Autotask Agreement Passes Ownership of VARStreet through Employee Buyout

Transition Ensures Seamless Continuity of Ongoing Development, Implementation and Support

EAST GREENBUSH, NY - December 22, 2011 - Autotask Corporation, the world’s leading provider of hosted IT business management solutions, today announced that it has signed an agreement to transfer ownership of its VARStreet quoting and e-commerce product line, including all ongoing development, sales, hosting, implementation, support and billing, through an employee buyout. The new company, VARStreet, Inc., backed by private investors will be led by VARStreet veterans Shankar Gopalan and Shiv Agarwal who built VARStreet’s existing client base and customer relationships, and Vikas Bhir and his team, who have helped create, develop and support the VARStreet service since its inception.

 

The sale was structured to ensure that current users see no change in their VARStreet service, catalogs, add-ons or customizations, and user data will not be moved or at risk during the transition. Ongoing support, implementation and development activities will proceed without interruption as the VARStreet team remains fully in place.

Autotask software manages critical business operations and processes for technology services centric organizations, and its Software-as-a-Service (SaaS) platform is designed to be open:

• Open on the front end; to allow users to access it through any browser or mobile device
• Open in the middle; to support optimization and automation of clients’ existing workflows
• Open on the backend; to integrate the other tools and systems clients use to service their clients
• Open to IT and other technology solution providers around the world

“The decision to divest from VARStreet was not an easy one, but I am confident it was the right one for VARStreet users, for the VARStreet team and for Autotask Corporation,” said Mark Cattini, Autotask President and Chief Executive Officer. “Autotask’s strategic goal is to remain open, especially to the tools our global clients use to service their customers, and the ongoing development and support of VARStreet is outside of our core focus. Therefore, we believe our users will be better served with VARStreet as an independent company, focused exclusively on the VARStreet product suite.”

VARStreet is a powerful, SaaS-based suite of integrated e-commerce automation tools that combines real-time distributor pricing with advanced quoting and an optional electronic storefront. The service is designed to provide a complete, stable and scalable way for technology solutions providers to simplify and streamline how they source, quote, procure, sell and deliver IT products and services.
Shiv Agarwal, Vice President of VARStreet said “we are committed to providing best service and support to our customers and will continue to invest and enhance the platform’s capability going forward to meet our customer requirements.”

About VARStreet Incorporated
VARStreet, Inc., is fueled by more than $20 million in capital investment, and the VARStreet platform is widely regarded as the most powerful and comprehensive suite of hosted e-commerce automation tools for VARs, MSPs and other IT solutions providers on the market. VARStreet is currently used by hundreds of the largest VARs in North America. The VARStreet advanced quoting and e-commerce platform includes a powerful cloud- based “Back Office” module, optional "e-Storefront", and can be integrated with numerous CRM, ERP, accounting and business systems. For more information please visit www.varstreet.com.

About Autotask Corporation
Autotask Corporation provides the world's leading hosted IT business management software to streamline and optimize business processes for technology solution providers. The software integrates a broad range of critical business systems, including customer relationship management (CRM), service desk, tech scheduling, project management, billing and reporting, and provides real-time service delivery intelligence to help users understand the factors that drive their business and their profitability.

Autotask is accessible from virtually any computing or mobile device connected to the Internet and features a world-class API that seamlessly integrates with the other systems and tools that providers rely on to run their businesses.

For more information about Autotask Corporation and products, please visit www.autotask.com or call 518-720-3500 Ext. 1.

Autotask® is a registered trademark of Autotask Corporation. All other trademarks mentioned in this document are the property of their respective owners.