The Case Study
The Business Problem
Staying aligned while growing from 50 to 1,600 employees
AvidXchange, an accounts payable and payment automation software company, has been a Rhythm client since the company began over 16 years ago. During this time, the company has grown and expanded dramatically, reaching a $2 billion valuation in 2021. This drastic growth led to organizational changes and rapid hiring. As the company scaled, keeping teams aligned was critical. Michael Praeger, CEO, and Co-Founder committed to this from day 1 of the company.
These impressive results attracted investments from top firms such as Bain Capital Ventures, Sequoia Capital, TPG, and Mastercard to continue to fuel their growth.
"Rhythm has been our secret weapon for aligning our company's strategy and teams. As we grew from 50 to 1,600 employees, Rhythm has kept our executive team and functional groups focused on the right goals quarter over quarter."
–Michael Praeger, CEO, AvidXchange
How Rhythm Helped
AvidXchange increased productivity by 300%
Transparency and open communication about company goals and an understanding of how Rhythm supports success was reinforced through a company-wide training effort. Product launches, acquisitions, R&D, and customer success required multiple departments and teams to work together seamlessly. Rhythm helped them see where they had misalignment and address it quickly. For example, cross-functional team alignment allowed AvidXchange to increase productivity by 300% resulting in one of their key products launching 6 months earlier than scheduled.
“If I were on a desert island and could only have one people management tool, it would be Rhythm because it enables us to connect our 10-year strategy all the way down to our weekly execution.”
-Todd Cunningham, SVP Talent, AvidXchange
AvidXchange becomes a Unicorn valued at $2 billion
Over the 16 years, we have been working with AvidXchange, they have never waivered in their commitment to making sure their teams were aligned. It is one of the key elements that helped them execute faster than the competition and become #1 in their space.
- Grew 40% every year for the last 8 years
- 300% increase in productivity
- $2 Billion Valuation
"In the history of AvidXchange, we have never missed a quarterly planning session. Many of our greatest inflection points of growth and innovation in the company came from those sessions. And Rhythm was critical in making that happen."
- Michael Praeger, CEO, AvidXchange
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