BOSTON and TORONTO, Feb. 21,
2020 /CNW/ - 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.
SOURCE VersaPay Corporation
