Four years after going public, business payments automation firm AvidXchange is considering a sale after receiving takeover interest, according to Bloomberg.
The company has called in adviser Financial Technology Partners after receiving approaches from private equity firms, says Bloomberg, citing sources. No decision has yet been made.
Shares in AvidXchange have fallen more than a third so far this year and after a bump on Thursday's report stood at around $7.80, well down on the $25 price set during the 2021 IPO.
Founded in 2000, AvidXchange offers a single platform that eliminates the paper invoice and cheque and offers multiple e-payment options for more than 8000 companies.
The company has declined to comment on any potential sale.