Canadian payments firm Versapay has bolstered its AR automation and integrated B2B payments offering for mid-market and enterprise businesses through combination with payment services provider Solupay.
The merged group will adopt the VersaPay brand.
The deal, whose financial details were not revealed, includes Solupay’s units ChargeLogic and 2CP.
VersaPay said that the merger will help it to simplify payment acceptance, provide click-to-pay invoices and automate receivables processes within cloud-based ERPs.
The company will continue to be headed by its existing CEO Craig O’Neill.
O’Neill stated: “Simplifying invoice presentment and reducing the cost of accepting digital payments are the building blocks for a customer-centric order-to-cash process.
“We’re excited to welcome the complimentary capabilities of the Solupay team and its innovative integrated payments and AR automation technology as we seek to better serve businesses through their digital payments transformation,” stated ,
Earlier this year, VersaPay was taken over by private equity firm Great Hill Partners.
As per the agreed terms, each VersaPay shareholder was entitled to receive C$2.70 in cash for each common share.
This values VersaPay’s total equity at nearly C$126m on a fully diluted basis.
Great Hill Partners managing partner Matt Vettel said: “This merger accelerates the growth of the Versapay network, further empowering mid-market organisations to digitally transform payables and receivables functions.”
Launched in 2006, Versapay has 8,000 clients and 500,000 users driving $10bn in payment volume on a yearly basis.
Headquartered in Toronto, the firm also has a presence in Atlanta, Cleveland, Baltimore, as well as Las Vegas.
VersaPay provides cloud-based invoice-to-cash solutions, enabling businesses to get paid faster, streamline operations and reduce associated costs.
The VersaPay ARC platform enables customers to view invoices, facilitate online payments and collaborate on disputes. Besides, it provides customers with real-time insight into accounts receivables.