WanaCrypt0r 2.0 Ransomware: Virsae's Response

As you are probably aware, over the weekend there was a ransomware attack that affected thousands of computer systems across the globe.

This attack used malicious software called “WanaCrypt0r 2.0” or WannaCry, that exploits a vulnerability in Windows. Microsoft released a patch for the flaw in March, but computers that have not installed the security update remain vulnerable.

Virsae has already put steps in place to mitigate any negative consequences from WanaCrypt0r 2.0.

To find out what steps we have put in place and actions Virsae Business Partners or their customers should take please read the information below . 

Virsae cloud computing service

All Azure cloud computing resources have been patched for this vulnerability

Customers with Virsae supplied appliances

For customers using a Virsae supplied appliance: 

  • The onsite appliances have already been patched for this vulnerability
  • The onsite appliances have a firewall rule blocking SMB Traffic which stops this exploit anyway

As a further precaution, our team is manually reviewing all customer appliances to check if any have not been updated for any reason. We will be in touch if any of these need manual intervention from Business Partners or Customers.

Customers with VSM Software Only clients

For customers hosting the VSM Software Client on their own operating systems we strongly suggest that the operating system is patched according to the manufacturer's recommendations as soon as possible.

Customers using Raspberry Pi appliances do not need to do anything to their operating system.

Please contact us if you have any questions.

Virsae secures new equity

Auckland, New Zealand, 10 March 2017 – Cloud services provider Virsae has secured a second round of equity funding, with newly-established New Zealand private equity firm Darby Capital Partners (DCP) taking a multi-million dollar stake in the fast growing business.

Launched in 2013, Virsae has notched up seven-figure revenues from sales of the company’s flagship product, Virsae Service Management (VSM), which monitors unified communications systems (phones and messaging systems that run on IT networks).

DCP’s investment comes a year after Virsae raised $3 million of equity funding from 10 investors, including Auckland-based Ice Angels funding entity Ice Funds Limited.

The new investment will further boost sales distribution in the US and UK, collectively accounting for 90% of the firm’s sales, and extend VSM’s capabilities to additional UC vendor platforms.

The firm’s revenue grew by 93% over the 2015/2016 financial year – and the company is on track to almost double sales again within the current 2016/2017 financial year.

DCP director Zak Darby said his company’s stake in Virsae was the first step in a plan to build a portfolio of investments in high-growth technology companies in the Asia Pacific.

“Virsae has come a long way in a short time in a multi-billion dollar market. The company is stacked with seasoned entrepreneurs. And like Xero, Virsae is built in the cloud, which is rare in the UC category. As competitors retro-fit traditional applications for cloud delivery, Virsae has gapped the field. It’s a great story.”

Mr Darby said his firm’s strategy centred on taking “non-control minority investment” in high-growth technology companies, providing “transformative capital” and business development.

“We are uniquely positioned to help Australasian businesses scale internationally by leveraging our international investor base and network, which includes Ric Kayne,” he said.

Mr Kayne is the co-chairman and founder of Kayne Anderson Capital Advisors L.P, a US$26 billion investment firm based in Los Angeles.

Virsae CEO Tony Jayne said that while Virsae had proved itself on a global stage, new capital and business connections through DCP were critical to small tech providers situated at the bottom of the world.

“DCP shone brightest in our selection process, offering capital, sound strategic advice, and international connections that put us on a much bigger radar,” he said.

Jayne said near term goals included adding resellers and developing capabilities that drilled deeper into software from the vendors fast shaping up as leaders in unified communications – names like Microsoft, Cisco, and Mitel.

Today the company has more than 30 staff, including a team of New Zealand-based developers, and each month processes more than seven billion transactions created by hundreds of thousands of end-users.

“We have few dominant competitors, so there’s a massive opportunity for the taking – just the kind of story to turn heads in the technology investment community,” said Jayne.

Virsae is ranked Number 308 on the Deloitte Technology Fast 500™ Asia Pacific 2016, and scooped industry awards, including Emerging Exporter of the Year award at the 2016 Air New Zealand Cargo ExportNZ Awards; and ISV of the year at the 2016 Reseller News ICT Industry Awards.

Virsae customers are primarily at the big end of town – large companies with big contact centre operations and complex internal communications networks delivering essential communications.

The company uses an indirect sales model, focusing on technology service providers to resell VSM as a component of a larger service maintenance programme.

On this front, 24 business partners have established Virsae in key markets around the world, including US giant Arrow SI, Californian-based Altura, Maintel and 4Net from the UK, and global systems integrator AGC Networks. 

Virsae Ranked Number 308 Fastest Growing Technology Company on the Deloitte Technology Fast 500™ Asia Pacific 2016

Attributes its 163 percent revenue growth to increasing customer demand, a strong reseller network and the agility of cloud based technology.

