Versapay

Versapay is a financial technology company focused on modernizing the accounts-receivable process for midsized and larger businesses. Its platform brings together digital invoicing, customer communications, payment acceptance, collections workflows, cash application, reporting, reconciliation, and integrations with enterprise-resource-planning systems. The company’s objective is to reduce manual work between invoicing and settlement while giving finance teams better visibility into receivables and improving the payment experience for business customers. The company was founded in Canada in 2006 by Michael Gokturk and Kevin Short and began accepting customers in 2007 from Vancouver, British Columbia. Its original activities covered payment processing for both business-to-business and business-to-consumer transactions. Versapay subsequently expanded beyond payment acceptance into software and services intended to support the broader order-to-cash cycle, including electronic invoicing, online customer portals, collections management, and payment reconciliation. Versapay pursued an acquisition-led and public-market growth path during its early years. In 2008 it acquired a 75% interest in Positive Inc., a wireless-payment technology provider, and later exchanged that interest back to Positive for shares in Versapay. The company began trading on the TSX Venture Exchange in January 2010 under the symbol VPY. In 2009, Canadian Business identified Versapay Corporation as Canada’s fastest-growing company. The company reported growth in revenue from $50,000 in 2006 to $5.1 million in 2008, while its transaction-processing volume grew from an estimated $230 million in 2008 to more than $1 billion annually by 2013. Versapay changed direction in 2017 by selling its Merchant Services division to BluePay. The transaction transferred the Montreal office and most associated personnel, agents, associations, and processing relationships to the purchaser, allowing Versapay to concentrate more closely on its software and receivables-automation activities. The sale was completed on February 1, 2017, following shareholder approval for proceeds of up to $11 million. The company was taken private in February 2020 after private-equity firm Great Hill Partners acquired it for approximately $126 million. Under private ownership, Versapay continued to develop its accounts-receivable and cash-application capabilities for North American businesses. On April 18, 2022, it completed the acquisition of DadeSystems, a United States fintech company and long-term technology partner. That transaction strengthened Versapay’s position in automated cash application and related receivables workflows. Versapay’s leadership has changed several times. Founder and chief executive Michael Gokturk was replaced by the board in 2010, after which CFO Bill McGill became chief executive. McGill left the CEO role in 2013 and was succeeded by Craig O’Neill, who later moved into an advisory position. Carey O’Connor Kolaja became CEO in March 2023. The company is headquartered in San Francisco according to the referenced Wikipedia article, although its corporate origins and historical operations are Canadian. Its current market identity is that of a North American business-finance software provider rather than a general-purpose consumer payments brand.

Versapay Corporation was founded in 2006 by Michael Gokturk and Kevin Short. The company began accepting customers in 2007 after establishing its headquarters in Vancouver, British Columbia. Its initial business combined payment processing for business-to-business and business-to-consumer transactions. This early payments orientation provided the foundation for a later expansion into software supporting invoicing, collections, payment acceptance, and reconciliation. In February 2008, Versapay acquired a 75% interest in Positive Inc., a provider of wireless-payment technology. In June 2010, Versapay agreed to sell its interest back to Positive in exchange for shares in Versapay. The company also received recognition for its rapid early growth: Canadian Business named Versapay Corporation Canada’s fastest-growing company in 2009. Referenced figures indicate that revenue increased from $50,000 in 2006 to $5.1 million in 2008, while processing volume was estimated at $230 million in 2008 across more than 2,800 clients. By 2013, the company was processing more than $1 billion annually. Versapay became a public company on the TSX Venture Exchange on January 20, 2010, trading under the symbol VPY. Soon after the listing, the board replaced founder and CEO Michael Gokturk. Bill McGill, who had served as chief financial officer, took over as CEO. Gokturk later founded Payfirma, a separate Canadian payments business focused on mobile payments. In September 2013, Versapay announced McGill’s departure as chief executive and appointed Craig O’Neill, formerly associated with Xeye and Odyssey Financial Technologies, as CEO. A major strategic shift took place in 2017. Versapay shareholders approved the disposal of the company’s Merchant Services division, and BluePay acquired the business. The deal included the Montreal office and most of its employees, along with related agents, associations, and processing-partner relationships. Patrick MacDonald, who had served as president since 2007, was identified as an exception to the employee transfer. The transaction closed on February 1, 2017, and enabled Versapay to focus more narrowly on its software and accounts-receivable activities rather than operating a broad merchant-services business. Versapay remained publicly traded until February 2020, when Great Hill Partners acquired the company in a transaction valued at approximately $126 million. The acquisition removed Versapay from the TSX Venture Exchange and placed it under private-equity ownership. Its post-transaction strategy centered on accounts-receivable automation for midsized businesses, including digital invoicing, customer portals, collections workflows, payment services, cash application, reporting, reconciliation, and integrations with ERP platforms. On April 18, 2022, Versapay completed the acquisition of DadeSystems, a United States fintech company that had been a long-term technology partner. DadeSystems expanded Versapay’s capabilities in automated cash application and the matching of incoming payments with outstanding invoices and remittance information. The acquisition supported Versapay’s effort to provide a more connected order-to-cash platform rather than isolated payment products. In March 2023, Carey O’Connor Kolaja was announced as Versapay’s new CEO. Craig O’Neill moved to an advisory role. The company is described in the referenced Wikipedia article as headquartered in San Francisco, California, while its corporate history, founders, early headquarters, and former listing are Canadian. Versapay’s current identity is therefore best understood as a Canadian-founded North American fintech company operating from the United States and serving commercial finance teams with receivables and payment technology.

