AvidXchange Holdings, Inc.

General Information
Business:

We are a leading provider of accounts payable, or AP, automation software and payment solutions for middle-market businesses and their suppliers. Our software-as-a-service, or SaaS, -based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 7,000 businesses (our buyers) and we have made payments to more than 700,000 supplier customers of our buyers (suppliers) over the past five years.

While acquiring new and retaining existing relationships with buyers and suppliers are important to our business, the growth of our business is ultimately dependent upon the number of transactions we process, as well as our total payment volume. We developed our technology platform through years of working to solve our buyers’ unique middle market workflow challenges. Leveraging our deep domain expertise, we purpose-built a powerful two-sided network (the AvidPay Network) that connects buyers and suppliers, drives digital transformation, increases efficiency and accuracy in AP workflows, accelerates payments, enables insight into critical analytics, and lowers operating costs for our buyers.

(Note: AvidXchange upsized its IPO at pricing on Oct. 12, 2021, to 26.4 million shares, up from 22.0 million shares, at $25 – the top of its $23-to-$25 range – to raise $660 million. The previous week: AvidXchange increased its IPO’s price range to $23 to $25 – up from $21 to $23 initially – in an S-1/A filing released by the SEC at mid-afternoon on Friday, Oct. 8, 2021. In that filing, AvidXchange kept the number of shares at 22.0 million.) 

Industry: SERVICES - PREPACKAGED SOFTWARE
Employees: 1500
Founded: 2000
Contact Information
Address 1210 AvidXchange Lane Charlotte, NC 28206
Phone Number (800) 560-9305
Web Address http://www.avidxchange.com/
View Prospectus: AvidXchange Holdings, Inc.
Financial Information
Market Cap $4592.64mil
Revenues $214.43 mil (last 12 months)
Net Income $-142.6 mil (last 12 months)
IPO Profile
Symbol AVDX
Exchange NASDAQ
Shares (millions): 26.4
Price range $25.00 - $25.00
Est. $ Volume $660.0 mil
Manager / Joint Managers Goldman Sachs/ J.P. Morgan/ BofA Securities/ Barclays
CO-Managers Credit Suisse/ KeyBanc Capital Markets/ Deutsche Bank Securities/Piper Sandler/ Nomura Fifth Third Securities
Expected To Trade: 10/13/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change