Auckland, New Zealand, 24 January 2017 - Virsae announced that it ranked Number 308 on the Deloitte Technology Fast 500™ Asia Pacific 2016, a ranking of the 500 fastest growing technology companies in Asia Pacific. Rankings are based on percentage revenue growth over three years. Virsae grew 163 percent during this period.

Virsae CEO Tony Jayne identified three factors driving company growth. “More customers are adopting services like VSM to keep their business communications running at peak performance. Secondly, a growing network of resellers delivers our solution to customers around the globe. Lastly, Virsae’s cloud-based platform accelerates innovation and the introduction of service enhancements. So we’re more nimble than traditional enterprise software vendors.”

"Making the Deloitte Technology Fast 500™ is commendable in today’s highly competitive technology industry," said Toshifumi Kusunoki, DTTL Leader, Deloitte Technology Fast 500™ Asia Pacific program. "We congratulate Virsae on being one of the 500 fastest growing technology companies in the region."

Deloitte Technology Fast 500™ Asia Pacific selection and qualifications
The Technology Fast 500™ list is compiled from the Deloitte Asia Pacific Technology Fast 50 programs, nominations submitted directly to the Technology Fast 500™, and public company database research. To qualify for the Technology Fast 500™, entrants must have had base-year operating revenues of at least US$ 50,000. Entrants must also be public or private companies headquartered in Asia Pacific and must be a “technology company,” defined as a company that develops or owns proprietary technology that contributes to a significant portion of the company's operating revenues; or manufactures a technology-related product; or devotes a high percentage of effort to the research and development of technology. Using other companies' technology in a unique way does not qualify. 

Virsae scoops ISV of the year

Auckland, 13 October 2016 – Capping off a stellar 12 months of growth, Virsae was awarded ISV (Independent Software Vendor) of the year at the 2016 Reseller News ICT Industry Awards in Auckland last night. 

Virsae beat out other finalists Enghouse Interactive and EVA Receptionist, taking overall honours just months after picking up the TNT Express Emerging Exporter of the Year award at the 2016 Air New Zealand Cargo ExportNZ Awards.

Virsae is making fast progress in a nascent market worth $2 billion and growing at an annual compound rate of 13%.

“We’re stoked to take home this award,” said Virsae CEO Tony Jayne. “But we’re only just warming up. With few dominant competitors, there’s a massive opportunity for the taking.”

Over the past 12 months, Virsae’s seven-figure sales grew 93%, with the majority of total recurring revenue (90%) from offshore markets.

Jayne said he expected momentum to continue, with the company on track to almost triple sales within the next two financial years.

Virsae caps export success with NZ Emerging Exporter of the Year win

ChannelLife:  Auckland-based Virsae has scooped up the TNT Express Emerging Exporter of the Year award at the Export New Zealand Awards which celebrate Kiwi ingenuity, innovation and export success. 

The Kiwi cloud provider beat out Triumph and Disaster and Zealong Tea Estate to take out the award.

Virsae provides a cloud service to monitor and manage communications technology.

The company, founded in 2013, says its ‘light bulb’ moment came when its founders wondered why systems that effectively managed traditional IT environments weren’t available for unified communications environments.

The company now has more than 30 staff, including New Zealand based developers, and its flagship product, Virsae Service Management, processes more than two billion transactions a month from 180,000 end-users.

Virsae says export is a critical market for the company as the Kiwi market is too small to sustain the business.

“The Australian market for Virsae’s services is 10 times bigger than New Zealand and the United States market is 10 times bigger than Australia.

“So the commercial opportunity was offshore.”

Around 85% of Virsae’s seven figure revenues come from international sales, primarily in the United States, though early sales to Kiwi customers validated the company’s offerings.

The company sells through a partner network comprised of large technology integrators, with partnering deemed ‘the only sensible option’.

“A single partner could open the door to thousands of clients,” the company says.

Virsae developed Virsae Service Management for quick and easy integration with other cloud services, and provided partners with tools to rename and rebrand VSM services to provide a ‘natural addition’ to a partner’s existing service portfolio.

“This move alone has embedded VSM in some of the largest UC service providers in both the United Kingdom and the United States.”

Earlier this year Virsae secured $3 million of equity funding from New Zealand investors to further its global expansion.

The company estimates the emerging unified communications service management market is worth an estimated US$2 billion and growing at a compound annual growth rate of 13%.

Virsae Picks up ExportNZ Award

Auckland June 2016 – Virsae is running hot, picking up the TNT Express Emerging Exporter of the Year award at the 2016 Air New Zealand Cargo ExportNZ Awards last night. 

The award recognizes excellence in securing a sustainable export business.  This includes enterprise in getting started, proactive market development, an innovative approach to product and marketing, and an emphasis on quality and service.

The award comes just three months after cloud services provider Virsae raised $3 million to expand further into the US.

“It’s good to be recognized by New Zealand’s export community,” said Virsae CEO Tony Jayne. “We’re really pleased with our progress, but we’re only scratching the surface in what is a multi-billion dollar category.