Private equity firm Great Hill Partners has completed its previously announced acquisition of VersaPay.
A Canadian fintech firm, VersaPay offers cloud-based invoice-to-cash solutions. It streamlines accounts receivables process and enables businesses to get paid faster, optimise operations and reduce associated costs.
The VersaPay ARC platform allows customers to view invoices, facilitate online payments as well as communicate on disputes. Also, it provides customers with real-time insight into accounts receivables.
In December last year, an affiliate of Great Hill signed a definitive agreement to acquire VersaPay.
As agreed, each VersaPay shareholder will receive $2.70 in cash for each common share. It values the acquired firm’s total equity at nearly C$126m ($94.77m) on a fully diluted basis.
Earlier this month, VersaPay shareholders approved the deal.
Great Hill managing partner Matt Vettel said: “We are investing in VersaPay because they have built an innovative solution for customers transitioning to accounts receivable and B2B payments automation.
“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.”
VersaPay CEO Craig O’Neill said: “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.
“Our mission remains unchanged, as does our commitment to our customers and our passion for driving innovation in the AR automation space.”