AvidXchange, which provides a billing and payments software platform to mid-market businesses, raised $660 million by offering 26.4 million shares at $25, the high end of the upwardly revised range of $23 to $25. The company offered 4.4 million more shares than anticipated. It originally planned to offer 22 million shares at $21 to $23 before increasing the range last week.
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.
AvidXchange plans to list on the Nasdaq under the symbol AVDX. Goldman Sachs, J.P. Morgan, BofA Securities, and Barclays acted as joint bookrunners on the deal.
