Versapay Acquires Leading Funds Software Fintech Enterprise DadeSystems
Expanding Versapay’s AR automation abilities for its 8,000+ clients
TORONTO, April 18, 2022 /PRNewswire/ – Versapay, the chief in Collaborative Accounts Receivable, declared currently it has concluded its acquisition of U.S.-centered fintech corporation DadeSystems. The acquisition broadens Versapay’s suite of accounts receivable (AR) automation methods and expands its AI and device discovering abilities. It also expands the company’s organization and mid-market place footprint whilst incorporating crucial talent to the expanding Versapay staff.
“We are extremely excited to welcome DadeSystems’ staff, customers, and associates to Versapay,” said Craig O’Neill, CEO, Versapay. “Versapay and DadeSystems have liked a productive partnership for some time, and most importantly we share a common vision for the digitization of the AR course of action. With each other, we can accomplish even more to close the electronic transformation hole in AR, optimizing our clients’ money flow and driving operational efficiencies.”
DadeSystems has been a very long-phrase technology associate of Versapay. The firm’s flagship DadePay dollars software software program automates 1 of the most difficult pieces of AR by streamlining the receipt, matching, and reconciliation of payments no subject how they are received, and is now embedded in Versapay’s cloud-based mostly, automated AR platform. Now, all DadeSystems remedies, which include cellular offerings, will be accessible to Versapay’s shoppers and associates. By adding DadePay solutions to Versapay’s Collaborative AR Network, enterprises can digitize and automate all their purchaser payments, which includes checks, lender-to-financial institution transfers, credit rating cards, and cell payments.
The combined company automates much more than $60 billion in payment volume annually and has accomplished speedy income advancement in the previous 12 months. DadeSystems investor, 10 Coves Money, is rolling its stake into Excellent Hill Companions-backed Versapay, although each Good Hill Partners and 10 Coves Capital are contributing supplemental money to fund the acquisition. “This acquisition will give Versapay an unmatched, thorough suite of AR automation solutions, correctly positioning the organization to capture the developing current market alternatives,” reported Matt Vettel, Handling Director, Excellent Hill Companions. “We glance forward to a prosperous partnership as these innovators appear with each other to revolutionize the way accounts receivable groups work.”
DadeSystems predominantly serves higher mid-market and organization shoppers, such as two of the ten greatest U.S. foodstuff distributors, two of the 10 greatest U.S. making materials and nine of the sixty-five most significant U.S. banking companies in addition to getting a engineering company for Wells Fargo’s and Fifth Third’s accounts receivable automation solutions. DadeSystems also delivers significant partners to Versapay, this kind of as Fiserv, to help the company’s swift growth.
“We are thrilled to grow to be section of Versapay,” claimed Invoice Zayas, CEO, DadeSystems. “The accounts receivable functionality has been desperately in require of a workflow revolution. The cloud-centered solutions that each our groups have launched are creating this come about. By joining forces, we will see even speedier development and a even larger impression on the industry’s digital transformation.”
The DadeSystems group will keep on to work in Miami and will be absolutely integrated with Versapay’s North American groups.
Alston & Chicken LLP acted as lawful advisor to Versapay. William Blair acted as unique financial advisor and Morris, Manning & Martin LLP acted as lawful advisor to DadeSystems.
Versapay is the leader in Collaborative Accounts Receivable (AR). The Versapay Collaborative AR Network is the first remedy that empowers the genius of teams by bridging the hole concerning suppliers and potential buyers through a shared, electronic encounter. Versapay’s AR automation solutions and following-technology B2B payments community tends to make billing and payments less complicated for enterprises, increasing efficiencies, accelerating income move, and dramatically increasing the buyer experience. Versapay has offices in Toronto, Atlanta, London, Amsterdam, and Sydney, and is owned by Terrific Hill Companions, a Boston-based mostly technologies financial investment organization. Understand additional at versapay.com. Sign up for the conversation at twitter.com/Versapay and linkedin.com/corporation/versapay.
DadeSystems will help enterprises unlock the prospects of smarter AR. Today’s AR teams are challenged by intricate company payment procedures. The DadePay suite of built-in AR automation solutions can promptly remedy finance leaders’ most pressing AR challenge—manual hard cash software. With an effortless implementation, straight-as a result of money posting premiums of 90%+, and award-winning mobile capabilities, DadePay is applied by hundreds of enterprises throughout industries to receive, match, and apply any payment from any channel. AR teams achieve efficiencies that drive scalability, minimize payment processing charges, increase buyer payment activities, and give faster entry to income. 7 of the major sixty-five North American economical establishments produce the marketplace-main DadePay answer to their company shoppers. Study extra at dadesystems.com.
About Terrific Hill Partners
Fantastic Hill Associates is a Boston-primarily based personal equity business concentrating on investments of $25 million to $500 million in large-progress corporations across the program, digital commerce, economical technologies, healthcare, and digital infrastructure sectors. Over the past two decades, Wonderful Hill has lifted over $12 billion of commitments and invested in more than 90 organizations, developing an intensive observe history of making extensive-term partnerships with business owners and delivering versatile assets to enable middle-marketplace businesses scale. Good Hill has not too long ago been regarded for its business leadership, becoming ranked #5 in the 2021 HEC – DowJones Non-public Fairness Overall performance Rating, which evaluated fund effectiveness of 517 leading non-public fairness corporations concerning 2008 – 2017. For much more details, such as a list of all Excellent Hill investments, take a look at www.greathillpartners.com.
About 10 Coves Cash
10 Coves Funds invests in modern, significant growth FinTech companies. Ten Coves seeks to partner with talented, passionate entrepreneurs in which its capital, network and many years of practical experience can support speed up advancement and worth creation. The 10 Coves workforce has served scale a lot of strategically substantial businesses resolving sector pain details, enabling workflows, and supplying essential infrastructure to support re-wire the monetary ecosystem. For additional information and facts, go to tencoves.com.
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Resource VersaPay Company