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+Asterisk is an open source Linux software for PBX and designed for small installations (25 users). It runs on Linux and provides all of the features you would expect from a PBX. Asterisk provides voice over IP in three protocols, and can interoperate with almost all standards-based telephony equipment using relatively inexpensive hardware. Asterisk is not designed for ease of use/administration, it requires a good amount of scripting and command line knowledge. 

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+Asterisk provides Voicemail services with Directory, Call Conferencing, Interactive Voice Response, Call Queuing. It has support for three-way calling, caller ID services, ADSI, SIP and H.323 (as both client and gateway). Asterisk was originally written by Mark Spencer of Digium, Inc. Code has been contributed from open source coders around the world, and testing and bug-patches from the community have provided invaluable aid to the development of this software. 

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+While a gateway provider is needed for access to the PSTN, Asterisk needs no additional hardware for Voice over IP. For interconnection with digital and analog telephony equipment, Asterisk supports a number of hardware devices. Asterisk supports a wide range of TDM protocols for the handling and transmission of voice over traditional telephony interfaces. Asterisk supports US and European standard signalling types used in standard business phone systems, allowing it to bridge between next generation voice-data integrated networks and existing infrastructure. Asterisk not only supports traditional phone equipment, it enhances them with additional capabilities.