# EDGAR Filing Document

**Accession Number:** 0001858257
**File Stem:** 0001140361-25-029188
**Filing Date:** 2025-8
**Character Count:** 256418
**Document Hash:** 2aa9351e63df99d205d28765e96c1a9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-029188.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001140361-25-029188

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 159

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**GROUP MEMBERS**: ARROW BORROWER 2025, INC.

**GROUP MEMBERS**: ARROW HOLDINGS 2025, INC.

**GROUP MEMBERS**: ARROW HOLDINGS BUSINESS TRUST

**GROUP MEMBERS**: ARROW INTERMEDIATE 2025, INC.

**GROUP MEMBERS**: ARROW MERGER SUB 2025, INC.

**GROUP MEMBERS**: ARROW PARENT 2025, L.P.

**GROUP MEMBERS**: ARROW PARENT GENPAR 2025, LLC

**GROUP MEMBERS**: ARROW PARENT HOLDINGS GENPAR 2025, LLC

**GROUP MEMBERS**: CORPAY, INC.

**GROUP MEMBERS**: GREEN & GOLD 2014 GRAT

**GROUP MEMBERS**: GREEN & GOLD 2015 GRAT

**GROUP MEMBERS**: MICHAEL PRAEGER

**GROUP MEMBERS**: TPG IX ARROW PARENT HOLDINGS, L.P.

**GROUP MEMBERS**: TPG PARTNERS IX, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AvidXchange Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001858257
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93349
- **FILM NUMBER:** 251190785

**BUSINESS ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206
- **BUSINESS PHONE:** 8005609305

**MAIL ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AvidXchange Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001858257
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206
- **BUSINESS PHONE:** 8005609305

**MAIL ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206

### SECURITIES AND EXCHANGE COMMISSION <br>

#### WASHINGTON, D.C. 20549

### SCHEDULE 13E-3<br>

#### (Amendment No. 2)

#### RULE 13E-3 TRANSACTION STATEMENT <br>

#### UNDER SECTION 13(E) OF <br>

#### THE SECURITIES EXCHANGE ACT OF 1934

### AVIDXCHANGE HOLDINGS, INC. <br>

#### (Name of the Issuer)

#### AvidXchange Holdings, Inc. <br>

#### Arrow Borrower 2025, Inc. <br>

#### Arrow Merger Sub 2025, Inc. <br>

#### Arrow Intermediate 2025, Inc.<br>

#### Arrow Holdings 2025, Inc.<br>

#### Arrow Parent 2025, L.P.<br>

#### Arrow Parent GenPar 2025, LLC<br>

#### TPG IX Arrow Parent Holdings, L.P.<br>

#### Arrow Parent Holdings GenPar 2025, LLC<br>

#### The Arrow Holdings Business Trust

#### TPG Partners IX, L.P.<br>

#### Corpay, Inc.<br>

#### Green and Gold 2014 GRAT<br>

#### Green and Gold 2015 GRAT<br>

#### Michael Praeger
(Names of Persons Filing Statement)

#### Common Stock, $0.001 par value per share <br>

#### (Title of Class of Securities)

#### 05368X102 <br>

#### (CUSIP Number of Class of Securities)

---

| | | |
|:---|:---|:---|
| **AvidXchange Holdings, Inc.**<br>**Michael Praeger** <br>**Green and Gold 2014 GRAT**<br>**Green and Gold 2015 GRAT**<br>**c/o AvidXchange Holdings, Inc.**<br>**Michael Praeger**<br>**Chief Executive Officer**<br>**1210 AvidXchange Lane** <br>**Charlotte, NC 28206**<br>(800) 560-9305 | **Arrow Borrower 2025, Inc.** <br>**Arrow Merger Sub 2025, Inc.** <br>**Arrow Intermediate 2025, Inc.**<br>**Arrow Holdings 2025, Inc.**<br>**Arrow Parent 2025, L.P.**<br>**Arrow Parent GenPar 2025, LLC**<br>**TPG IX Arrow Parent Holdings, L.P.**<br>**Arrow Parent Holdings GenPar 2025, LLC**<br>**The Arrow Holdings Business Trust**<br>**TPG Partners IX, L.P.**<br>**c/o TPG Partners IX, L.P.**<br>**301 Commerce Street, Suite 3300**<br>**Fort Worth, TX 76102**<br>(817) 871-4000 | **Corpay, Inc.**<br>**Alissa Vickery**<br>**Chief Financial Officer**<br>**3280 Peachtree Road,** <br>**Suite 2400**<br>**Atlanta, GA 30305**<br>(770) 449-0479 |

