04:30 PM EDT, 08/22/2024 (MT Newswires) -- AvidXchange ( AVDX ) said Thursday its board has authorized the repurchase of up to $100 million of its shares, effective immediately, through the end of 2025.

The repurchases will be subject to a $50 million cap in any fiscal year, the company said.

The shares were rising past 3% in after-hours trading.

Price: 8.05, Change: +0.28, Percent Change: +3.60