AvidXchange Holdings, which provides a B2B billing and payments software platform to mid-market businesses, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
AvidXchange provides accounts payable automation software and payment solutions for middle market businesses and their suppliers. Its SaaS platform has digitized and automated the accounts payable workflows of over 7,000 businesses, for which it has facilitated payments to more than 700,000 suppliers. The company believes that while the enterprise and SMB markets are well served by existing solutions, middle market businesses, defined as businesses with between $5 million and $1 billion in revenue, are still underserved.
The Charlotte, NC-based company was founded in 2000 and booked $214 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol AVDX. Goldman Sachs, J.P. Morgan, BofA Securities, and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
