VersaPay Announces Q4 and Full Year 2017 Financial Results

VersaPay Corporation (TSXV:VPY), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions announced fourth quarter financial results for fourth quarter and 2017 full year results.

The company saw their Q4 Revenue grow over 126 per cent to $1.16 million in Q4 2016 while their 12 month revenue grew over 95 per cent to $2.96 million.

As quoted in the press release:

“2017 was a year of transformation and growth for VersaPay, as we sold our POS Merchant Services business at the beginning of the year and focused on building our Accounts Receivable (“AR”) automation software business,” said Craig O’Neill, CEO of VersaPay. “We’ve built significant momentum in the business, driven by a growing list of successful clients who are achieving material reductions in Days Sales Outstanding (“DSO”) and AR process costs.”

Operational Highlights:

• Strong increases in ARC™ metrics were achieved by the close of Q4: 124 suppliers were signed up to use ARC, up from 90 at the end of last year; 97.0 thousand end-customers were active on the platform, up from 29.1 thousand, last year; 436.5 thousand invoices were delivered to end-customers, up from 184,116 in Q4 2016; payments in quarter were $101 million, compared to $38 million in Q4 of last year.
• The Company signed a strategic partnership with Royal Bank of Canadafor RBC to market and sell ARC™, VersaPay’s accounts receivable automation platform, under the RBC brand.
• Two seasoned executives joined the Company’s executive leadership team: Chief Revenue Officer, Ross Pellizzari, and Chief Product Officer, Jason Read, and two directors with extensive technology sector experience joined the board: Sheldon Pollack and Mark Kohler.
• The Company completed a private placement in October for $10.7 million, led by the Canadian arm of a US institutional investor.

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