Ed Neumann is joining the AR platform provider as it looks to grow by targeting companies seeking to digitize their older manual systems
Neumann succeeds Russell Lester, who joined the company in January of 2022 as vice president of financial planning and data analytics and then held the CFO seat from September of 2022 through March, according to his LinkedIn profile. Lester did not respond to a request for comment via LinkedIn and the company did not immediately respond to a request for comment on the leadership change beyond confirming that the transition occurred sometime this month.
Founded in 2006, Versapay was previously a publicly-traded company that was taken private in 2020 by the private-equity firm Great Hill Partners. The company has since grown through acquisitions, targeting mid-market companies with what it terms a “collaborative accounts receivable” platform, Lester, who previously was CFO at Calendly, told CFO Dive in a Feb. 23 interview.
Lester at the time described the AR market as ripe for modernization and digital transformation, saying it was somewhat behind the accounts payable market in terms of its adoption of new technologies to speed and streamline processes. That is likely because the people you need to get on board for new systems in AP are internal to a company — making payments that other firms receive — so it’s easier for an organization that wants to modernize AP systems to do so than it is to change up AR systems, he said.
“The AP space was faster to move,” with more innovation and transformation, Lester said. But he said that provides an opportunity for the company’s pioneering services and platform. At least two-thirds of the market is doing it the old way, the hard way, where it’s highly manual and people in collections are making calls to get people to pay the bills.
“We see that as an opportunity where it’s not necessarily a crowded space and there’s tremendous potential,” he said, noting that the company has partnered with Netsuite and Microsoft so that its product, which streamline invoice-to-cash and cash applications, can be embedded in ERP systems. Versapay now has 10,000 customers, according to its Thursday release.
Neumann holds a Bachelor’s degree in accounting from West Chester University in Pennsylvania. In addition to his role at Workrise, he has also held CFO roles at ShopKeep, a cloud-based point of sale software and payment processing company and PeopleDoc, an HR service platform.
By Maura Webber Sadovi on April 19, 2024
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