---

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices <br>

and Communications on Behalf of the Persons Filing Statement)

With copies to

---

| | |
|:---|:---|
| **David Beller**<br>**Ian Nussbaum**<br>**Cathy Birkeland** <br>**Latham & Watkins LLP**<br>**1271 Avenue of the Americas**<br>**New York, NY 10020**<br>(212) 906-1200 | **Oliver Smith**<br>**Darren Schweiger**<br>**Michael Diz** <br>**Davis Polk & Wardwell LLP**<br>**450 Lexington Avenue**<br>**New York, NY 10017**<br>(212) 450-4000 |

---

This statement is filed in connection with (check the appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;b. ☐ The filing of a registration statement under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;c. ☐ A tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;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.** 

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#### Introduction
This Amendment No. 2 ("<u>Amendment No.</u> <u>2</u>") to the Transaction Statement on Schedule 13E-3 (as amended hereby, this "<u>Transaction Statement</u>") is being filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "<u>Exchange Act</u>"), jointly by the following persons (each, a "<u>Filing Person</u>" and collectively, the "<u>Filing Persons</u>"): (1) AvidXchange Holdings, Inc., a Delaware corporation ("<u>AvidXchange</u>" or the "<u>Company</u>"); (2) Arrow Borrower 2025, Inc., a Delaware corporation ("<u>Parent</u>"); (3) Arrow Merger Sub 2025, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Merger Sub</u>"); (4) Arrow Intermediate 2025, Inc., a Delaware corporation; (5) Arrow Holdings 2025, Inc., a Delaware corporation ("<u>Holdings</u>"); (6) Arrow Parent 2025, L.P., a Delaware limited partnership ("<u>Topco</u>"); (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 "<u>Merger Agreement</u>"), 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 "<u>Merger</u>"), with the Company surviving the Merger as a wholly owned subsidiary of Parent (the "<u>Surviving Corporation</u>"). 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 "<u>Rollover</u> <u>Stockholder</u>") have entered into rollover agreements (the "<u>Rollover Agreements</u>") with Holdings and Topco, pursuant to which, among other matters, each Rollover Stockholder will, immediately prior to the effective time of the Merger (the "<u>Effective Time</u>"), contribute, transfer and assign to Holdings certain shares of common stock of the Company, $0.001 par value per share ("<u>Company Common Stock</u>") 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 "<u>Merger Consideration</u>"). 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 ("<u>Dissenting Shares</u>") 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 "<u>Company Board</u>") formed a transaction committee comprised solely of disinterested and independent members of the Company Board (the "<u>Transaction Committee</u>"), 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 "<u>DGCL</u>").

1<br>

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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 "<u>Proxy</u> <u>Statement</u>"), 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.

2<br>

------

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| | |
|:---|:---|
| **Item 1.**<br>| **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"

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| | |
|:---|:---|
| **Item 2.**<br>| **Subject Company Information**  |

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#### Regulation M-A Item 1002
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Name and address*. The Company's name, and the address and telephone number of its principal executive offices are:

AvidXchange Holdings, Inc. <br>

1210 AvidXchange Lane <br>

Charlotte, NC 28206 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 560-9305

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Trading market and price*. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"MARKET PRICES"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

3<br>

------

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 3.**<br>| **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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**<br>| **Terms of the Transaction**  |

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#### Regulation M-A Item 1004
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Material terms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Tender offer*. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

4<br>

------

"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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

5<br>

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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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Eligibility for listing or trading*. Not applicable.

