AvidXchange Holdings

AvidXchange Holdings is an American developer of solutions for automating vendor settlements and payments. The company is headquartered in North Carolina. The company's software, designed for small and medium businesses, offers a platform for dealing with accounts payable and related issues. According to the developers, users of the AvidXchange solution receive a comprehensive solution that reduces costs, increases the speed of processing orders, introduces electronic document management and increases the speed of business processes. It also offers an analytical module that allows you to optimize all expenses, business processes and personnel structure.

Net loss of AvidXchange in January-June 2021 year amounted to $92 million, revenue - $114 million, while a year earlier the loss was measured at $51 million, and sales - $ 85 million.

History

2021: Access to the Nasdaq Exchange

In October 2021, AvidXchange Holdings entered the exchange, thanks to which it raised $660 million. The placement went along the upper limit of the planned IPO price range. As part of the listing, the company sold 26.4 million shares at a price of $25 apiece. The market capitalization of the developer of solutions for automation of settlements with suppliers amounted to $4.9 billion.

AvidXchange entered the Nasdaq exchange at a valuation of $4.6 billion

The site for placement is Nasdaq Global Select Market, the ticker is AVDX. The placement of shares is carried out with the participation of investment banks Goldman Sachs and JPMorgan Chase.

AvidXchange Chief Executive Officer Michael Preger, who owns nearly 7.4% of the stock, will control the second largest stake. Mastercard Venture (venture fund MasterCard) will receive the share following in size - 6.5%. According to PitchBook, the famous venture investor Peter Thiel invested in AvidXchange in 2017, but by October 2021 it is not known whether he had a stake. The fact is that only shares of more than 5% are disclosed in the documents^[1]

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