Versature Corp.

November 01, 2010 07:42 ET

Versature to Acquire Octopus IP Phone Service Business

Ottawa-based Versature has acquired the phone service business of another local firm, Octopus IP Communications Ltd.

Attention: Business/Financial Editor, Tech/Telecomm Editor OTTAWA, ONTARIO, MEDIA ADVISORY--(Marketwire - Nov. 1, 2010) - Versature Corp., a Hosted PBX provider to businesses across Canada, today announced that it has entered into a definitive agreement to acquire the phone service business of Octopus IP Communications Ltd. Versature's subscriber base will immediately increase by 20% with the addition of these customers.

Adding the Octopus IP client base will enable Versature to accelerate it's already impressive growth, just recently announcing 100% year-over-year subscriber growth for it's Hosted PBX Business services. Former Octopus IP customers will now have access to some exciting new features such as call queues, automated call distribution, smartphone (iPhone, Android) integration and agent login/logout, which were not available to them in the past. Versature's customer base consists of over 300 businesses from across the country.

Versature has added 3 new staff members so far in 2010, and expects to immediately hire additional staff as a result of this transaction. Versature is an excellent example of the good-news telecom story that is percolating in Ottawa, somewhat overshadowed by the break-up of our local fallen giant, Nortel. Surviving and thriving in the Telcom2.0 world requires a greater focus on computer networking expertise as the industry transitions to a more network-centric model. Versature is one of many local firms that are well positioned in that regard.

"We are very pleased to have completed this acquisition." stated President and CEO, Paul Emond. "The customer base, the hardware in use, and the services being offered were a great fit. This opportunity presented itself at a very opportune time in our growth curve, and we expect to further accelerate subscriber activations with future acquisitions as they present themselves."

According to Karl Gretton, president of Octopus IP Communications Ltd., "Octopus IP operates internationally with business interests in many different fields and domains. At this time, we felt that it was in the best interests of our customer base that they be transitioned to a company whose sole focus was Hosted PBX and VoIP for Business."

Versature's president, Mr. Paul Emond, was profiled in the latest edition of "The Business Edge News Magazine", published on October 22, 2010. The article can be found by visiting http://www.businessedge.ca.

About Versature:
While currently the terms "personalized service" and "telephone company" have a hard time finding themselves in the same sentence, Versature is slowly changing that widely-held perception. Versature, which started operations in 2003, offers a business-class Hosted PBX phone service. From their head office in Ottawa, Versature provides phone service to businesses across the country. Versature is passionate about small business. They believe that small business, the engine of the economy, deserves better. /For further information: http://www.versature.com/ IN: TECHNOLOGY, TELECOMM, OTHER