As defined by Wikipedia, a Virtual Private Server (VPS) is a virtual machine sold as a service by an Internet hosting service.
A VPS runs its own copy of an operating system (OS), and customers may have superuser-level access to that operating system instance, so they can install almost any software that runs on that OS. For many purposes they are functionally equivalent to a dedicated physical server, and being software-defined, are able to be much more easily created and configured. They are priced much lower than an equivalent physical server.
All VPS instances used for our Platinum Packages run on a LAMP stack environment with 1Gb RAM, 1vCPU, 40Gb SSD and 3Tb transfer per month. Scalable pricing options available as usage demands. See our Service Level Agreements for more information.