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Versapay Adds Kite Realty Group Trust as Latest REIT Client

Published on 5 min read

Indianapolis, IN ; Toronto, ON – January 23, 2019 – Versapay Corporation (TSXV: VPY) ("Versapay"), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, is pleased to announce that Kite Realty Group Trust (the “Client”) has selected ARC© as its receivables solution.

“Our team is focused on an efficient transformation. In exploring an enhanced approach to connecting with our tenants, we quickly realized that receivables management required a comprehensive solution – one that could leverage the MRI API, provide sales reporting, securely accept multiple electronic payment options, and enable enhanced automation,” said David Buell, SVP and CAO for Kite Realty Group. “Versapay ARC offers extensive functionality and ease-of-use for our colleagues and tenants. Versapay’s team has been great to work with and we expect to see strong tenant adoption.”

Kite Realty Group relies on MRI Software, a global leader in real estate software solutions, for its property accounting system. The company discovered the Versapay solution at the MRI Software International Users Conference held in Atlanta in October 2018. “MRI’s open and connected ecosystem gives our clients the flexibility to extend their MRI functionality with access to a wide range of partner solutions,” commented Ben Berk, Director, Partner Connect at MRI Software. “We’re thrilled that Kite Realty Group has quickly integrated Versapay to automate its receivables process.”

“Kite Realty Group is an exciting addition to our growing CRE client list and showcases our work with MRI, a key channel partner”, said Craig O’Neill, CEO of Versapay. “Working with MRI’s clients speaks volumes to the strength of our channel partner strategy as we become the accepted AR automation standard in commercial real estate.”

About Kite Realty Group Trust

Kite Realty Group Trust (KRG) is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. KRG connects consumers to tenants in desirable markets through its portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, KRG continuously optimizes its portfolio to maximize value and return to its shareholders. As of September 30, 2018, KRG owned interests in 115 operating and redevelopment properties totaling approximately 22.4 million square feet and one development project (0.5 million square feet) currently under construction. For more information, please visit kiterealty.com.

About MRI

MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform, coupled with an open and connected ecosystem, meets the unique needs of real estate businesses – from property-level management and accounting to investment modelling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

About Versapay

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 new standard in accounts receivable and collections management 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.

Forward-looking and other cautionary statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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