Boston based mostly personal fairness agency Nice Hill Companions (“Nice Hill”) has introduced the completion of the beforehand introduced acquisition of VersaPay Company, a FinTech supplier of cloud-based invoice-to-cash options and built-in funds expertise platform for B2B prospects.
“We’re investing in VersaPay as a result of they’ve constructed an progressive answer for purchasers transitioning to accounts receivable and B2B funds automation. Our partnership with VersaPay demonstrates our continued dedication to supporting the event of SaaS-enabled firms, and we’ll present the VersaPay group with the assets wanted to proceed their world growth,” mentioned Matt Vettel, Managing Accomplice at Nice Hill.
The acquisition is per the statutory plan of association underneath the Canada Enterprise Firms Act (the “Association”). As a part of the settlement, every VersaPay shareholder will obtain money consideration of C$2.70 for every frequent share held, valuing VersaPay’s complete fairness at roughly C$126 million on a completely diluted foundation as anticipated by the businesses.
INFOR Monetary Inc. served as a monetary advisor to VersaPay within the transaction. Cassels Brock & Blackwell LLP acted as Canadian counsel to VersaPay whereas Arnold & Porter Kaye Scholer LLP acted as U.S. counsel to VersaPay. Blake, Cassels & Graydon LLP acted as Canadian counsel to Nice Hill, whereas Alston & Chicken LLP acted as U.S. counsel to Nice Hill.
“As a privately owned firm backed by a robust associate like Nice Hill, VersaPay might be positioned to take a position strategically and concentrate on long-term progress. Our mission stays unchanged, as does our dedication to our prospects and our ardour for driving innovation within the AR automation area. We’re enthusiastic about this subsequent stage of our journey and our partnership with Nice Hill as we work collectively to turn out to be the clear chief in our markets,” mentioned Craig O’Neill, Chief Government Officer of VersaPay.
Based in 2006, Versapay’s proprietary VersaPay ARC platform offers Buyer-Centric AR that helps prospects visualise invoices on-line, collaborate on inquiries and disputes, and facilitate safe on-line funds by way of EFT/ACH and bank card. It robotically reconciles funds and account info by integrations with ERPs and accounting software program suppliers.