William Blair acted as the exclusive financial advisor to DadeSystems, a portfolio company of Ten Coves Capital, Wells Fargo Strategic Capital, Fifth Third Capital Partners and Ocean Azul Partners, in connection with its sale to Versapay, a portfolio company of Great Hill Partners. The transaction closed on April 13, 2022.
About the Companies
DadeSystems helps businesses unlock the possibilities of smarter accounts receivable (AR). Today's AR teams are challenged by complex business payment processes. The DadePay suite of integrated AR automation solutions can quickly solve finance leaders' most pressing AR challenge—manual cash application. With an easy implementation, straight-through cash posting rates of 90%+, and award-winning mobile capabilities, DadePay is used by hundreds of businesses across industries to receive, match, and apply any payment from any channel. AR teams gain efficiencies that drive scalability, reduce payment processing costs, improve customer payment experiences, and provide faster access to cash. 7 of the top 65 North American financial institutions deliver the market-leading DadePay solution to their corporate customers.
Versapay is the leader in Collaborative AR. The Versapay Collaborative AR Network is the first solution that empowers the genius of teams by bridging the gap between suppliers and buyers through a shared, cloud-based portal. Versapay’s AR automation solutions and next-generation B2B payments network drive efficiencies and makes billing and payments easier for enterprises, accelerating cash flow, and dramatically improving the customer experience. Versapay has offices in Toronto, Atlanta, London, Amsterdam, and Sydney, and is owned by Great Hill Partners, a Boston-based technology investment firm.
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill Partners has raised over $12 billion of commitments and invested in more than 90 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. The company has recently been recognized for its industry leadership, being ranked #5 in the 2021 HEC - DowJones Private Equity Performance Ranking, which evaluated fund performance of 517 leading private equity firms between 2008 and 2017.
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