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: AvidXchange files to go public

AvidXchange Inc., an accounts payable automation software company, plans to go public, according to a filing with the Securities and Exchange Commission on Friday.

The Charlotte, N.C.-based company said it plans to raise up to $100 million, but that figure is often used as a placeholder and is updated in subsequent filings. Goldman Sachs, JP Morgan, B. of A. Securities, and Barclays are listed among the underwriters for the offering.

The company plans to list its stock under the ticker “AVDX” on the Nasdaq.

AvidXchange reported sales of $185.9 million and a loss of $166.3 million in 2020, compared with revenue of $149.6 million and loss of $107.9 million in 2019.

The company did not distinguish classes of stock in the filing with regards to voting power. Bain Capital owns 14% of company shares, Mastercard Investment Holdings holds 7.5%, And Chief Executive Michael Praeger owns 8.5%.

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