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BluePay Processing unit to acquire VersaPay's merchant services portfolio

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BluePay Processing unit to acquire VersaPay's merchant services portfolio

VersaPay Corp., a Toronto-based cloud-based invoice presentment and payment provider, agreed to sell all the assets of its merchant services portfolio to Naperville, Ill.-based BluePay Processing LLC unit BluePay Canada ULC for C$10 million upon completion.

The portfolio is no longer core to VersaPay's growth strategy, the company said, and its sale will allow it to focus on its core business, while providing additional growth capital.

Upon closing, C$500,000 will be paid into an escrow account and held there for 12 months. An additional C$1 million will be payable to VersaPay 12 months following closing of the transaction, conditional upon achievement of 5% growth in VersaPay's merchant services portfolio over the 12-month period.

The deal is subject to shareholder and regulatory approvals and other closing conditions, and is expected to close on or about Jan. 11, 2017.

Preston Todd Advisors is acting as financial adviser to VersaPay, while Cassels Brock & Blackwell LLP is serving as its legal counsel.

BluePay Processing, a registered ISO of Wells Fargo & Co. unit Wells Fargo Bank NA, is a provider of technology-enabled payment processing for merchants and suppliers in the U.S. and Canada.