BOSTON and TORONTO, Feb. 21, 2020 – Great Hill Partners (“Great Hill”), a leading growth-oriented private equity firm, and VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a market leading provider of a SaaS accounts receivable, invoicing and integrated payments technology platform serving B2B customers, today 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.
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.”
“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.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the consumer, digital infrastructure, financial technology, healthcare, and software sectors. Over the past two decades, Great Hill has raised nearly $8 billion of commitments and invested in more than 75 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. For more information, visit www.greathillpartners.com.
About VersaPay Corporation
VersaPay is a Fintech company and 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 DSO and costs. VersaPay ARC is the first platform to provide Customer-Centric AR™ with a customer self-service environment to view invoices online, collaborate on inquiries and disputes, and facilitate secure online payments (EFT/ACH and credit card). Businesses gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. VersaPay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers. For more information, visit https://www.versapay.com/
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Feb 21st, 2020
Why Now Is the Time To Embrace Digital Payments
Apr 8th, 2021
If supporting digital payments still isn’t a priority for your business, you risk losing out on customers. In this blog we delve into the reasons why more businesses are prioritizing digital payments and what’s at stake for those who aren’t.
How to Protect Your Website from Credit Card Testing
Mar 31st, 2021
Fraud prevention is a never-ending game, and businesses need to remain vigilant, especially when it comes to ecommerce. Learn how credit card testing impacts your business, how fraud prevention tools help you remain proactive, and tactics for protecting your business from unauthorized attacks.
Putting the Spotlight on Women-Owned Businesses: Earth Rated
Mar 26th, 2021
To close out Women’s History Month, we’re spotlighting a woman-owned business in our network exemplifying strong core values and innovation. Read about Earth Rated and what they do in this blog and learn why supporting women-owned businesses is more important than ever during the pandemic.