AvidXchange, which describes its business as “transforming how [middle-market businesses] receive, manage and pay their bills,” filed Friday (Sept. 17) to go public on the Nasdaq, according to a filing with the Securities and Exchange Commission (SEC).
The Charlotte, North Carolina-based accounts payable (AP) Software-as-a-Service (SaaS) company, which was founded in 2000, stated in the filing that from 2015 through 2020, it paid more than 700,000 suppliers.
In 2020, the filing showed, the company processed 52,757,295 transactions with a transaction yield of $3.52 and total payment volume of $37,880,000. That was in increase from 2019, which saw 44,825,421 transactions with a transaction yield of $3.34 and total payment volume of $28,172,000.
AvidXchange reported in the registration statement that it lost $101,246,000 on revenue of $185,928,000 for the 12 months ended Dec. 31, 2020, compared with losing $93,546,000 on revenue of $149,584,000 for the 12 months ended Dec. 31, 2019.
The 2020 revenue, according to the filing, consisted of software revenue of $68 million; payment revenue of $116 million; and services revenue of $2 million.
In addition to the usual boilerplate included in SEC registration filings, AvidXchange stated: “We have a history of operating losses and we may not achieve or sustain profitability in the future.”
AvidXchange also stated in the filing: “We identified material weaknesses in our internal control over financial reporting, and if we fail to remediate these material weaknesses or if we otherwise fail to establish and maintain effective internal control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.”
The company reported that on June 30, ActiveXchange had $202,938,000 in cash on hand.
Major events in the company’s history, according to the filing, include: the 2012 launch of the AvidPay Network; the 2014 acquisition of Piracle; and partnerships with KeyBank, Mastercard and Bank of America.
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