"Improving the purchasing process is mostly about improving the way information flows within an organization," David Miller, AvidXchange president, says in a prepared statement. "By integrating AvidXchange products into MRI's accounts payable, property management and budgeting systems, real estate firms will significantly increase their ability to manage financial data, while dramatically reducing the costs of processing purchase transactions."

AvidXchange's suite of web-based products includes AvidBuy for electronic procurement of products and supplies; AvidBid for online bid management of service contracts; and AvidPay for electronic payments of invoices, targeted to commercial and multifamily real estate firms.