet, company filings, Broker Research and other public information. Market data as of 3/19/2025.  20  Preliminary Selected Comparable Transactions  Date  Acquiror  Target  Value  Rev. Growth  LTM  NTM  LTM  NTM  1-Day  52-Wk High  01/07/2025  Paychex  Paycor  $4,108  10%  35%  33%  5.9x  5.3x  21%  5%  09/18/2024  Bridgepoint / General Atlantic  Esker  $1,748  15%  17%  19%  8.3x  7.2x  30%  28%  05/08/2024  Corpay  Paymerang  $475  20%  NA  NA  9.6x  8.0x  NA  NA  10/23/2023  Vista Equity Partners  EngageSmart  $3,644  21%  19%  19%  10.0x  8.2x  23%  3%  12/12/2022  Thoma Bravo  Coupa  $8,122  17%  15%  23%  9.9x  8.5x  77%  (60%)  09/28/2022  EQT  Billtrust  $1,477  27%  (12%)  (3%)  9.6x  7.5x  65%  (13%)  08/08/2022  Vista Equity Partners  Avalara  $8,401  22%  3%  2%  10.6x  8.7x  27%  (51%)  12/17/2021  Thoma Bravo  Bottomline  $2,632  11%  20%  20%  5.3x  4.8x  42%  5%  07/19/2021  Bill.com  Invoice2go  $625  25%  NA  NA  20.6x  16.4x  NA  NA  11/08/2018  Edenred  Corporate Spending Innovations  $600  21%  60%  60%  14.0x  11.5x  NA  NA  Virgil (Company Feb LRP)  $1,536  7%  19%  21%  -  -  -  -  Median  20%  18%  20%  9.8x  8.1x  30%  3%  Mean  19%  20%  22%  10.4x  8.6x  41%  (12%)  Median (Growth <20%)  13%  18%  22%  7.1x  6.3x  36%  5%  Mean (Growth <20%)  13%  22%  24%  7.3x  6.4x  43%  (5%)  Enterprise Value Multiple  Announced  Enterprise  NTM  EBITDA Margin  Revenue  Premiums  Preliminary, subject to further review and diligence  Restricted - External 
 
 28%  39%  39%  54%  First Quartile  Mean  Median  Third Quartile  24%  39%  41%  51%  First Quartile  Mean  Median  Third Quartile  Premiums to 30-Day Unaffected VWAP  Premiums to 1-Day Unaffected Stock Price  42%  35%  45%  42%  31%  21%  2020  2021  2022  2023  2024  2025  Mean Premiums to 1-Day Unaffected Price Since 2020  Mean: 39%  Source(s): FactSet, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all- cash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others.  Restricted - External  21  Premiums Paid for Precedent Technology Transactions  Preliminary, subject to further review and diligence 
 
 Disclaimer  Restricted - External  The following pages contain material that was provided to the Board of Directors (the “Board”) of Virgil (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes.  Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice.  Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction.  Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person.  Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions.  These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein.  Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 
 
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 
 
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 
 
Exhibit (c)(22)

 AvidXchange Board Discussion Materials 
 
 TPG / Corpay Bid Proposal Summary  2025 AvidXchange: Proprietary & Confidential  2 
 
 Summary of TPG non-binding proposal submitted on 4/29  Transaction  Acquisition of 100% of AvidXchange in all-cash transaction  Purchaser  Purchasing entity controlled by TPG with new investment from Corpay and equity rollover intended from REDACTED and management  Purchase Price  Purchase price per share: $10.00  Enterprise value: $1.8bn  Sources & Uses  Sources  Debt Financing(a) Sponsor Equity Corpay Equity  REDACTED  Management Rollover  $mm  $440  $1,011  $642  $74  $219  %  18%  42%  27%  3%  9%  Uses  Purchase Equity Value Existing Debt  Financing & Other Fees Minimum Cash & Other  $mm  $2,223  $72  $32  $60  %  93%  3%  1%  2%  Total Sources  $2,387  100%  Total Uses  $2,387  100%  “No Financing Contingencies”  “Transaction will not be subject to any financing contingencies”   Submitted equity commitment letter and payment obligation limited guarantee agreement as part of bid package intending for Corpay and TPG to backstop only their own respective portion of the equity check instead of TPG backstopping the equity check and guarantee in full  TPG has not submitted updated debt term sheet, noting that they are continuing to negotiate with lenders  TPG & Corpay Partnership  See the following page for details regarding the non-binding draft agreement of TPG and Corpay’s partnership term sheet  Management Rollover  100% equity rollover from Mike Praeger  40-50% rollover across the rest of the senior executive team, including Dan Drees, Joel Wilhite, Angelic Gibson, Todd Cunningham, and Ryan Stahl  TPG described rollover as customary for transactions of this nature and stated they will work with Management in good faith to roll over owned shares into common equity on a tax-deferred basis alongside TPG  Non-Management Rollover   David Polk communicated to L&W on 4/29 that TPG is cognizant that having REDACTED sign definitive documents for rollover is unrealistic, and Davis Polk believes that TPG would just be looking for conversation with REDACTED to perhaps receive verbal confirmation of their intent to reinvest  Employees & Management Agreements  Management continuing employment agreements will not be required to be completed in advance of signing, but TPG is requesting that that Mike waive his right to “good reason” termination prior to signing  Management incentive plan term sheet has been delivered to Management’s counsel K&M  Merger Agreement  Merger Agreement mark-up submitted on 4/27  Internal Review & Approvals  TPG has received all approvals necessary to submit this Proposal and no other third-party approvals are expected to be required aside from customary regulatory and antitrust approvals  Regulatory Approvals  Will work expeditiously to obtain any necessary HSR and MTL licenses as promptly as possible following signing  Based on preliminary analysis, TPG does not expect any antitrust issues REDACTED  Timing  Diligence has been substantially completed and expect to be able to complete confirmatory due diligence and negotiate definitive documentation simultaneously and expeditiously towards signing by May 5th / 6th:  Working toward signing on Monday (5/5) or Tuesday (5/6)  3 (a) Assumes leverage ratio of 5.2x debt / LTM EBITDA 
 
