Enterprise software provider AvidXchange Files for IPO


AvidXchange, which provides accounts payable automation software and payment solutions to mid-market businesses, filed an initial public offering on Friday to raise up to $ 100 million.

The Charlotte, North Carolina company, which filed a Form S-1 with the Securities and Exchange Commission, did not disclose any pricing conditions.

The company plans to list its shares on Nasdaq under the symbol AVDX.

Goldman Sachs, JP Morgan, BofA Securities and Barclays are listed as the main underwriters of the IPO.

AvidXchange’s software-as-a-service software and payment platform digitized and automated accounts payable workflows for more than 7,000 businesses and processed approximately 53 million transactions in 2020. The company processed more than 700,000 payments for suppliers between 2015 and 2020.

AvidXchange reported revenue of $ 185.9 million and net loss of $ 166.3 million in 2020, compared to revenue of $ 149.6 million and net loss of $ 107.9 million in 2019, according to the file.

Bain Capital Ventures owns 14.1% of AvidXchange, Mastercard shares (MY) – Get the Mastercard Inc. (MA) report the subsidiary Mastercard Investment Holdings holds 7.5%, the CEO of the company Michael Praeger 8.5%, the pension fund Caisse de dépôt et placement du Québec 7% and Ossa Investments Pte. Ltd. holds 6.9%.

AvidXchange announced on August 30 the hiring of Joseph Fox as Chief Product Officer to lead the company’s overall product strategy and drive more value for customers through accelerated product innovation.

“The needs of our mid-market customers are constantly evolving, so it’s important that we do the same as a business by continuing to bring in top talent for our product teams,” Praeger said in a statement. August 30. “Joseph’s expertise will add tremendous value to the solutions we offer today and support our ability to create and launch new technologies in the future.

Fox previously held the positions of Director of Strategy at BirchStreet Systems, Senior Vice President of Business Development and Product Strategy at SAP Ariba, as well as other positions at Ernst & Young, JPMorgan Chase and Accenture.

Source link


Leave A Reply