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| | |
|:---|:---|
| **Item 5.**<br>| **Past Contacts, Transactions, Negotiations and Agreements**  |

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#### 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

6<br>

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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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

7<br>

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| | |
|:---|:---|
| **Item 6.**<br>| **Purposes of the Transaction, and Plans or Proposals.**  |

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#### Regulation M-A Item 1006
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

8<br>

------

"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.**<br>| **Purposes, Alternatives, Reasons and Effects**  |

---

#### Regulation M-A Item 1013
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

9<br>

------

"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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

"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.**<br>| **Fairness of the Transaction**  |

---

#### Regulation M-A Item 1014
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Other offers*. Not applicable.

---

| | |
|:---|:---|
| **Item 9.**<br>| **Reports, Opinions, Appraisals and Negotiations**  |

---

#### Regulation M-A Item 1015
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

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.**<br>| **Source and Amounts of Funds or Other Consideration**  |

---

#### Regulation M-A Item 1007
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**<br>| **Interest in Securities of the Subject Company**  |

---

#### Regulation M-A Item 1008
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**<br>| **The Solicitation or Recommendation**  |

---

#### Regulation M-A Item 1012
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

"SPECIAL FACTORS—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

---

| | |
|:---|:---|
| **Item 13.**<br>| **Financial Statements**  |

---

#### Regulation M-A Item 1010
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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](https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000095017025029974/avdx-20241231.htm)). 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Pro forma information*. Not applicable.

---

| | |
|:---|:---|
| **Item 14.**<br>| **Persons/Assets, Retained, Employed, Compensated or Used**  |

---

#### Regulation M-A Item 1009
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**<br>| **Additional Information**  |

---

#### Regulation M-A Item 1011
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

"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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other material information*. The information set forth in the Proxy Statement, including all appendices thereto, is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 16.**<br>| **Exhibits**  |

---

#### Regulation M-A Item 1016
[(a)(1)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm) Preliminary Proxy Statement of AvidXchange Holdings, Inc. (included in Schedule 14A filed on August 6, 2025 and incorporated herein by reference).

[(a)(2)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm#ny20049415x6_prer14a_400-pc_pg1) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).

[(a)(3)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm#ny20049415x6_prer14a_101-letter_pg1) Letter to AvidXchange Holdings, Inc. Stockholders (included in the Proxy Statement and incorporated herein by reference).

[(a)(4)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm#ny20049415x6_prer14a_102-notice_pg1) Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).

[(a)(5)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525113913/d920050dex991.htm) 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)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525113918/d920050ddefa14a.htm) 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)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000119312525114937/d132155d8k.htm) 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)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525114068/d916952ddefa14a.htm) Email to Employees (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(9)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525114078/d880068ddefa14a.htm) Avid Social Media Posts (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(10)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525114477/d880065ddefa14a.htm) Teammate FAQs (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(11)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525115039/d133187ddefa14a.htm) Customer/Supplier/Partner Email (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(12)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525115043/d880061ddefa14a.htm) Customer-Facing Teammate FAQs (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(13)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525116878/d935497ddefa14a.htm) Supplemental Teammate FAQs (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

[(a)(14)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525116891/d942688ddefa14a.htm) Customer-Facing Teammate Communication (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

[(a)(15)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525116983/d925957ddefa14a.htm) Praeger Social Media Posts (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

[(b)(1)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb1.htm)+ Limited Guarantee, dated as of May 6, 2025, entered into by Corpay, Inc. in favor of AvidXchange Holdings, Inc.

[(b)(2)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb2.htm)+ Limited Guarantee, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. in favor of AvidXchange Holdings, Inc.

16<br>

------

[(b)(3)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb3.htm)+ 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb4.htm)+ Equity Commitment Letter, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. and Arrow Borrower 2025, Inc.

[(b)(5)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb5.htm)+ Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc.

[(c)(1)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm#tAXC) Fairness Opinion of Barclays Capital Inc. (included as Annex C to the Proxy Statement and incorporated herein by reference).

