(Bloomberg) — AvidXchange Holdings Inc., a financial technology company that helps midsize businesses pay and receive bills, is weighing a sale after getting takeover interest, according to people familiar with the matter. 

The Charlotte, North Carolina-based company has been working with adviser Financial Technology Partners to consider options after being approached in recent months by potential buyers including private equity firms, said the people, who asked to not be identified because the details aren’t public.

While conversations are ongoing, a final decision hasn’t been made and AvidXchange might opt to not proceed with a sale, particularly given the recent turmoil in the equity markets, the people added.

Representatives for AvidXchange and FT Partners declined to comment.

Shares of AvidXchange had dived 36% this year, before gaining Thursday. The stock rose 14% to close at $7.84 in New York trading, giving it a market value of $1.6 billion. That compares with $25 apiece in the company’s initial public offering in 2021.

AvidXchange was part of a wave of payments players that went public during the boom in IPOs and blank-check deals in the wake of the Covid pandemic. Several of them have since put themselves on the block as their shares languished, though most have struggled to find buyers.

Online payments provider Paysafe Ltd. is also exploring a sale after getting takeover interest, Bloomberg News reported this month, while Lightspeed Commerce Inc. announced in February that it would remain public after conducting a strategic review.

(Updates trading in fifth paragraph)

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