• 2023

  Carey O'Connor Kolaja becomes CEO

  [1]Versapayen.wikipedia.org

  Carey O’Connor Kolaja succeeds Craig O’Neill as chief executive.

• 2022

  DadeSystems acquisition

  [1]Versapayen.wikipedia.org

  Versapay completes its acquisition of DadeSystems on April 18, strengthening cash-application capabilities.

• 2020

  Acquisition by Great Hill Partners

  [1]Versapayen.wikipedia.org

  Great Hill Partners acquires Versapay and takes the company private.

• 2017

  Merchant Services divestiture

  [1]Versapayen.wikipedia.org

  BluePay acquires Versapay’s Merchant Services division, completed February 1.

• 2010

  TSX Venture Exchange listing

  [1]Versapayen.wikipedia.org

  Versapay begins trading under the symbol VPY on January 20, 2010.

• 2009

  Canadian Business growth recognition

  [1]Versapayen.wikipedia.org

  Canadian Business names Versapay Corporation Canada’s fastest-growing company.

• 2008

  Positive Inc. investment

  [1]Versapayen.wikipedia.org

  Versapay acquires a 75% interest in wireless-payment technology provider Positive Inc.

• 2007

  The company begins accepting customers

  [1]Versapayen.wikipedia.org

  Versapay begins customer operations from Vancouver, British Columbia, with payment-processing services.

• 2006

  Versapay is founded

  [1]Versapayen.wikipedia.org

  Michael Gokturk and Kevin Short establish Versapay Corporation.

A North American fintech platform for midsized and enterprise businesses that connects invoicing, customer engagement, payment collection, cash application, and receivables reconciliation.

• Accounts-receivable software

  AR Automation

  Versapay’s accounts-receivable automation offering is designed to connect invoicing, customer communication, payment collection, collections activity, and reconciliation in a shared workflow. It targets finance teams that need to reduce spreadsheet-based and manual receivables work while improving visibility into open invoices and customer payment status.

• Invoicing and customer-engagement software

  Digital Invoicing and Customer Portal

  The digital invoicing and customer-portal capabilities give businesses a way to present invoices electronically and provide customers with access to billing information and payment interactions. The offering supports more consistent invoice delivery and can reduce friction between invoice issuance, customer questions, and settlement.

• Receivables workflow software

  Collections Management

  Collections-management functionality helps finance teams organize follow-up activity on outstanding receivables. It forms part of Versapay’s broader order-to-cash proposition, linking customer communication and collections processes with invoice, payment, and account information.

• Business payments

  B2B Payment Services

  Versapay provides payment services intended for commercial transactions, allowing businesses to receive payments connected to their invoicing and accounts-receivable processes. The company historically served both business-to-business and business-to-consumer transactions, while its current positioning emphasizes commercial receivables.

• Payment reconciliation software · 2022

  Cash Application

  Cash-application tools help match incoming payments and remittance information to open invoices and customer accounts. The capability, strengthened through the DadeSystems acquisition, addresses a labor-intensive part of the finance process and supports more timely, accurate updating of receivables records.

• Financial operations software

  Reporting, Reconciliation, and ERP Integrations

  Versapay includes reporting and reconciliation functions and connects with enterprise-resource-planning and accounting systems. These capabilities are intended to place receivables and payment activity within existing finance-system workflows rather than requiring a separate, disconnected payment environment.

• 2022

  Acquisition of DadeSystemsM&A

  Background

  DadeSystems was a United States fintech company and a long-term technology partner of Versapay. Its capabilities were relevant to automated cash application and receivables processing.

  Action taken

  Versapay completed the acquisition of DadeSystems on April 18, 2022.

  Aftermath

  The transaction expanded Versapay’s cash-application and accounts-receivable automation capabilities.

  Source

• 2020

  Great Hill Partners takes Versapay privateM&A

  Background

  Versapay had been listed on the TSX Venture Exchange under the symbol VPY since January 2010.

  Action taken

  Private-equity firm Great Hill Partners acquired Versapay in February 2020.

  Aftermath

  Versapay ceased to be a publicly traded company and continued under private ownership with a stronger focus on accounts-receivable automation and related fintech software.

  Acquisition value. Approximately $126 million (February 2020)

  Source

• 2017

  Divestiture of the Merchant Services divisionStrategy

  Background

  Versapay was seeking to transition away from the broader Merchant Services operation and concentrate more heavily on software and accounts-receivable activities.

  Action taken

  Following shareholder approval, BluePay acquired the Merchant Services division, including the Montreal office, most associated staff, and related agents, associations, and processing relationships. The transaction closed on February 1, 2017.

  Aftermath

  The divestiture narrowed Versapay’s operating focus toward receivables automation, invoicing, payments, and reconciliation.

  Proceeds. Up to $11 million (2017 transaction approval)

  Source

• 2020.02.21

  Reported2020.02.24

  Great Hill completes acquisition of VersaPay[3]Great Hill完成对VersaPay的收购crowdfundinsider.com

  Great Hill completed its acquisition of VersaPay. Under the arrangement, each VersaPay shareholder was to receive C$2.70 per common share, valuing VersaPay's total equity at approximately C$126 million on a fully diluted basis.

Read more

1. 1Versapayen.wikipedia.org
2. 2Versapay official websiteversapay.com
3. 3Great Hill完成对VersaPay的收购crowdfundinsider.com