FinTech VersaPay is one step closer to being acquired by 1233518 B.C., an affiliate of private equity firm Great Hill Partners, after shareholders voted almost unanimously to approve the deal.
The Toronto-based FinTech is a provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management.
Over 25 million shares were counted in favour of the acquisition, representing about 99.89% of the total shares, according to VersaPay. Each shareholder will receive cash considerations of C$2.70 for each VersaPay Share held.
The next step is for VersaPay to seek a final order of the Ontario Superior Court of Justice (Commercial List) to approve the proposed arrangement at a hearing expected to be held on February 20, 2020. If the other conditions to the Arrangement becoming effective are satisfied or waived, it is expected that the Arrangement will be completed on or about February 21, 2020.
Once the deal has been approved, VersaPay shares will be delisted from the TSX Venture Exchange.
Canadian FinTech investment jumped back in 2019, reaching $1.49bn through the year, according to FinTech Global’s data. Canadian FinTech investment had dropped from $1.46bn in 2017 to $1.13bn in 2018.
VersaPay raised $10.7m through a share sale in 2017.
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