The Business Problem:

Staying on the Same Page in a Rapidly-Changing Organization 

Rhythm CEO and Co-Founder Patrick Thean was already a friend and coach to Michael Praeger when Praeger and his business partner David Miller founded AvidXchange in 2000. They soon found themselves on the verge of dramatic growth. They rapidly hired new employees to meet their needs, expanding from a headcount of 50 to 1,600. As the organization transformed, keeping teams aligned to meet key deliverables was critical—but not easy. 

Product launches, acquisitions, R&D, and customer success required seamless collaboration across multiple departments. With so many moving parts, the risk of missed handoffs and falling short on customer commitments was greater than ever. AvidXchange needed a system to ensure their growing team stayed in sync and executed efficiently at scale.

How Rhythm Helped:

Bridging Communication Gaps for Seamless Execution

As CEO, Praeger committed to his team’s success through vertical and horizontal alignment. Rhythm launched a company-wide training initiative, focusing on how to use the software and methodology to promote transparency around goals. Rhythm coaches pinpointed areas of misalignment, which helped teams make crucial planning and execution adjustments to bridge communication gaps. 

Enabling Cross-Functional Collaboration

By tracking progress against clear goals and milestones, the company was able to address issues in real-time and avoid costly delays or missteps. This resulted in smoother handoffs, faster decision-making, and more efficient execution overall.

The Results:

An IPO Too Big to Miss

Cross-functional team alignment allowed AvidXchange to increase productivity by 300%, resulting in a key product launching 6 months earlier than scheduled. By 2021, they made a successful IPO at a $2 billion valuation. 

Top firms such as Bain Capital Ventures, Sequoia Capital, TPG, and Mastercard swiftly became key investors. 

Sustained Growth Year After Year

Over an 8 year period, AvidXchange has grown revenue by 40% year over year. By mastering alignment with Rhythm, they have surpassed the competition in execution speed and have become a fintech leader.