AvidXchange Weighs Potential Sale Amid Takeover Interest

AvidXchange, the business payments automation firm, is exploring a potential sale after attracting buyout interest from private equity firms, according to Bloomberg. The company has enlisted Financial Technology Partners as an adviser, though no final decision has been made.

After going public in 2021 at $25 per share, AvidXchange’s stock has declined significantly, currently hovering around $7.80—more than a 30% drop this year despite a slight uptick following the takeover report.

Founded in 2000, AvidXchange provides a single platform that eliminates paper invoices and checks, offering multiple e-payment solutions for over 8,000 businesses. Despite the sale speculation, the company has declined to comment on the matter.