Versapay, a fintech company owned by Great Hill Partners, has acquired fintech company DadeSystems.
The combined company automates more than $60 billion in payment volume annually, and DadeSystems investor, Ten Coves Capital, is rolling its stake into Versapay. DadePay is used by businesses across industries to receive, match, and apply any payment from any channel. The firm helps businesses unlock the possibilities of smarter AR through its automation services.
Versapay’s AR automation services and next-generation B2B payments network make billing and payments easier for enterprises, increasing efficiencies, accelerating cash flow, and improving customer experience.
“We are thrilled to become part of Versapay,” said Bill Zayas, CEO of DadeSystems. “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.”
Alston & Bird LLP acted as legal advisor to Versapay. William Blair acted as exclusive financial advisor and Morris, Manning & Martin LLP acted as legal advisor to DadeSystems.