Toronto, ON – April 4, 2016 – Versapay Corporation (TSXV: VPY) ("Versapay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, today announced the latest milestones the Company has achieved with ARCTM, its accounts receivable automation platform.
Versapay now has 43 suppliers signed, including 33 that are currently live with 17,700 of their end-customers using the platform. This represents growth of 51% in the number of end-users in the past 3 months. Invoices received by customers have almost doubled over the period, to 396,000, and payments are up just over 2 times, to $23.1 million. The latest metrics reflect Versapay’s continued focus on a number of target markets including the media industry.
Most recently the Company signed a media ERP platform provider as a new customer, which in turn provides visibility of ARC to hundreds of other companies in the media industry. Additionally, VersaPay has secured contracts with an ERP vendor in trucking and logistics as well as a number of other companies in that vertical market.
“We continue to see steady growth in sales to new suppliers and adoption by end-customers,” stated Craig O’Neill, CEO of Versapay. “Between SPARC, our recently launched end-customer adoption program and the unveiling of new features and partnerships that help companies transition away from paper, we expect the growth in counterparties on the platform to accelerate quarter over quarter throughout the year.”
Versapay is a leading cloud-based payment and A/R solution provider for businesses of all sizes. VersaPay PayPort gives companies an integrated solution for transacting securely in the cloud. VersaPay ARC allows businesses to deliver customized electronic invoices to their customers, to accept credit card and electronic check payments and automatically reconcile to their ERP and accounting software. VersaPay is headquartered in Toronto, Canada and also has operations in Montreal.
For additional information, please contact:
|John McLeod Vice President, Marketing Versapay Corporation 647-258-9406 firstname.lastname@example.org||Babak Pedram Investor Relations Virtus Advisory Group Inc. 416-644-5081 email@example.com|
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.
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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.
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