Small business payments automation firm AvidXchange has hired investment banks to prep for an initial public offering that could value the business at more than $7 billion, according to Reuters.
Backed by investors including Mastercard and Peter Thiel, the company offers a single SaaS based platform that eliminates the paper invoice and cheque and offers multiple e-payment options through the AvidPay Network of more than 600,000 suppliers.
Founded in 2000, AvidXchange currently processes around 12 million payments annually with a total value of $140 billion. Business has surged during the pandemic as companies moved to automate paper-intensive financial processes to weather Covid-19 lockdowns.
Citing people familiar with the matter, Reuters reports that the Charlotte, North Carolina-based company aims to list on the stock market in the second quarter. The firm is reputed to have hired Goldman Sachs, JPMorgan Chase, Bank of America Corp, and Barclays as IPO arrangers.