Artificial Intelligence | News | Insights | AiThority
Binance Coin

Great Hill Partners and VersaPay Corporation Announce Closing of Acquisition

0 6

Great Hill Partners, a leading growth-oriented private equity firm, and VersaPay Corporation , a market leading provider of a SaaS accounts receivable, invoicing and integrated payments technology platform serving B2B customers, announced the successful completion of the previously announced acquisition of VersaPay by an affiliate of Great Hill, pursuant to a statutory plan of arrangement under the Canada Business Corporations Act (the “Arrangement”).  Under the Arrangement, each VersaPay shareholder will receive cash consideration of C$2.70 for each common share held, valuing VersaPay’s total equity at approximately C$126 million on a fully diluted basis.

VersaPay is a leading provider of cloud-based invoice-to-cash solutions, enabling businesses to provide a superior customer experience, get paid faster, streamline financial operations, and dramatically reduce days outstanding and costs.  Since the Company’s inception in 2006, the Company has grown its client base into a global network by expanding service offerings through strategic partnerships, acquisitions and the development of alternative payment processing solutions.

Recommended AI News: Oro Unveils Feature-Packed OroCommerce Version 4.1

Through the VersaPay ARC platform, customers can view invoices online, collaborate on inquiries and disputes, and facilitate secure online payments (EFT/ACH and credit card). Customers also gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. The VersaPay ARC platform automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.

“We are investing in VersaPay because they have built an innovative solution for customers transitioning to accounts receivable and B2B payments automation,” said Matt Vettel, Managing Partner at Great Hill.  “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.”

Recommended AI News: DataRobot Named a Visionary in the 2020 Gartner Magic Quadrant for Data Science and Machine Learning Platforms

“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,” said Craig O’Neill, Chief Executive Officer of VersaPay, who will continue in this role.  “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.”

INFOR Financial Inc. served as exclusive financial advisor to VersaPay in connection with the Arrangement. Capital Canada Limited provided a fairness opinion to the independent committee of the board of directors of VersaPay.  Cassels Brock & Blackwell LLP acted as Canadian counsel to VersaPay and Arnold & Porter Kaye Scholer LLP acted as U.S. counsel to VersaPay.  Blake, Cassels & Graydon LLP acted as Canadian counsel to Great Hill, and Alston & Bird LLP acted as U.S. counsel to Great Hill.

Recommended AI News: Telit’s New OneEdge Evaluation Kit Enables Rapid IoT Development and Time to Market

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.