Leading Cash Application Fintech Company DadeSystems

VersapayToday,, the leader of Collaborative Accounts Receivable announced that it had completed its acquisition U.S.-based fintech firm. 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. “We are very excited to welcome DadeSystems’ employees, customers, and partners to Versapay,” Craig O’Neill, CEO, Versapay. “Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients’ cash flow and driving operational efficiencies.” Versapay has been a long-term technology partner with DadeSystems. The company’s flagship DadePay cash application software automates one of the most challenging parts of AR by streamlining the receipt, matching, and reconciliation of payments no matter how they are received, and is already embedded in Versapay’s cloud-based, automated AR platform. Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay’s clients and partners. By adding DadePay solutions to Versapay’s Collaborative AR Network, enterprises can digitize and automate all their customer payments, including checks, bank-to-bank transfers, credit cards, and mobile payments. The combined company automates more that $60 billionIt has grown its revenue by a significant amount in the past twelve months and is now worth over $2.5 billion in annual payment volume. Ten Coves Capital is a DadeSystems investor and will be rolling its stake into Versapay-backed Great Hill Partners. Great Hill Partners as well as Ten Coves Capital will contribute additional capital to finance 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,” Matt VettelGreat Hill Partners, Managing Director. “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. “We are thrilled to become part of Versapay,” Bill ZayasDadeSystems CEO. “The accounts receivable function has been desperately in need of a workflow revolution. Both our teams have created cloud-based solutions which are making this possible. By joining forces, we will see even faster growth and a bigger impact on the industry’s digital transformation.” DadeSystems will continue to be active in Miami and will be fully integrated with Versapay’s North American teams. 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.