Great Hill Completes Acquisition of VersaPay

Growth-oriented private equity firm Great Hill announced on Friday it has completed its acquisition of VersaPay (TSXV: VPY),  a provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment. Great Hill reported that 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, which was founded in 2006, claims to be a leading cloud-based invoice presentment and payment provider for businesses of all sizes.  Its ARC software-as-a-service offering allows businesses to easily deliver customized electronic invoices to their customers, to accept credit card and EFT / ACH payments and automatically reconcile payments to their ERP and accounting software. Speaking about the acquisition, Matt Vettel, Managing Partner at Great Hill, stated:

“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.”

Craig O’Neill, CEO of VersaPay, who will continue in this role, further commented:

“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.”

INFOR Financial Inc. served as exclusive financial advisor to VersaPay in connection with the Arrangement.

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