FirePower advises Versature on sale to net2phone
We guided our client, Versature, a leader in Canadian SaaS-based business phone and communication solutions , in its sale to net2phone, a global provider of unified communications services and subsidiary of IDT Corporation (NYSE: IDT).
Here is the press release from net2phone:
Versature to Scale Operations Through Acquisition by net2phone
Accelerated Growth for one of Canada’s Fastest Growing Companies
OTTAWA, Ontario, Sept. 17, 2018 /CNW/ — net2phone, a global provider of unified communications services and subsidiary of IDT Corporation (NYSE: IDT), today announced that it has acquired Versature, a rapidly growing SaaS-based business communications solutions and hosted VoIP provider serving the Canadian market.
“This transaction will accelerate Versature’s growth trajectory in Canada through a powerful alignment of values and innovative technology for voice and call analytics combined with ready access to capital,” said Versature’s President and COO Jonathon Moody. “As a result, Versature will scale Canadian operations by attracting top talent while continuing to innovate and aggressively pursue opportunities in the Canadian market.”
With the addition of Versature, one of the fastest growing Canadian companies according to Growth 500, net2phone continues to broaden its international presence.
Post-acquisition, Versature plans to accelerate its expansion in Canada through investment in the partner and direct channels, recruitment of additional top talent and continued development of innovative call, voice-centric, and unified communications technology solutions.
“We are thrilled to have found a partner that is equally committed to evolving and innovating the communications experience for our customers and businesses across Canada,” said Paul Emond, Versature’s CEO.
“We continue to be very pleased by the trajectory of net2phone’s business as it expands internationally,” said Shmuel Jonas, CEO of IDT Corporation. “We are looking forward to working with the Versature team to continue their outstanding service to Canadian businesses while leveraging their expertise throughout our global operations.”
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
Versature is the leader in Canadian SaaS-based business phone and communication solutions. Trusted by clients and partners across the country, Versature is an award-winning company that is raising the bar with the highest quality phone systems, superior Communications as a Service and operational system integrations, and Canadian-based technical support. Founded in 2003, Versature has a rapidly growing subscriber base and strong partner network from coast to coast.
net2phone is a global provider of unified communications services and collaboration tools serving businesses in the Americas, Asia and Europe. net2phone is a subsidiary of IDT Corporation (NYSE: IDT), a provider of communications and payment services. To learn more, please visit net2phone.com.
CSR Cosmetic Solutions
The owner of CSR had taken over the business out of bankruptcy. After successfully building it into one of the largest cosmetic contract manufacturers in North America, he was ready for a well-deserved retirement. A previous sale attempt (by a top-tier accounting firm) was unsuccessful in 2015.