Wikipedia
HyperVM is a multi-tiered, multi-server, multi-virtualization software product allowing a VPS vendor to provision, manage and delegate Xen or OpenVZ based virtual private servers. HyperVM also comes integrated with Kloxo hosting control panel which means that, using HyperVM, the provider can deploy a full-fledged web hosting system out-of-the-box. HyperVM also allows users to manage VPS' across multiple servers transparently: it provides a mechanism to manage their networking configuration (IP address, gateway) from the control panel itself, and has a full-fledged IP address pool to facilitate large scale management.
HyperVM is tightly integrated with Kloxo, and all Kloxo functions can be accessed from HyperVM without needing to log in to Kloxo.