Versapay

Versapay is a North American financial technology company headquartered in San Francisco, California. Versapay specializes in account receivable software and cash application for midsized businesses. Versapay products include digital invoicing and customer portal, collections management, B2B payment services, cash application, reporting and reconciliation, and ERP integrations. It was listed on the TSX Venture Exchange under the symbol VPY between January 2010 and February 2020 when it was acquired by private equity firm Great Hill Partners for $126 million. In 2009, Canadian Business Magazine named Versapay Corporation the fastest growing company in Canada. Revenue for Versapay had grown from $50,000 in 2006 to $5.1 Million in 2008. They grew from processing an estimated $230 Million in 2008 from over 2800 clients to processing over $1 billion annually in 2013.

Versapay is a North American financial technology company headquartered in San Francisco, California. Versapay specializes in account receivable software and cash application for midsized businesses. Versapay products include digital invoicing and customer portal, collections management, B2B payment services, cash application, reporting and reconciliation, and ERP integrations. It was listed on the TSX Venture Exchange under the symbol VPY between January 2010 and February 2020 when it was acquired by private equity firm Great Hill Partners for $126 million. In 2009, Canadian Business Magazine named Versapay Corporation the fastest growing company in Canada. Revenue for Versapay had grown from $50,000 in 2006 to $5.1 Million in 2008. They grew from processing an estimated $230 Million in 2008 from over 2800 clients to processing over $1 billion annually in 2013.

History

Versapay began accepting clients in 2007 as it set up the company's headquarters in Vancouver, BC. Versapay offered payment processing for both B2B (business-to-business) and B2C (business-to-consumer) transactions. In February 2008, Versapay acquired a 75% interest in Positive Inc., a wireless payment technology provider. In June 2010, Versapay agreed to sell its ownership in Positive Inc. back to the company in return for shares in Versapay. Versapay began trading on the TSX Venture Exchange on January 20, 2010. Versapay shares trade under the symbol "VPY". January 2017, Versapay received shareholder approval for the sale of its Merchant Services division for proceeds up to $11,000,000. As part of this transition, BluePay (the purchaser) acquired the Montreal office and its staff (except for Patrick MacDonald who has been President of the company since 2007) and all related agents, associations and processing partner relationships related to the merchant services business. The transaction was completed on February 1, 2017. On April 18, 2022, Versapay completed its acquisition of U.S.-based fintech company DadeSystems, a long-term technology partner of Versapay.

References

Text derived from https://en.wikipedia.org/w/index.php?oldid=1359618261 under CC BY-SA 4.0; modifications have been made.