Converge continues to grow with the acquisition of a C$128M revenue business, expanding its array of IT service offerings.
FOR IMMEDIATE RELEASE
January 4, 2021 – TORONTO, ONTARIO, CANADA and NEW YORK, NEW YORK, USA – Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSXV:CTS) (FSE:0ZB) (OTCQX:CTSDF), a national platform of regionally focused Hybrid IT solution providers in the U.S. and Canada, is pleased to announce that it has completed the acquisition of Vicom Computer Services, Inc., a full-service multi-cloud infrastructure provider.
Vicom, an established, scaled solutions provider based in the US Northeast, has a rich history and focus on working with clients to align best-of-breed technologies with their desired business outcomes. With this acquisition, Converge gains an industry-leading team of architects and engineers who will accelerate the growth of the Company’s practice areas, driving more value for its clients across North America.
Vicom will join the existing Converge footprint in the US Northeast, which includes Converge subsidiaries Lighthouse, Essextec, and VSS. This expansion provides Converge additional presence in key industries across financial services, healthcare, and state and local government.
“Joining the Converge family allows us to offer more solutions and services to our customers,” said Robert Verola, CEO of Vicom. “Converge has great relationships with the best names in the IT industry, and we want our customers to have access to those technologies and the experts who know how to make the most of them.”
“We are incredibly excited to join Converge Technology Solutions,” said Vic Verola, President of Vicom. “Providing our customers with the most innovative solutions that drive business success has always been our goal. Joining the Converge family will help us deliver on that promise to our customers.”
“Vicom isn’t your typical IT solution provider. Their alignment with our core practice areas will drive immediate value to the Converge client base,” said Greg Berard, President of Converge. “We continue to invest in our cloud, cybersecurity, and managed services solutions, and acquiring Vicom will help us grow and expand those offerings. We are excited to welcome Vicom’s employees and their clients to the Converge family.”
Vicom is the seventeenth acquisition announced by Converge since October 2017. Converge’s family of companies also includes Corus Group, LLC; Northern Micro, Inc.; 10084182 Canada Inc. operating as Becker-Carroll; Key Information Systems, Inc.; BlueChip Tek, Inc; Lighthouse Computer Systems, Inc.; Software Information Systems LLC; Nordisk Systems, Inc.; Essex Technology Group, Inc.; Datatrend Technologies, Inc.; VSS, LLC; Solutions PCD, Inc.; Unique Digital, Inc.; Workgroup Connections, Inc.; Vivvo Application Studios LTD; and will include CarpeDatum Consulting, Inc.
About Converge
Converge Technology Solutions Corp. is a North American software-enabled, Hybrid IT solution provider focused on delivering industry-leading solutions and services. Converge’s regional sales and services organizations deliver advanced analytics, cloud, cybersecurity, and managed services offerings to clients across various industries. The Company supports these solutions with talent expertise and digital infrastructure offerings across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
About Vicom, A Converge Company
Vicom is a full-service multi-cloud infrastructure provider with a three-decade history of helping our customers drive business innovation. Vicom is one of the largest regional solution providers in the Northeast with over 100 team members servicing our customers. Our domains of expertise include multi-cloud solutions, networking, operations/service management, security, staff augmentation, and professional and managed services. Through a team of dedicated staff Vicom helps our customers deliver on the promise of digital transformation. For more information, visit vicomnet.com. Vicom was represented in this transaction by Martin Wolf, a leading M&A advisory firm serving the IT industry.
For further information contact:
Converge Technology Solutions Corp.
Email: [email protected]
Phone: 416-360-1495
Notice to Reader: Use of Forward-Looking Statements
Forward-Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects,” or “does not expect,” “is expected,” “anticipates,” or “does not anticipate,” “plans,” “budget,” “scheduled,” “forecasts,” “estimates,” “believes,” or intends,” or variations of such words and phrases or stating that certain actions, events or results “may” or “could,” “would,” “might,” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
See French translation here.
