Versature today announced a raise of $675,000 in financing.
The funds will be used to increase the velocity and scale of new subscriber growth, which last year was 40%, according to the Ottawa-based startup.
According to the Canadian Hosted PBX Services Market Report (2014) published by NBI/Michael Sone Associates, Versature was the fifth largest service provider by revenue and subscriber count, with roughly 6% market share in Canada.
The Canadian company provides a Hosted PBX business phone service available in 950 cities across Canada.
“This financing will allow Versature the flexibility to grow organically or through strategic acquisitions, as opportunities present themselves.” said Paul Emond, CEO of Versature. “We believe this highly fragmented industry is ripe for consolidation and Versature intends to be a leader in this space.”