Great Hill To Acquire VersaPay

Great Hill Partners, a growth-oriented private equity firm, has announced that it’s going to acquire VersaPay, a company that provides cloud-based invoice-to-cash solutions, according to a release from the companies.

Great Hill is going to acquire “all of the issued and outstanding common shares of (VersaPay)” through a statutory plan of arrangement.

Each VersaPay shareholder is going to get C$2.70 for each share, and VersaPay’s full equity is valued at about C$126 million fully diluted.

“The Consideration represents a 47.5 percent premium to the closing price of the VersaPay Shares on the TSX Venture Exchange on December 12, 2019 and a 64.5 percent premium to the volume weighted average price of the VersaPay Shares over the last 30 trading days,” the release said.

Shareholders will receive an immediate premium of around 47.5 percent to the closing price of VersaPay shares on Dec. 12, and about 64.5 percent based on the volume weighted average price.

“We are very pleased to be able to recommend this transaction to our shareholders, employees and customers,” commented Art Mesher, chairman of the company. “With their deep knowledge of our industry and focus on supporting growth companies, Great Hill is uniquely positioned to understand our business and its long term potential, and help the company to achieve that potential.”

Matt Vettel, managing partner at Great Hill Partners, said he was excited about the move.

“Great Hill is excited to partner with the VersaPay team and provide the capital to execute on their growth strategies,” he said. 

CEO Craig O’Neill shared a similar sentiment. 

“I’d like to thank our employees who have worked so hard to achieve the growth and success we’ve experienced to date, our customers who have put their trust in us, and our shareholders who have supported us as a public company.  We’re equally excited about our future working alongside Great Hill,” he said.