Versapay Acquires AR Software Firm DadeSystems

Collaborative accounts receivable (AR) provider Versapay has acquired FinTech DadeSysems, a move the company says expands its AR automation, artificial intelligence, and machine learning capabilities, the company said in a news release Monday (April 18).

In addition, the deal “also expands the company’s enterprise and mid-market footprint while adding key talent to the growing Versapay team,” the company said.

Versapay says the DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay’s teams in North America. The company did not release a dollar amount for the acquisition but said it was financed with the help of Great Hill Partners and Ten Coves Capital, past investors in both firms.

Read more: Breaking Down Barriers Between Customers and AR Teams

DadeSystems had already had a long-term technology partnership with Versapay. The company’s flagship DadePay cash application software is embedded into Versapay’s cloud-based, automated AR platform.

“Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay’s clients and partners,” Versapay said. “By adding DadePay solutions to Versapay’s Collaborative AR Network, enterprises can digitize and automate all their customer payments, including checks, bank-to-bank transfers, credit cards, and mobile payments.”

The combined company automates more than $60 billion in payment volume each year and has seen rapid growth in revenue over the last 12 months.

DadeSystems clients are chiefly upper mid-market and enterprise customers, including two of America’s largest U.S. food distributors, two of the country’s building materials companies, and nine of the sixty-five largest U.S. banks. In addition, the company is also a technology provider for Wells Fargo’s and Fifth Third’s accounts receivable automation solutions, and brings with it partners such as Fiserv.

“The accounts receivable function has been desperately in need of a workflow revolution,” said Bill Zayas, CEO of DadeSystems. “The cloud-based solutions that both our teams have introduced are making this happen. By joining forces, we will see even faster growth and a bigger impact on the industry’s digital transformation.”

Get the report: The Strategic Role Of The CFO

Versapay collaborated with PYMNTS recently on “The Strategic Role of the CFO,” which surveyed 400 finance department heads to discover why they see digitization as such an important tool for unlocking efficiency and strengthening customer relationships.