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.

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.

The form can be found here.