Versapay, the leader in Collaborative Accounts Receivable, announced today it has completed its acquisition of U.S.-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.
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,” said 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 ten largest U.S. food distributors, two of the ten largest U.S. building materials and nine of the sixty-five largest U.S. 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.
Read more: Cision
