AP Software Maker AvidXchange Plans Nasdaq IPO

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AvidXchange, which describes its business as “transforming the way [middle-market businesses] receive, manage and pay their bills ”, filed Friday, September 17 to be made public to the Nasdaq, according to a deposit with the Securities and Exchange Commission (SEC).

The Charlotte, North Carolina-based software as a service (SaaS) company said in the filing that from 2015 to 2020, it paid more than 700,000 vendors.

In 2020, according to the record, the company processed 52,757,295 transactions with a transaction yield of $ 3.52 and a total payment volume of $ 37,880,000. This was up from 2019, which saw 44,825,421 trades with a trade yield of $ 3.34 and a total payout volume of $ 28,172,000.

AvidXchange indicated in the registration statement that it lost $ 101,246,000 on income of $ 185,928,000 for the 12 months ended December 31, 2020, compared to $ 93,546,000 on income of $ 149,584,000 for the 12 months ended December 31, 2019.

The 2020 revenue, according to the record, consisted of software revenue of $ 68 million; payment revenues of $ 116 million; and service revenues of $ 2 million.

In addition to the usual master key included in SEC registration files, AvidXchange said, “We have a history of operating losses and we may not achieve or maintain profitability in the future. “

AvidXchange also stated in the file: “We have identified material weaknesses in our internal control over financial reporting, and if we do not address these material weaknesses or if we fail to establish and maintain effective internal control on financial reporting, our ability to report in a timely manner, our financial results could be adversely affected.

The company said that as of June 30, ActiveXchange had $ 202,938,000 in cash.

Major events in the company’s history, according to the file, include: the 2012 launch of the AvidPay network; the acquisition of Piracle in 2014; and partnerships with KeyBank, Mastercard and Bank of America.

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