 TPG and Corpay partnership non-binding term sheet submitted on 4/29  4  REDACTED  TPG & Corpay Holding Company Structure  TPG and Corpay will form and capitalize a holding company (the “Company”) with cash, and the Company will use the proceeds of such capitalization and debt financing proceeds to acquire AvidXchange  Following the closing of the acquisition, subject to TPG owning at least 51% of the equity and the equity held by management and other rollover shareholders, Corpay will hold approximately 33% of the equity  TPG and Corpay will hold the same class of security  Corpay’s Call Rights  During the 30-day period beginning on the 33-month anniversary of the closing (the “Call Period”), Corpay will have the right to call all (but not less than all) of the outstanding equity in the Company  The call price will be paid in cash at the closing of the call transaction and will be based on a price per unit equal to REDACTED  REDACTED  REDACTED  Board Composition  Board to consist of [x] directors where TPG will have the right to appoint a majority of the board  REDACTED  Reserved Matters  Certain transactions will require the prior written consent of Corpay including REDACTED  Prior to the expiration of the call period, the following actions will also require the prior written consent of Corpay: REDACTED  REDACTED  Distribution Policy  Prior to the expiration of the Call Period, the Board will have the authority to make quarterly distributions in an amount not to exceed REDACTED  Following the expiration of the Call Period, the Board may declare and pay distributions at any time and in any amounts so approved  Transfer of Securities  REDACTED  Preemptive Rights  TPG and Corpay will have customary preemptive rights on issuances of equity by the Company.  Other Minority Protective Provisions  Customary minority rights, including information and registration rights REDACTED  Governing Law  Delaware law, including customary waiver of corporate opportunity and fiduciary duties.  Expenses   The expenses incurred TPG and Corpay in connection with the transaction will be borne by the Company in accordance with the terms of the Joint Bidding Agreement entered into by the parties on or about the date hereof. 
 
 Status of Key Bid Package Items  Bid Package Request  Document  Date Submitted  Status Notes & Highlights  Best and Final Acquisition Proposal  Acquisition Proposal  4/29  TPG shared revised acquisition proposal on 4/29  Equity Commitment Letter  4/26  TPG shared on 4/26  Limited Guarantee  4/26  TPG shared on 4/26  Debt Commitment Lender  TBD  TPG indicated that this was still under negotiations with lenders as of 4/29  Checklist and Timeline to Signing  Document Checklist  4/29  TPG shared signing documents checklist on 4/29  Updated Acquisition Sources and Uses and Pro Forma Equity Cap Table  Sources and Uses Table  4/29  Included in revised acquisition proposal submitted on 4/29  Pro Forma Equity Cap Table  TBD  TPG has not shared the Pro Forma Equity Cap Table  Key Post-Transaction Governance Terms and Composition of the Company’s Board of Directors  Voting Agreement  4/27  LW shared markup with DPW on 5/1  Support Agreements  4/27  DPW shared with LW and management counsel on 4/27  Board Composition  4/29  Based on the TPG and Corpay non-binding term sheet, TPG will have the right to appoint a majority of the board and  REDACTED  Partnership Terms Between TPG and Corpay  TPG & Corpay partnership term sheet  4/29  TPG shared the latest partnership term sheet outlining the arrangement with Corpay on 4/29  Equity Rollover  Management Rollover  4/27  DPW shared the latest draft of the management equity rollover agreement with K&M on 4/27 (a)  Non-management Rollover  4/29   LW noted after discussing with TPG’s counsel that having REDACTED sign up to definitive documents prior to our signing of a deal was unrealistic and that they thought all TPG was looking for was a conversation with REDACTED to perhaps receive verbal confirmation of their intent to reinvest  Key Employees / Employment Agreements  MIP Term Sheet  4/27  DPW shared the latest draft of the MIP term sheet with K&M on 4/27 (a)  CEO “Good Reason” Waiver  TBD  CEO “Good Reason” waiver draft in process (with DPW) (a)  Latest Drafts and Mark-Ups of all Transaction Documentation Required at Signing  Merger Agreement  4/27  LW sent markup to DPW on 4/30  Company Disclosure Schedule  4/28  DPW sent comments to LW on 4/28; LW acknowledged that they are making progress on open comments  Parent Disclosure Schedule  TBD  This is in DPW’s court; LW included a note in the latest markup of the merger agreement asking if there will be  anything here or if it will be N/A  Parent and Merger Sub Formation  TBD  Parent and Merger Sub Formation draft in process (with DPW) (a)  Company Board Consent  TBD  LW draft in process  Parent Board Consent  TBD  Parent Board Consent draft in process (with DPW) (a)  Merger Sub Board Consent  TBD  Merger Sub Board Consent draft in process (with DPW) (a)  Merger Sub Sole Stockholder Consent  TBD  Merger Sub Sole Stockholder Consent draft in process (with DPW) (a)  Press Release  TBD  Press release draft in process; advisors connected the company’s communications team with TPG  Signing 8-K  TBD  LW draft in process  Signing Day Notice  TBD  LW will coordinate draft with company / TPG’s money transmitter license counsel  Remaining Due-Diligence  Acquisition Proposal  4/29   TPG affirmed in their latest acquisition proposal that diligence has been substantially completed and expect to be able to complete confirmatory due diligence and negotiate definitive documentation simultaneously and expeditiously towards signing by May 5th / 6th  (a) Status as per the signing documents checklist shared by TPG on 4/29  5 
 
 Summary of LW Discussion with TPG’s Counsel (DPW) – Held 4/28  Preferred Return  We said that we had heard that there was a possibility of a guaranteed return to TPG only and not other stockholders post-closing and that if that was the case, it would pose risks for the deal.  DPW indicated that this isn’t necessarily how they understood it, without providing more detail. They indicated that discussions remain ongoing and that they would take back the feedback. We asked them to provide more detail on the proposal ASAP.  REDACTED Agreements  We told them that we have not been in touch with Agreements signed up with them prior to signing.  on the transaction and would not be in a position to get Voting Agreements or Rollover  Regulatory  Money Transfer Approvals: We voiced our concern with them having money transfer approvals be a one-way condition for their benefit only (such that if they fail to use their efforts to obtain the approvals and then terminate as of the End Date, we would have no recourse in the form of a termination fee). They seemed open to resolving the concern, and we will propose some protective language (e.g., if they do not waive the condition by a certain date prior to the End Date they are deemed to have waived it).  •  Antitrust:  REDACTED  We asked that their antitrust counsel provide their analysis ASAP so we can have antitrust teams connect and align on risk and then possible recourse. We also explained the protections that we would want in the agreement, including having certain of their obligations reach their affiliates, which they seemed open to.  Equity Commitment Letter / Limited Guarantee  We let them know that we had understood that TPG was speaking for the whole equity check, especially based on what they put in the bid letter, and proposed that the ECL and Limited Guarantee come from TPG, with TPG signing a back-to-back side letter with Corpay for Corpay’s piece of it. We seem to be at odds on this point –  they indicated TPG being on the hook for the whole amount wasn’t the deal – but they said that they would take back the feedback.  6  REDACTED 
 
 Appendix – TPG and Corpay Term Sheet  2025 AvidXchange: Proprietary & Confidential  7 
 
 TPG and Corpay Term Sheet - Received on 4/29  REDACTED  8  REDACTED 
 
 TPG and Corpay Term Sheet - Received on 4/29 (cont.)  8 
 
 Appendix – TPG Signing Documents Checklist  10  2025 AvidXchange: Proprietary & Confidential 
 
 Signing Checklist – Received 4/29  12  REDACTED  REDACTED 
 
 Signing Checklist – Received 4/29 (cont.)  12 
 
 Signing Checklist – Received 4/29 (cont.)  12 
 
 Appendix – TPG and Corpay Partnership Term Sheet  14  2025 AvidXchange: Proprietary & Confidential 
 
 TPG and Corpay Non-Binding Partnership Term Sheet - Received on 4/29  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  REDACTED  15 
 
 TPG and Corpay Non-Binding Partnership Term Sheet - Received on 4/29 (cont.)  REDACTED  REDACTED  REDACTED  REDACTED  15