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Overview
Converge Technology Solutions Corp. (CTSDF) is a globally recognized, services-led and software-enabled IT & cloud solutions provider. The company specializes in delivering cutting-edge advanced analytics, artificial intelligence, and cloud computing solutions to address complex business challenges. With a keen focus on digital transformation, Converge brings together deep domain expertise, a customer-centric consultative approach, and a comprehensive suite of IT services designed to streamline operations and enhance organizational efficiency across diverse industries.
Core Business Areas
Converge operates across a broad spectrum of technology sectors. Its core business areas include:
- IT & Cloud Solutions: The company provides integrated cloud platforms, application modernization, and digital infrastructure services that empower enterprises to leverage scalable, cost-effective, and secure technological environments.
- Advanced Analytics & Artificial Intelligence: Leveraging state-of-the-art analytics and AI methodologies, Converge delivers actionable insights for improved decision-making while driving operational efficiencies through machine learning and automation.
- Cybersecurity: In today’s digital landscape, cybersecurity is critical. Converge’s cybersecurity offerings are designed to safeguard digital assets, ensuring network security, data privacy, and regulatory compliance for businesses of all sizes.
- Managed Services: By offering advisory, implementation, and managed services, Converge supports end-to-end IT implementations and continuous operational management, enabling businesses to focus on core strategic initiatives while leaving IT complexities to the experts.
Innovative Technology & Strategic Partnerships
Innovation is central to how Converge approaches business challenges. The company has built a reputation for adopting supplier partnerships and integrating next-generation technologies. Among its notable initiatives is the deployment of the QuantumSim™ secure multi-LLM gateway, which underpins its advanced generative AI solutions. This platform is designed to support complex modules such as QS SecureGPT, QS Contracts, and QS Benefits, enabling clients to optimize contract management, enhance benefit analysis, and drive operational efficiencies.
Furthermore, Converge has strategically aligned with major technology players like IBM and Forum Systems to deliver solutions such as Contact Center IQ. This solution enhances customer experiences in contact centers through robust AI-powered analytical insights, streamlining knowledge management, and simplifying complex customer service functions. Such strategic collaborations underscore Converge's commitment to continuously evolving its service offerings to meet the dynamic demands of technology and digital transformation.
Global Presence & Market Position
Operating on a global scale, Converge has established itself as a trusted advisor to both public and private sector organizations. The company’s geographically diverse operations and strong relationships with all major IT vendors allow it to offer tailored solutions to a wide range of industries, including healthcare, finance, retail, and government. This extensive reach, combined with a comprehensive service portfolio, positions Converge as a significant player in the IT services market, helping clients modernize their operational infrastructure and manage digital risks efficiently.
E-E-A-T and Industry Expertise
Converge demonstrates deep expertise in advanced digital solutions through its robust methodologies and strong track record in technology integration. Its experience is reflected in the seamless integration of legacy systems with modern platforms, supported by a strong advisory practice that guides clients throughout the digital transformation journey. With clear authoritativeness in its technical domains—from cloud infrastructures and AI innovations to cybersecurity and managed services—Converge establishes trustworthiness among its clientele by continuously delivering secure, reliable, and scalable IT solutions that are essential for sustainable business operations.
Customer-Centric Approach
The company’s AIM (Advise, Implement, Manage) methodology lies at the heart of its operational excellence. This customer-focused model ensures that each solution is designed to address specific client needs, integrate smoothly with existing systems, and drive tangible business outcomes. Whether it’s optimizing IT spend through intelligent contract analysis or streamlining digital workplace transformation with robust cloud and cybersecurity measures, Converge consistently prioritizes client satisfaction and operational efficiency.
Integrated IT Services Framework
Converge’s integrated framework spans the full spectrum of IT services. From initial IT assessments and strategic advisory services to the execution of complex IT implementations and the ongoing management of digital infrastructures, the company offers a cohesive suite of services designed to mitigate risk, reduce complexity, and promote a culture of continuous improvement. This holistic approach not only ensures smooth transitions to modern technology landscapes but also supports sustainable growth and scalable innovation across client operations.