[(c)(2)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc2.htm)+\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc3.htm)+ 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)](ny20049415x7_ex-c4.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated January 31, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(5)](ny20049415x7_ex-c5.htm)\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc6.htm)+ Discussion materials prepared by Barclays Capital Inc., dated February 3, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(7)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc7.htm)+\*\* 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)](ny20049415x7_ex-c8.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated March 26, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(9)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc9.htm)+\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc10.htm)+\*\* Discussion materials prepared by Barclays Capital Inc., dated April 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(11)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc11.htm)+\*\* Discussion materials prepared by Barclays Capital Inc., dated April 17, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(12)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc12.htm)+\*\* Discussion materials prepared by Barclays Capital Inc., dated May 5, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(13)+](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc13.htm) 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc14.htm)+ 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc15.htm)+\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc16.htm)+ 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)](ny20049415x7_ex-c17.htm)\*\* 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)](ny20049415x7_ex-c18.htm)\*\* 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<br>

------

[(c)(19)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc19.htm)+\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc20.htm)+\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc21.htm)+\*\* 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)](ny20049415x7_ex-c22.htm)\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc23.htm)+\*\* 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)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm#tAXA) Merger Agreement (included as Annex A to the Proxy Statement and incorporated herein by reference).

[(d)(2)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exd2.htm)+ Form of Rollover Agreement.

[(d)(3)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125029156/ny20049415x6_prer14a.htm#tAXD) 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(f)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exf.htm)+ Section 262 of the Delaware General Corporation Law.

[107](https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_ex107.htm)+ Filing Fee Table

+<br> Previously Filed.

\*\*<br> 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<br>

------

#### 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.**  | **AVIDXCHANGE HOLDINGS, INC.**  |
| By: | /s/ Ryan Stahl |
|  | Name: Ryan Stahl  |
|  | Title: General Counsel, Senior Vice President and Secretary  |
| **ARROW BORROWER 2025, INC.**  | **ARROW BORROWER 2025, INC.**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW MERGER SUB 2025, INC.**  | **ARROW MERGER SUB 2025, INC.**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW INTERMEDIATE 2025, INC.** | **ARROW INTERMEDIATE 2025, INC.** |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW HOLDINGS 2025, INC.**  | **ARROW HOLDINGS 2025, INC.**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW PARENT 2025, L.P.**  | **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**  | **ARROW PARENT GENPAR 2025, LLC**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |

---

19<br>

------

---

| | |
|:---|:---|
| **TPG IX ARROW PARENT HOLDINGS, L.P.** | **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** | **ARROW PARENT HOLDINGS GENPAR 2025, LLC** |
| By: | /s/ John Flynn |
|  | Name: John Flynn |
|  | Title: Authorized Signatory  |
| **THE ARROW HOLDINGS BUSINESS TRUST** | **THE ARROW HOLDINGS BUSINESS TRUST** |
| By: | /s/ John Flynn |
|  | Name: John Flynn |
|  | Title: Trustee  |
| **TPG PARTNERS IX, L.P.** | **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.** | **CORPAY, INC.** |
| By: | /s/ Alissa Vickery |
|  | Name: Alissa Vickery  |
|  | Title: Chief Financial Officer  |
| **GREEN AND GOLD 2014 GRAT** | **GREEN AND GOLD 2014 GRAT** |
| By: | /s/ James Blakey |
|  | Name: James Blakey  |
|  | Title: Trustee |
| **GREEN AND GOLD 2015 GRAT** | **GREEN AND GOLD 2015 GRAT** |
| By: | /s/ James Blakey |
|  | Name: James Blakey  |
|  | Title: Trustee |
| **MICHAEL PRAEGER** | **MICHAEL PRAEGER** |
| By: | /s/ Michael Praeger |
|  | Name: Michael Praeger |

---

20<br>

## Ex-99.(C)(4)

------

**Exhibit (c)(4)**<br>

**** 

<br> **![](ny20049415x7_ex-c4slide1.jpg)

Project Virgil January 2025

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![](ny20049415x7_ex-c4slide2.jpg)

Proposed Agenda Restricted - External Process Update Virgil Trading Performance 4 8

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![](ny20049415x7_ex-c4slide3.jpg)

Process Update

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![](ny20049415x7_ex-c4slide4.jpg)

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

------

![](ny20049415x7_ex-c4slide5.jpg)

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

------

![](ny20049415x7_ex-c4slide6.jpg)

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

------

![](ny20049415x7_ex-c4slide7.jpg)

Virgil Trading Performance

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![](ny20049415x7_ex-c4slide8.jpg)

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

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![](ny20049415x7_ex-c4slide9.jpg)

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

------

![](ny20049415x7_ex-c4slide10.jpg)

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%

------

![](ny20049415x7_ex-c4slide11.jpg)

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

------

![](ny20049415x7_ex-c4slide12.jpg)

(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

------

![](ny20049415x7_ex-c4slide13.jpg)

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

------

![](ny20049415x7_ex-c4slide14.jpg)

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

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![](ny20049415x7_ex-c4slide15.jpg)

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

------

![](ny20049415x7_ex-c4slide16.jpg)

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).

