Converge Technol Stock Price, News & Analysis

Converge Technology Solutions Corp. (CTSDF) has received certification to sell and implement IBM zSystems and LinuxONE in Canada, effective September 28, 2022. This development allows Converge to offer advanced IT solutions, including quantum-safe encryption and tailored enterprise-grade server systems to Canadian clients. Previously providing these services in the U.S., Converge aims to leverage its technical expertise to enhance service delivery across North America. This certification reflects Converge's commitment to expanding its capabilities and meeting the needs of mission-critical workloads.

Converge Technology Solutions Corp. (CTSDF) has announced its 35th acquisition, acquiring UK-based Stone Technologies Group Limited, a provider of Circular IT solutions. This deal, pending regulatory approval, is aimed at enhancing Converge's capabilities in the UK and European markets. Stone has over 30 years of experience in delivering technology services to public and private sectors. Converge's growth in Europe has been notable in 2022, and the acquisition aligns with their sustainability mission, furthering their technology offerings.

Converge Technology Solutions Corp. (OTCQX: CTSDF) has successfully completed its 34th acquisition, acquiring Newcomp Analytics, a Canada-based analytics organization. This strategic move enhances Converge's capabilities in advanced analytics, enabling clients to leverage big data across diverse industries including healthcare, education, and finance. Newcomp's expertise in AI, data engineering, and visualization will help further Converge's mission of providing robust IT and cloud solutions. The acquisition reaffirms Converge's commitment to expanding its analytics portfolio in North America.

Converge Technology Solutions Corp. (CTSDF) announced strong financial results for Q2 and H1 2022. Key highlights include:

• Net revenue surged by 73% year-over-year to $596.7 million.
• Gross profit rose 70% to $133.2 million.
• Adjusted EBITDA increased 80%, reaching $39.2 million.
• Net income grew significantly by 1039% to $11.7 million.
• Achieved 109 net new logos in Q2.
• Engaged in acquisitions totaling $939.2 million in gross revenues.

Converge Technology Solutions Corp. has achieved a notable 29th place on the 2022 Fast Growth 150 list by CRN, recognizing its exceptional sales performance among North American IT solution providers.

This marks Converge's third consecutive year on the list, highlighting its strong business strategy and commitment to growth in a challenging IT landscape. The recognition underscores the company's ongoing dedication to innovation and market adaptation, integral to maintaining competitiveness in a rapidly changing industry.

Converge Technology Solutions Corp. (CTSDF) announced on August 8, 2022, that the Toronto Stock Exchange has approved its Normal Course Issuer Bid (NCIB). Under the NCIB, Converge can repurchase up to 10,744,818 common shares, representing 5% of outstanding shares as of July 31, 2022. The NCIB begins on August 11, 2022, and may run for one year. The company aims to use this buyback to enhance shareholder value as market prices may not reflect its true business value. Purchases will be executed through TSX and optional Canadian trading platforms.

Converge Technology Solutions Corp. has successfully completed its acquisition of PC Specialists, Inc., known as Technology Integration Group (TIG), initially announced on May 19, 2022. Based in San Diego, TIG provides a range of IT solutions including software and hardware procurement, strategic planning, and cloud computing. With over 40 years of experience and a presence in 70 countries, TIG enhances Converge's portfolio, which includes multiple firms since 2017. This acquisition is part of Converge's strategy to expand its capabilities and market reach in providing integrated IT solutions.

Converge Technology Solutions Corp. (CTSDF) and its subsidiary REDNET GmbH announced a significant public sector contract in Germany. The contract, valued at approximately 156 million euros, spans three years and enables public authorities and universities in Rhineland-Palatinate and Saarland to procure various IT equipment, including thin clients, notebooks, and printers. REDNET secured multiple lots and aims to support the digital transformation of these institutions by 2025. This contract reinforces Converge's growth strategy in Germany and Europe.

Converge Technology Solutions Corp. has completed the acquisition of Germany-based education-focused organizations GfdB, IfmB, and DEQSTER, enhancing its position in the IT and Cloud Solutions market. This strategic move, initially announced on June 15, 2022, aims to improve digital solutions for schools and universities. GfdB and IfmB provide full-service IT solutions, while DEQSTER specializes in digital learning equipment. The acquisition is part of Converge's ongoing expansion strategy since 2017, which includes various IT service providers across North America.