Atlanta (April 18, 2022) - Morris, Manning & Martin advised fintech company DadeSystems in its acquisition by Toronto’s Versapay. DadeSystems helps businesses unlock the possibilities of smarter accounts receivable (AR). DadeSystems has been a long-term technology partner of Versapay. 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. All DadeSystems solutions, including mobile offerings, will be available to Versapay’s clients and partners. The DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay’s North American teams.
The combined company automates more than $60 billion in payment volume annually and has achieved rapid revenue growth. DadeSystems investor, Ten Coves Capital, is rolling its stake into Great Hill Partners-backed Versapay, while both Great Hill Partners and Ten Coves Capital are contributing additional capital to fund the acquisition. Alston & Bird LLP acted as legal advisor to Versapay. William Blair acted as exclusive financial advisor. Versapay announced the closing April 18, 2022.
The MMM team is led by Chris Maxwell and includes Zachary Crowe, Matt Carlucci and John Taylor in Atlanta.
