CHARLOTTE — Charlotte unicorn AvidXchange Inc. is prepping for an initial public offering later this year, according to a Reuters report on Tuesday.
[PAST COVERAGE: AvidXchange considered 3 US cities before choosing Charlotte expansion]
The report, citing people familiar with the matter, said AvidXchange is eyeing the second quarter to trade on the stock market. Those involved estimate the firm’s value between $5 billion and $10 billion, the report said.
AvidXchange, founded in 2000, is an automated payments provider. The firm has seen substantial growth during the pandemic as more companies look to automate their processes. The company at first saw a slump when the pandemic hit, but transaction volume revived later in 2020, CEO Mike Praeger said in a previous interview with the CBJ.
Cox Media Group
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