Categories: B2B Payments

VersaPay Takeover By Great Hill Finalized

The acquisition of Canadian FinTech firm VersaPay by Boston private equity firm Great Hill has now been finalized, according to reports on Sunday (Feb. 23).

Founded in 2006, VersaPay provides cloud-based invoice-to-cash solutions including electronic invoice presentment and payment. Fully diluted, its total equity at the time of the sale was approximately C$126 million.

“We are investing in VersaPay because they have built an innovative solution for customers transitioning to accounts receivable and B2B payments automation. Our partnership with VersaPay demonstrates our continued dedication to supporting the development of SaaS-enabled companies, and we will provide the VersaPay team with the resources needed to continue their global expansion,” said Matt Vettel, managing partner at Great Hill.

The VersaPay ARC platform enables users to look at invoices, make online payments and resolve disputes. Real-time insight is offered into accounts receivables, which helps businesses get quicker payments. The solution also optimizes operations and lowers associated expenses.

“As a privately owned company backed by a strong partner like Great Hill, VersaPay will be positioned to invest strategically and focus on long-term growth. Our mission remains unchanged, as does our commitment to our customers and our passion for driving innovation in the AR automation space. We are excited about this next stage of our journey and our partnership with Great Hill as we work together to become the clear leader in our markets,” said Craig O’Neill, CEO of VersaPay, who will continue in this role.

VersaPay’s software as a solution (SaaS) platform also allows businesses to send customers customized electronic invoices and accept credit cards, EFT and ACH payments. The platform automatically reconciles payments to their ERP and accounting software.

When the deal was announced in December, shareholders were going to 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.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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