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VersaPay Corporation Completes Sale of Merchant Services Business

Published: 02/01/2017

Team: Jason (Jake) Bullen, Sean Maniaci, Mickey Lungu, Jamie Litchen, Xi Chen, Kristin Taylor, Andrew M. Reback, Ted Frankel

On February 1, 2017, VersaPay Corporation (“VersaPay”) completed the previously announced sale of all of the assets and property related to its point of sale merchant services business to BluePay Canada, ULC (“BluePay”), a wholly owned subsidiary of BluePay Processing, LLC.

In connection with closing of the transaction, VersaPay received $10,000,000 in cash, of which $500,000 was placed in an escrow account for 12 months to cover potential purchase price adjustments and other potential liabilities for which BluePay is indemnified. An additional $1,000,000 will be payable to VersaPay 12 months following closing of the transaction, conditional upon achievement of certain metrics in the performance of the point of sale merchant services portfolio.

Cassels Brock acted for VersaPay with a team composed of Jake Bullen, Sean Maniaci, Mickey Lungu, Jamie Litchen and Xi Chen (Business), Kristin Taylor (Employment), Andrew Reback and Brittany Finn (Tax) and Ted Frankel (Litigation).