CHARLOTTE – AvidXchange, Inc. sold $20 million in shares in a private stock offering, according to a Securities and Exchange Commission filing.

AvidXchange filed the Form D on Oct. 15. The company indicated in the filing that the offering is related to a business transaction. AvidXchange announced the acquisition of accounting software company BankTEL Aug. 28.

Founded in 2000, AvidXchange automates invoice  and  payment processes  for mid-market businesses.

AvidXchange acquires Mississippi-based accounts payable firm

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s Hussman School of Journalism and Media.