TORONTO, ON–Versapay Corporation has completed a merger with 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 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,” stated Craig O’Neill, CEO of Versapay. “We’re excited to welcome the complementary 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.”
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,” stated Matt Vettel, managing partner, Great Hill Partners. “We look forward to continuing our support for Craig and the combined company as they relentlessly execute on their category-defining vision.”
“Versapay’s invoicing and payments solutions are a breath of fresh air,” stated Ashok Vantipalli, CIO of TireHub, a Versapay customer. “Our customers appreciate the self-service features, enabling them to manage their payables and back-office processes effectively. With the announcement of this merger, it is exciting to see Versapay further innovate and expand its footprint in B2B payment processing.”