Versapay, a collaborative accounts receivable software company, has acquired DadeSystems, a U.S.-based fintech company.
This acquisition enhances Versapay’s suite of accounts receivable (AR) automation solutions and expands its artificial intelligence (AI) and machine learning capabilities. It also grows Versapay’s enterprise and mid-market footprint while adding key talent to the growing Versapay team.
DadeSystems has been a long-term technology partner of Versapay. The company’s 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. The DadePay cash application software is already embedded in Versapay’s cloud-based, automated AR platform.
Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay’s partners and clients. By adding DadePay solutions to Versapay’s Collaborative AR Network, enterprises can digitize and automate all their customer payments, such as cheques, bank-to-bank transfers, credit cards, and mobile payments.
DadeSystems mainly serves upper mid-market and enterprise customers, and also brings in new, important partners to Versapay, such as Fiserv, to support the company’s rapid growth.
The combined company has achieved a revenue growth rate of more than 40 per cent over the past year.
The combined company serves 8,000 customers, and there are more than 700,000 buyers on the Versapay network. In addition, it oversees more than 40 million new invoices on the Versapay Network yearly and automates more than US$60 billion in annual payment volume
“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,” said Craig O’Neill, chief executive officer of Versepay.
Together, the team includes about 500 members, with offices in Toronto, Atlanta, London, Amsterdam, Sydney and now, with the new acquisition, Miami.
The DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay’s North American teams.