Aloha,We use the Michigan EPT. Since it doesn't have a digital version, we have been looking for an alternative. We've decided on the Oxford Placement Test, which we have used in the past as a pretest for short-term groups. It's much cheaper than Versant and does a okay job of discriminating at the lower levels, where the majority of our students place. For the upper levels, the scores are rather quirky. When we've retested students upon arrival, the C1 students scored at the B2 level.
Another test you might want to look at is the Cambridge Placement Test, which is a bit more expensive than the Oxford and has a reading section. However, it's only a 30-minute test, which doesn't feel right. Has anyone tried this one?