net2phone, a global provider of unified communications services and subsidiary of IDT Corporation (NYSE: IDT), has announced that it has acquired Versature, a rapidly growing SaaS-based business communications solutions and hosted VoIP provider serving the Canadian market.
"We are delighted to welcome Versature's management and employees, customers, and partners to net2phone," said Jonah Fink, net2phone's President. "Our two companies share a customer-centric philosophy and a commitment to developing and deploying powerful integrated communications and collaboration features. This shared vision will enable Versature and net2phone to continue providing Canadian companies with the outstanding cloud-based communications services they demand."
"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 greater 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."
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.
With the Versature acquisition in Canada, net2phone now operates in countries throughout the Americas including the US, Brazil, Argentina, Mexico, and Colombia. net2phone also recently launched in Hong Kong and Spain.
net2phone's UCaaS and Versature revenues combined in the three months ended July 31, 2018 aggregated to over $5 million. Adding Versature's revenues to net2phone's strong organic growth would have boosted net2phone's fourth quarter fiscal 2018 UCaaS generated revenue by approximately 65% over the year-ago quarter.
"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."