News

Versatile sells IT VAR business to BigR.io

Sale of VAR business to allow company to focus resources and investment on credit, mobile and technology services businesses.

November 7, 2014

Versatile, a multidisciplinary technology company with solutions across the mobile, digital signage and IT infrastructure sectors, has sold all of the shares of its wholly owned U.S. subsidiary Versatile Systems Inc. to BigR.io LLC, based in Boston, the company announced today.

VSI, which is based in Mechanicsburg, Pennsylvania, carried on Versatile's Value Added Reseller operations. The purchase price will be paid to Versatile over time based on an earn-out formula.

"The sale of our VAR business allows Versatile to focus our resources and investment on our credit, mobile and technology services businesses," said Bertrand des Pallieres, Versatile's executive chairman, in the announcement.

BigR.io has advised Versatile that it intends to keep the VSI VAR based in Mechanicsburg, to fully support the large base of customers in the central Pennsylvania marketplace.

"Now BigR.io will be able to offer a one-stop shop for CTOs," said Scott Cohen, managing partner of BigR.io. "The addition of third-party hardware and software solutions to our suite of big data consulting, software development and outsourcing services broadens our ability to fully support our enterprise and government customers."

Versatile also announces that it has completed a refinancing with its primary lender, MidPenn Bank, based in Harrisburg, Pennsylvania. The refinancing was structured in a manner that optimizes Versatile's opportunity for growth, based upon the flexible nature of the financing structure MidPenn provided, the company said.