Versapay acquires fintech company Dade Systems

Versapay, a co-accounts receivable software company, has acquired Dade Systems, a US-based fintech company.

The acquisition enhances Versapay’s suite of accounts receivable (AR) automation solutions and expands its artificial intelligence (AI) and machine learning capabilities. It also expands Versapay’s enterprise and middle market footprint while adding key talent to the growing Versapay team.

DadeSystems is Versapay’s long-term technology partner. The company’s DadePay cash application software automates one of the most difficult parts of AR by streamlining payment receipt, matching, and payment adjustments. DadePay Cash Application Software It’s already built into Versapay’s cloud-based automated AR platform.

All Dade Systems solutions, including mobile products, are now available to Versapay partners and clients. By adding the DadePay solution to Versapay’s collaborative AR network, companies can digitize and automate payments for all customers, including checks, interbank transfers, credit cards and mobile payments.

DadeSystems primarily serves middle market and enterprise top customers and introduces new key partners such as Fiserv to Versapay to support the company’s rapid growth.

The merged company has achieved revenue growth of over 40% over the past year.

The merged company will serve 8,000 customers and the Versapay network will have more than 700,000 buyers. In addition, the Versapay Network monitors over 40 million new invoices each year and automates over US $ 60 billion in payments annually.

“Versapay and Dade Systems have had a successful partnership for some time. Most importantly, they share a common vision for digitizing AR processes. Versepay CEO Craig O’ Neill said:

The team includes approximately 500 members and has offices in Toronto, Atlanta, London, Amsterdam and Sydney, and is now in the new acquisition Miami.

The Dade Systems team will continue to work in Miami and will be fully integrated with Versapay’s North American team.