Versapay Acquires Leading Cash Application Fintech Company DadeSystems
Expanding Versapay's AR automation capabilities for its 8,000+ clients
TORONTO, April 18, 2022 /CNW/ - Versapay, the leader in Collaborative Accounts Receivable, announced today it has completed its acquisition of U.S.-based fintech company DadeSystems. The acquisition broadens Versapay's suite of accounts receivable (AR) automation solutions and expands its AI and machine learning capabilities. It also expands the company's enterprise and mid-market footprint while adding key talent to the growing Versapay team.
"We are very excited to welcome DadeSystems' employees, customers, and partners to Versapay," said Craig O'Neill, CEO, Versapay. "Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients' cash flow and driving operational efficiencies."
DadeSystems has been a long-term technology partner of Versapay. The company's flagship DadePay cash application software automates one of the most challenging parts of AR by streamlining the receipt, matching, and reconciliation of payments no matter how they are received, and is already embedded in Versapay's cloud-based, automated AR platform. Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay's clients and partners. 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 annually and has achieved rapid revenue growth in the past 12 months. DadeSystems investor, Ten Coves Capital, is rolling its stake into Great Hill Partners-backed Versapay, while both Great Hill Partners and Ten Coves Capital are contributing additional capital to fund the acquisition. "This acquisition will give Versapay an unmatched, comprehensive suite of AR automation solutions, perfectly positioning the company to capture the growing market opportunities," said Matt Vettel, Managing Director, Great Hill Partners. "We look forward to a successful partnership as these innovators come together to revolutionize the way accounts receivable teams work."
DadeSystems predominantly serves upper mid-market and enterprise customers, including two of the ten largest U.S. food distributors, two of the ten largest U.S. building materials and nine of the sixty-five largest U.S. banks in addition to being a technology provider for Wells Fargo's and Fifth Third's accounts receivable automation solutions. DadeSystems also brings important partners to Versapay, such as Fiserv, to support the company's rapid growth.
"We are thrilled to become part of Versapay," said Bill Zayas, CEO, DadeSystems. "The accounts receivable function has been desperately in need of a workflow revolution. 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."
The DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay's North American teams.
Alston & Bird LLP acted as legal advisor to Versapay. William Blair acted as exclusive financial advisor and Morris, Manning & Martin LLP acted as legal advisor to DadeSystems.
Versapay is the leader in Collaborative Accounts Receivable (AR). The Versapay Collaborative AR Network is the first solution that empowers the genius of teams by bridging the gap between suppliers and buyers through a shared, digital experience. Versapay's AR automation solutions and next-generation B2B payments network makes billing and payments easier for enterprises, increasing efficiencies, accelerating cash flow, and dramatically improving the customer experience. Versapay has offices in Toronto, Atlanta, London, Amsterdam, and Sydney, and is owned by Great Hill Partners, a Boston-based technology investment firm. Learn more at versapay.com. Join the conversation at twitter.com/Versapay and linkedin.com/company/versapay.
DadeSystems helps businesses unlock the possibilities of smarter AR. Today's AR teams are challenged by complex business payment processes. The DadePay suite of integrated AR automation solutions can quickly solve finance leaders' most pressing AR challenge—manual cash application. With an easy implementation, straight-through cash posting rates of 90%+, and award-winning mobile capabilities, DadePay is used by hundreds of businesses across industries to receive, match, and apply any payment from any channel. AR teams gain efficiencies that drive scalability, reduce payment processing costs, improve customer payment experiences, and provide faster access to cash. Seven of the top sixty-five North American financial institutions deliver the market-leading DadePay solution to their corporate customers. Learn more at dadesystems.com.
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised over $12 billion of commitments and invested in more than 90 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has recently been recognized for its industry leadership, being ranked #5 in the 2021 HEC - DowJones Private Equity Performance Ranking, which evaluated fund performance of 517 leading private equity firms between 2008 – 2017. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.
Ten Coves Capital invests in innovative, high growth FinTech companies. Ten Coves seeks to partner with talented, passionate entrepreneurs where its capital, network and decades of experience can help accelerate growth and value creation. The Ten Coves team has helped scale numerous strategically significant companies solving industry pain points, enabling workflows, and providing critical infrastructure to help re-wire the financial ecosystem. For more information, visit tencoves.com.
SOURCE VersaPay Corporation
Media Contacts: Danielle Ernst, [email protected]; Porter Novelli, [email protected]
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