Ottawa-based Versature announced Tuesday it had raised another $675,000 in debt and bank financing, bringing the total of the last three rounds to $1 million.
The company said the money would go toward scaling subscriber growth, which was at 40 per cent last year.
“This financing will allow Versature the flexibility to grow organically or through strategic acquisitions, as opportunities present themselves,” Versature CEO Paul Emond said in a statement. “We believe this highly fragmented industry is ripe for consolidation and Versature intends to be a leader in this space.”
OBJ360 (Sponsored)
Canada’s judge shortage doesn’t have to negatively impact your family – or your business
Arbitration has always been a critical part of Canada’s legal system, but lately it has been getting more attention due to the judge shortage.
Carleton Place: The charming small town where heritage and nature intertwine
Whether you’re looking to get away for the day or a long weekend, Carleton Place is a friendly town that offers plenty of options for anyone.
Versature’s hosted phone systems are available in 950 towns and cities across Canada. In 2014, the company was the country’s fifth-largest service provider by revenue and subscriber growth, according to the Canadian Hosted PBX Services Market Report. The report said Versature had six per cent market share in Canada.