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AvidXchange goes public on Nasdaq

Thursday 14 October 2021 11:19 CET | News

US-based AvidXchange, a provider of accounts payable automation software and payment solutions for middle market businesses and their suppliers, went public on the Nasdaq.

The company announced the pricing of its upsized initial public offering at the high-end of its proposed range USD 25, raising approximately USD 660 million with an initial market cap of nearly USD 4.8 billion.

The company plans to use the proceeds to expand its employee base, invest in sales and marketing, product development, general and administrative matters and working capital, in addition to using a portion for acquisitions or strategic investments in complementary businesses, products, services or technologies.

AvidXchange’s SaaS based, end-to-end software and payment platform digitises and automates the AP workflows for 7,000+ businesses. Goldman Sachs and JP Morgan are acting as joint lead book-running managers and representatives for the offering.

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Keywords: funding, SaaS, accounts payable, JP Morgan
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech