AvidXchange Selling 26.4M Shares in IPO

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Accounts payable (AP) and outgo automation level AvidXchange Holdings, Inc. connected Wednesday (Oct. 13) announced that its archetypal nationalist offering (IPO) volition diagnostic 26.4 cardinal shares of communal banal for $25 each.

AvidXchange has besides fixed its underwriters 30 days to bargain an further 3.96 cardinal communal banal shares astatine the IPO price.

AvidXchange’s communal banal volition commercialized connected the Nasdaq Global Select Market starting Wednesday nether the awesome AVDX and is expected to adjacent connected oregon astir Friday (Oct. 15), taxable to the restitution of customary closing conditions.

Goldman Sachs & Co. LLC and J.P. Morgan are the associated pb book-running managers for AvidXchange’s IPO. BofA Securities, Barclays, Credit Suisse, KeyBanc Capital Markets, Deutsche Bank Securities and Piper Sandler are acting arsenic book-running managers. Wolfe | Nomura Strategic Alliance and Fifth Third Securities are co-managers successful the IPO.

Related news: AvidXchange to Buy FastPay for Media Industry Payments

In July, AvidXchange partnered with payments automation steadfast FastPay to beforehand services to middle-market media companies. FastPay specializes successful outgo automation solutions for the media industry. Terms of the woody were not disclosed.

Michael Praeger, CEO and co-founder of AvidXchange, said AvidXchange looks to collaborate with companies “that work circumstantial verticals crossed the mediate market,” peculiarly firms that person continually worked to beforehand technologies that “better the day-to-day concern operations of its customers.”

The woody brought AvidXchange’s automated payments technologies and services to the media abstraction successful the U.S.; the companies volition enactment to beforehand inefficient outgo processes crossed the assemblage by brands, agencies and media suppliers.

AvidXchange was launched successful 2000 successful Charlotte, North Carolina with the extremity of streamlining AP processes and advancing automation. The institution works with implicit 7,000 businesses successful North America and counts much than 700,000 firms arsenic portion of its network, processing successful excess of $145 cardinal successful transactions each year.

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