The transaction has been completed pursuant to a statutory plan of arrangement under the Canada Business Corporations Act
US-based private equity firm Great Hill Partners, through its affiliate, has completed the previously announced acquisition of VersaPay, a provider of cloud-based invoice-to-cash solutions.
Under the transaction agreement, Great Hill will pay VersaPay shareholders a consideration of CAD2.70 ($2.03) for each common share held, valuing total equity at approximately CAD126m ($94.78m) on a fully diluted basis.
The company said that the transaction has been completed pursuant to a statutory plan of arrangement under the Canada Business Corporations Act.
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 provides VersaPay ARC platform for businesses
Established in 2006, VersaPay offers cloud-based invoice-to-cash solutions and enables businesses to provide a enhanced customer experience, faster payments, simplified financial operations, and reduce the time and costs.
The company said that its VersaPay ARC platform would enable customers to view invoices online, collaborate on inquiries and disputes, and make secure online payments.
Customers are also provided with access to a suite of tools for effective collections, cash application and real-time insight into accounts receivable.
In addition, the VersaPay ARC platform will automatically reconcile payments and account information through integrations with a wide range of ERPs and accounting software providers.
For the transaction, INFOR Financial served as exclusive financial advisor to VersaPay in the transaction.
VersaPay chief executive officer 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. 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.”