Versapay, Solupay merge to strengthen enterprise B2B payments offering
Versapay, a Canada-based order-to-cash solutions provider, has completed its merger with US-based payment services provider Solupay in a move to bolster its accounts receivable (AR) automation and integrated B2B payments offerings.
The enlarged company will be operated under the Versapay brand under the leadership of Craig O’Neill, the present Versapay CEO.
The financial terms of the deal were not disclosed.
Solupay helps merchants and suppliers to ease the process of payment acceptance, deliver click-to-pay invoices and AR processes within modern cloud-based ERPs such as NetSuite, Sage Intacct, and Microsoft Dynamics Business Central.
With its addition, Versapay expands its potential in offering mid-market and enterprise organizations with order-to-cash solutions that drive integrated payments, AR automation, and customer-centric AR.
Established in 2006, Versapay has a global network of 8,000 clients and 500,000 users driving an annual payment volume of $10 billion.
Craig O’Neill – CEO of Versapay said: “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”.
The merger of Versapay and Solupay, which includes the latter’s subsidiaries ChargeLogic and 2CP, follows the former’s acquisition by private equity firm Great Hill Partners in February 2020.
Matt Vettel – Managing Partner at Great Hill Partners said: “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”.