Versapay has completed its acquisition of US-based fintech company DadeSystems. The acquisition broadens Versapay’s suite of accounts receivable (AR) automation solutions and expands its AI and machine learning capabilities. It also expands the company’s enterprise and mid-market footprint while adding key talent to the growing Versapay team.
DadeSystems has been a long-term technology partner of Versapay. The company’s flagship DadePay cash application software automates one of the most challenging parts of AR by streamlining the receipt, matching, and reconciliation of payments no matter how they are received, and is already embedded in Versapay’s cloud-based, automated AR platform.
Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay’s clients and partners. By adding DadePay solutions to Versapay’s Collaborative AR Network, enterprises can digitize and automate all their customer payments, including checks, bank-to-bank transfers, credit cards, and mobile payments.
Versapay CEO Craig O’Neill says the longtime partnership will play a huge role in its continued, future success. “Versapay and DadeSystems have enjoyed a successful partnership for some time and, most importantly, we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients’ cash flow and driving operational efficiencies.”
The combined company automates more than $60 billion in payment volume annually and has achieved rapid revenue growth in the past 12 months. DadeSystems investor, Ten Coves Capital, is rolling its stake into Great Hill Partners-backed Versapay, while both Great Hill Partners and Ten Coves Capital are contributing additional capital to fund the acquisition.
“This acquisition will give Versapay an unmatched, comprehensive suite of AR automation solutions, perfectly positioning the company to capture the growing market opportunities,” says Matt Vettel, Managing Director, Great Hill Partners. “We look forward to a successful partnership as these innovators come together to revolutionize the way accounts receivable teams work.”
DadeSystems predominantly serves upper mid-market and enterprise customers, including two of the 10 largest US food distributors, two of the ten largest US building materials and nine of the 65 largest US banks in addition to being a technology provider for Wells Fargo’s and Fifth Third’s accounts receivable automation solutions. DadeSystems also brings important partners to Versapay, such as Fiserv, to support the company’s rapid growth.
DadeSystems CEO Bill Zayas the accounts receivable function has been desperately in need of a workflow revolution. "The cloud-based solutions that both our teams have introduced are making this happen. By joining forces, we will see even faster growth and a bigger impact on the industry’s digital transformation.”
The DadeSystems team, which will continue to operate in Miami, will be fully integrated with Versapay’s North American teams.
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