Great Hill Partners-backed Versapay Corp, which provides order-to-cash services, completed a merger with payment services provider Solupay. The combined company will operate under the Versapay name and under the leadership of Versapay CEO Craig O’Neill. Great Hill acquired Toronto-based Versapay in February 2020.
Versapay Corporation, the leader in Customer-Centric Order-to-Cash solutions, today announced that it has completed a merger with leading payment services provider Solupay, which will further strengthen its AR automation and integrated B2B payments offerings. The combined company will operate under the Versapay name and under the leadership of Craig O’Neill, current CEO of Versapay. Financial terms of the private transaction were not disclosed.
Solupay enables suppliers and merchants to simplify payment acceptance, deliver click-to-pay invoices and automate receivables processes within modern cloud-based ERPs including NetSuite, Microsoft Dynamics Business Central, and Sage Intacct. With the addition of Solupay, Versapay expands its capabilities to provide best-in-class order-to-cash solutions that drive integrated payments, AR automation, and customer-centric AR for mid-market and enterprise organizations. Since Versapay’s inception in 2006, the Company has grown into a global network of 8,000 clients and 500,000 users driving $10 billion in payment volume annually.
“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 Craig O’Neill, CEO of Versapay.
The union of Versapay with Solupay, which includes Solupay’s subsidiaries ChargeLogic and 2CP, follows the February 2020 acquisition of Versapay by Great Hill Partners, a leading growth oriented private equity firm.
“This merger accelerates the growth of the Versapay network, further empowering mid-market organizations to digitally transform payables and receivables functions. We look forward to continuing our support for Craig and the combined company as they relentlessly execute on their category-defining vision,” stated Matt Vettel, Managing Partner, Great Hill Partners.
“Versapay’s invoicing and payments solutions are a breath of fresh air. Our customers appreciate the self-service features, enabling them to manage their payables and back-office processes effectively,” stated Ashok Vantipalli, CIO of TireHub. “With the announcement of this merger, it is exciting to see Versapay further innovate and expand its footprint in B2B payment processing.”
Versapay is focused on changing the way companies do business together by offering Customer-Centric Order-to-Cash solutions for mid-market and enterprise businesses. We help our clients offer a superior customer experience, enabling CFOs to accelerate cash conversion, reduce costs, and eliminate paper, checks and manual business processes. Based in Toronto with offices in Atlanta, Cleveland, Baltimore and Las Vegas, Versapay is owned by Great Hill Partners, a Boston-based technology investment firm.