GIC and CDPQ-Backed AvidXchange Files to go Public
Posted on 09/21/2021
AvidXchange Holdings, Inc. filed for its initial public offering. AvidXchange is a provider of accounts payables and payment automation for mid-sized companies. AvidXchange generated revenue of US$ 185,927,639 in 2020, where payment revenue made up US$ 115,745,382. AvidXchange incurs incremental costs to obtain a contract, as well as costs to fulfill a contract with buyer customers that are expected to be recovered. Payment revenue includes (i) interchange fees earned on payment transactions processed as VCC, (ii) fees from supplier product offerings, and (iii) interest on funds held for customers. Software revenue are tailored specifically to AvidXchange’s buyer customers and include AvidInvoice, AvidPay, AvidUtility, AvidBill, Create-a-Check, Avid for NetSuite, Strongroom Payables Lockbox, ASCEND, and TimberScan.
Some of the largest shareholders of the company before the offering include:
Michael Praeger and affiliated entities: 3,528,552 at 8.50% ownership
Entities affiliated with Bain Capital Ventures: 5,845,810 at 14.11% ownership
Mastercard Investment Holdings, Inc.: 3,098,774 at 7.48% ownership
Caisse de dépôt et placement du Québec: 2,894,742 at 6.99% ownership
Ossa Investments Pte. Ltd. (Temasek Holdings): 2,865,793 at 6.92% ownership
Source: SEC.
