Versature funding tops $1 million

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.”

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.