Four years after going public, business payments automation firm AvidXchange is exploring a potential sale following takeover interest, as reported by Bloomberg.
The company has engaged Financial Technology Partners as an adviser after receiving inquiries from private equity firms. As of now, no decision has been reached regarding the sale.
AvidXchange’s shares have depreciated by over one-third this year. Following a spike related to Thursday’s news, the shares are currently trading around $7.80, significantly down from the $25 price set during its 2021 IPO.
Founded in 2000, AvidXchange provides a single platform designed to eliminate paper invoices and checks while offering various electronic payment options for more than 8,000 companies.
The firm has chosen not to comment on the possibility of a sale.