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## Ex-99.(C)(5)

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**Exhibit (c)(5)**<br>

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<br> **![](ny20049415x7_ex-c5slide1.jpg)

Project Virgil February 2025

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![](ny20049415x7_ex-c5slide2.jpg)

Situation Update

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![](ny20049415x7_ex-c5slide3.jpg)

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

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![](ny20049415x7_ex-c5slide4.jpg)

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

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![](ny20049415x7_ex-c5slide5.jpg)

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

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![](ny20049415x7_ex-c5slide6.jpg)

Preliminary Perspectives on Valuation

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![](ny20049415x7_ex-c5slide7.jpg)

(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

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![](ny20049415x7_ex-c5slide8.jpg)

Appendix

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![](ny20049415x7_ex-c5slide9.jpg)

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

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![](ny20049415x7_ex-c5slide10.jpg)

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

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![](ny20049415x7_ex-c5slide11.jpg)

($ 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.

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![](ny20049415x7_ex-c5slide12.jpg)

$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

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![](ny20049415x7_ex-c5slide13.jpg)

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%

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![](ny20049415x7_ex-c5slide14.jpg)

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%

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![](ny20049415x7_ex-c5slide15.jpg)

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

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![](ny20049415x7_ex-c5slide16.jpg)

(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

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![](ny20049415x7_ex-c5slide17.jpg)

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

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![](ny20049415x7_ex-c5slide18.jpg)

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

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![](ny20049415x7_ex-c5slide19.jpg)

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

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![](ny20049415x7_ex-c5slide20.jpg)

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

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![](ny20049415x7_ex-c5slide21.jpg)

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).

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## Ex-99.(C)(8)

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**Exhibit (c)(8)**<br>

**** 

<br> **![](ny20049415x7_ex-c8slide1.jpg)

Project Virgil March 2025

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![](ny20049415x7_ex-c8slide2.jpg)

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

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![](ny20049415x7_ex-c8slide3.jpg)

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

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![](ny20049415x7_ex-c8slide4.jpg)

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

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![](ny20049415x7_ex-c8slide5.jpg)

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

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![](ny20049415x7_ex-c8slide6.jpg)

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)

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![](ny20049415x7_ex-c8slide7.jpg)

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%

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![](ny20049415x7_ex-c8slide8.jpg)

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

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![](ny20049415x7_ex-c8slide9.jpg)

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

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![](ny20049415x7_ex-c8slide10.jpg)

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

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![](ny20049415x7_ex-c8slide11.jpg)

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

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![](ny20049415x7_ex-c8slide12.jpg)

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

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![](ny20049415x7_ex-c8slide13.jpg)

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.

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![](ny20049415x7_ex-c8slide14.jpg)

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

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![](ny20049415x7_ex-c8slide15.jpg)

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

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![](ny20049415x7_ex-c8slide16.jpg)

($ 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

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![](ny20049415x7_ex-c8slide17.jpg)

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

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![](ny20049415x7_ex-c8slide18.jpg)

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

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![](ny20049415x7_ex-c8slide19.jpg)

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

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![](ny20049415x7_ex-c8slide20.jpg)

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

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Appendix

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![](ny20049415x7_ex-c8slide22.jpg)

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

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![](ny20049415x7_ex-c8slide23.jpg)

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

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![](ny20049415x7_ex-c8slide24.jpg)

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

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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).

