Tech News: HBK's Vertilocity expands

Vertilocity, a managed services provider owned by Top 100 Firm HBK, announced a merger with Odyssey Software, a Pennsylvania-based implementer of cloud-based products including Acumatica, Kronos Workforce Ready and QuesticaBudgeting. The combined firms will operate as Vertilocity, which itself is the product of an August 2021 merger between Vertical Solutions and HBK IT. Under the latest merger, the company will be able to offer a wider range of services, as well as have access to a wider customer base.

FreshBooks, an accounting software provider, has made an agreement with BMO Financial Group and J.P. Morgan to secure a $100 million syndicated debt facility. It includes an uncommitted accordion feature of $25 million, for a total borrowing capacity of up to $125 million. FreshBooks plans to use this debt capacity to continue its global expansion plans, which include strategic acquisitions and investment in more regulated markets. BMO will operate as sole bookrunner and administrative agent.

Blockchain-supported payments company Paystand acquired Mexican accounts receivable and accounts payable solutions provider Yaydoo. Paystand said the acquisition makes it the largest business-to-business receivables, payables and payments company run on a commercial blockchain and is one of the biggest technology mergers in Mexico. Both companies have developed a wide range of AR/AP solutions, and have created business-to-business centralized finance payment networks in their respective regions. The acquisition will allow for more expansion into the Mexican and Latin American markets.