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AvidXchange unveils IPO


AvidXchange unveils IPO

Payments automation company AvidXchange Holdings Inc. this week filed an initial public offering for its common stock with the U.S. Securities and Exchange Commission in an effort to raise up to $444.6 million in funding, according to the filing.

AvidXchange plants to offer 22,000,000 shares of common stock at a price between $21 and $23 per share. Underwriters have the option to purchase another 3.3 million shares within 30 days, according to the SEC filing. Some of the underwriters include $2.3 trillion Goldman Sachs & Co., $3.7 trillion JPMorgan & Co., $1.3 trillion Barclays. The stock will be offered on the Nasdaq under the ticker AVDX.

The Charlotte, N.C.-based fintech, which provides accounts payable and payment solutions to middle-market businesses and their suppliers, said it intends to use the proceeds for general corporate purposes, including hiring, investment in sales and marketing, product development, general and administrative matters, and working capital. A portion of the proceeds could also be used for acquisitions or strategic investments in complementary businesses, products, services or technology, the company said in its filing.

Founded in 2000, AvidXchange integrates with common accounting systems like Oracle NetSuite and Intuit QuickBooks to eliminate the need for manual payment processes and paper checks. The company’s primary offerings include AP Automation Software, AvidPay Network and Cash Flow Manager. AvidXchange customers include $203.8 billion Fifth Third Bank, $3.02 trillion Bank of America and $181 billion KeyBank.

Earlier this year, the company acquired FastPay Partners, a provider of payments automation solutions for the media industry. Its newest funding would bring the company’s total funding to over $1.2 billion, according to SEC filings.

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Source: https://bankautomationnews.com/allposts/payments/avidxchange-unveils-ipo/

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