Versatile Systems Inc.
TSX VENTURE : VV
AIM : VVS

Versatile Systems Inc.

January 31, 2008 04:00 ET

Versatile Announces Acquisition of Sagent Solutions

VANCOUVER, CANADA--(Marketwire - Jan. 31, 2008) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS) announces the acquisition of Sagent Solutions, a provider of bundled virtualization products and services that address the full range of IT infrastructure needs.

Sagent Solutions is based in Somerset, New Jersey and is focused on the rapidly growing need of enterprises to leverage the cost and efficiency benefits of virtualizing their IT infrastructures. It provides an extensive suite of services in the areas of desktop, server and storage virtualization, which will expand the menu of applications available to Versatile's customers. Further information on Sagent Solutions and its products and services can be found at www.sagentsolutions.com.

"The addition of virtualization to our product line gives our customers more ways to gain a competitive edge by taking advantage of services enabling flexibility of IT deployment," said Bob Joyce, President of Versatile. "This will lead to better utilization of their existing hardware."

Virtualization allows users to see resources as if they were dedicated to them. It enables system administrators to make provision for and manage physical components, such as servers and desktops, as a shared pool of resources. According to a report by Gartner published in August 2007, fewer than 5 million PCs were "virtualized" in 2006; by 2011, it is expected that figure will rise to between 480 million and 846 million, which they have referred to as a "megatrend".

The addition of Sagent will accelerate Versatile's growth into the financial services sector. Ed Graham, founder of Sagent Solutions, stated, "Versatile is a great fit for our company. The ability to combine our extensive virtualization experience with their skilled team and in-depth company resources will speed the roll-out of new solutions across an international market that is rapidly deploying this technology."

Prior to launching Sagent Solutions, Mr. Graham held the position of Group Vice President, Global Business Partners for Lucent Technologies and was responsible for recruiting, developing and managing all business partnerships and select global accounts. Before his tenure at Lucent, Mr. Graham spent fifteen years at Sun Microsystems where he held various senior leadership positions in sales and marketing, including President and General Manager of Sun Korea.

In his new role, Mr. Graham will assume the position of Executive Vice President, Technology Solutions for Versatile's U.S. based subsidiaries.

The majority of the consideration for the acquisition of Sagent includes 600,000 warrants, subject to the approval of the TSX Venture Exchange. Each warrant will entitle the holder to purchase one common share for CAD$0.30 per share for a period of four years, subject to a four-month hold period.

About Versatile

Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information: www.versatile.com.

Forward-Looking Statements

This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

(C) 2008 Versatile Systems Inc. All rights reserved.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Versatile Systems Inc.
    John Hardy
    Chairman and CEO
    1-800-262-1633 or International: 001-206-979-6760
    or
    Versatile Systems Inc.
    Fraser Atkinson
    CFO
    1-800-262-1633
    Website: www.versatile.com