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## Ex-99.(C)(17)

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**Exhibit (c)(17)**<br>

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<br> **![](ny20049415x7_ex-c17slide1.jpg)

P.Virgil - Valuation Datapoints & Considerations

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![](ny20049415x7_ex-c17slide2.jpg)

Financial Profile Summary LRP & Related Context 2

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![](ny20049415x7_ex-c17slide3.jpg)

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

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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

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![](ny20049415x7_ex-c17slide5.jpg)

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

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![](ny20049415x7_ex-c17slide6.jpg)

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

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![](ny20049415x7_ex-c17slide7.jpg)

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

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![](ny20049415x7_ex-c17slide8.jpg)

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

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Valuation Considerations 9

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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

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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

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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

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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

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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%

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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%

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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%

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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

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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

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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

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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

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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

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![](ny20049415x7_ex-c17slide22.jpg)

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%

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![](ny20049415x7_ex-c17slide23.jpg)

(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

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![](ny20049415x7_ex-c17slide24.jpg)

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

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![](ny20049415x7_ex-c17slide25.jpg)

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

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![](ny20049415x7_ex-c17slide26.jpg)

(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

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![](ny20049415x7_ex-c17slide27.jpg)

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

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![](ny20049415x7_ex-c17slide28.jpg)

Appendix – DCF Reference Materials 28

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![](ny20049415x7_ex-c17slide29.jpg)

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

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## Ex-99.(C)(18)

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**Exhibit (c)(18)**<br>

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<br> **![](ny20049415x7_ex-c18slide1.jpg)

AvidXchange Board Discussion Materials

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![](ny20049415x7_ex-c18slide2.jpg)

Review of Process & IOIs 2

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![](ny20049415x7_ex-c18slide3.jpg)

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

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![](ny20049415x7_ex-c18slide4.jpg)

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

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![](ny20049415x7_ex-c18slide5.jpg)

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

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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

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Financial Profile Summary 6 LRP & Related Context

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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

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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

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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

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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

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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

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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

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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%

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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

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Valuation Considerations 16

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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

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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

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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

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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

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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

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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)

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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)

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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

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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

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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

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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

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(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

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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

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(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

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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)

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Appendix – DCF Reference Materials 32

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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

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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

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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

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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)

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Appendix – LRP Growth Levers 40

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$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

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Appendix – TPG IOI 40

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TPG IOI – Received 3/24/25 40

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TPG IOI – Received 3/24/25 (cont.) 40

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Appendix – REDACTEDIOI 40

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

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

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

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## Ex-99.(C)(22)

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**Exhibit (c)(22)**<br>

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<br> **![](ny20049415x7_ex-c22slide1.jpg)

AvidXchange Board Discussion Materials

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![](ny20049415x7_ex-c22slide2.jpg)

TPG / Corpay Bid Proposal Summary 2025 AvidXchange: Proprietary & Confidential 2

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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

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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.

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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

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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

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![](ny20049415x7_ex-c22slide7.jpg)

Appendix – TPG and Corpay Term Sheet 2025 AvidXchange: Proprietary & Confidential 7

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![](ny20049415x7_ex-c22slide8.jpg)

TPG and Corpay Term Sheet - Received on 4/29 REDACTED 8 REDACTED

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![](ny20049415x7_ex-c22slide9.jpg)

TPG and Corpay Term Sheet - Received on 4/29 (cont.) 8

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![](ny20049415x7_ex-c22slide10.jpg)

Appendix – TPG Signing Documents Checklist 10 2025 AvidXchange: Proprietary & Confidential

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![](ny20049415x7_ex-c22slide11.jpg)

Signing Checklist – Received 4/29 12 REDACTED REDACTED

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![](ny20049415x7_ex-c22slide12.jpg)

Signing Checklist – Received 4/29 (cont.) 12

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![](ny20049415x7_ex-c22slide13.jpg)

Signing Checklist – Received 4/29 (cont.) 12

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![](ny20049415x7_ex-c22slide14.jpg)

Appendix – TPG and Corpay Partnership Term Sheet 14 2025 AvidXchange: Proprietary & Confidential

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![](ny20049415x7_ex-c22slide15.jpg)

TPG and Corpay Non-Binding Partnership Term Sheet - Received on 4/29 REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED 15

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![](ny20049415x7_ex-c22slide16.jpg)

TPG and Corpay Non-Binding Partnership Term Sheet - Received on 4/29 (cont.) REDACTED REDACTED REDACTED REDACTED 15

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