Converge Technol Stock Price, News & Analysis

On April 27, 2023, Converge Technology Solutions Corp. announced that its subsidiary, Stone Group, has been recognized as a Global Silver Winner for Corporate Social Responsibility at the 2023 Green World Awards. This accolade, part of an international campaign, highlights organizations demonstrating significant environmental and social benefits. Stone Group competed against over 500 nominations, evaluated on criteria such as environmental impact and innovation. The awards promote environmental best practices and contribute to sustainable development. Shaun Maine, Group CEO, expressed pride in the team's commitment to recycling technology, which positively affects the global environment. The recognition will be published in The Green Book, a leading reference on best practices.

Converge Technology Solutions Corp. will disclose its first quarter financial results for the period ending March 31, 2023, on May 9, 2023, after market close. A conference call led by the leadership team will take place on May 10, 2023, at 8:00 AM EST, featuring a question-and-answer session. The Company, which focuses on IT and Cloud Solutions, is poised to share insights into its performance and outlook. With a commitment to delivering top-tier solutions across various sectors, Converge aims to address the unique business and technology needs of its clients. More details on the earnings call are available on their investor relations website.

Converge Technology Solutions Corp. (OTCQX: CTSDF) has been recognized on CRN's 2023 Tech Elite 250 list, signifying its commitment to technical excellence in IT and Cloud Solutions. This annual recognition highlights companies that have achieved notable certifications and specializations in cloud, security, and infrastructure technologies. According to The Channel Company's CEO, this list features providers with extensive technical knowledge and expertise to deliver premium services. Converge's CEO, Shaun Maine, emphasized the importance of maintaining strong partnerships and certifications to provide innovative solutions to clients. Coverage of the list will appear in CRN Magazine's April issue.

Converge Technology Solutions Corp. has expanded its IBM Power for Google Cloud (IP4G) services to include the Montreal and Toronto regions in Canada. This extension connects to existing locations in Iowa, North Virginia, and Frankfurt, utilizing Google's high-performance network. The new offering centers around IBM's Power10-based servers, enhancing capabilities for AIX, IBM i, and Linux on Power workloads. Converge aims to streamline cloud migrations, providing clients with increased agility and confidence in their digital transformations.

Converge Technology Solutions Corp. reported robust financial performance for FY22, with gross revenue of $3.09 billion, a 57% increase from FY21. Gross profit surged 59% to $550.8 million, while Adjusted EBITDA rose 52% to $142.9 million. Q4-22 figures showed gross revenue of $956.8 million, up 49%, with net revenue impacted by a recent accounting policy change. Cash on hand was $159.9 million, and product bookings backlog increased to $479.4 million. The Company completed ten acquisitions in 2022 and expressed optimism for growth through high-value solutions, anticipating strong Q1 2023 results.