Conclusion
In summary, Converge Technology Solutions Corp. represents a comprehensive, innovative, and globally integrated IT and cloud solutions provider. Its blend of deep industry expertise, a strong commitment to secure and scalable digital transformation, and strategic technology partnerships makes it a trusted resource for businesses aiming to overcome complex technological challenges. By consistently applying E-E-A-T principles, Converge delivers solutions that are both technically robust and strategically aligned with the evolving needs of today’s digital economy, providing clarity and actionable insights that are vital for long-term operational success.
Converge Technology Solutions Corp. (TSX: CTS) (OTCQX: CTSDF) has received final approval from the Ontario Superior Court of Justice for its previously announced acquisition by H.I.G. Capital affiliate. The arrangement involves 16728421 Canada Inc. purchasing all issued and outstanding common shares of Converge, except for certain shares held by shareholders with rollover equity agreements.
The transaction, governed by an arrangement agreement dated February 6, 2025, and amended April 1, 2025, has now secured all necessary regulatory approvals. The deal is expected to close around April 22, 2025. Shareholders requiring assistance with share submission can contact Computershare Investor Services Inc., the designated depositary for the arrangement.
Converge Technology Solutions (TSX: CTS) has launched its Data & AI Design Studio, a comprehensive program aimed at helping businesses implement AI effectively. The initiative addresses common challenges in AI adoption, including data quality, privacy, security, and financial justification issues that often prevent projects from moving beyond proof-of-concept stage.
The program features a structured approach with various workshops and services including:
- AI Briefing for understanding AI tools and LLMs
- AI Ideation Workshop for identifying use cases
- Use Case Assessment Roadmap for strategic planning
- AI Design Thinking for evaluating implementation feasibility
- AI Solution Design for technical architecture development
According to CEO Greg Berard, 72% of businesses have adopted AI in at least one business function, yet many struggle with successful implementation. The Design Studio aims to provide organizations with the foundational support needed for long-term AI success, focusing on governance, data integrity, and vendor partnerships.
Converge Technology Solutions (TSX: CTS) (OTCQX: CTSDF) shareholders have overwhelmingly approved the proposed acquisition by H.I.G. Capital at a special meeting held on April 10, 2025. The arrangement received 98.85% approval from voting shareholders, with 98.71% support from minority shareholders, excluding rollover equity agreement participants.
The transaction will provide shareholders with C$6.00 per share in cash consideration, except for certain shares held by Rollover Shareholders. The deal saw strong participation with 131,318,378 votes cast, representing 69.63% of outstanding shares.
The company will seek final approval from the Ontario Superior Court of Justice on April 16, 2025, with the arrangement expected to complete around April 22, 2025.
Converge Technology Solutions (TSX: CTS) (OTCQX: CTSDF) has announced a important reminder for shareholders to vote before the proxy deadline regarding the upcoming special meeting on April 10, 2025. The meeting concerns the approval of an arrangement where H.I.G. Capital will acquire all outstanding common shares at C$6.00 per share.
The board of directors has unanimously recommended shareholders vote 'FOR' the Arrangement Resolution. The proxy voting deadline is set for 11:00 a.m. (Toronto time) on April 8, 2025. The meeting will be held virtually via audio webcast.
Shareholders can find detailed information in the management information circular dated March 10, 2025, available on SEDAR+ and Converge's website. For voting assistance, shareholders can contact Laurel Hill Advisory Group through their toll-free numbers or email.
Converge Technology Solutions (CTSDF) has amended its arrangement agreement with H.I.G. Capital, increasing the cash offer from C$5.50 to C$6.00 per common share. This amendment follows a series of events including an unsolicited proposal from a third party on March 7, 2025, offering C$6.00 per share, and subsequent legal proceedings initiated by H.I.G. Capital.
The third party later submitted a binding proposal at C$6.00 and subsequently increased it to C$6.10 per share. However, the Board unanimously determined that accepting H.I.G.'s amended C$6.00 per share offer was in the company's best interests, citing transaction certainty and timeline advantages.
The special shareholders' meeting to approve the arrangement is scheduled for April 10, 2025, with the transaction expected to complete around April 17, 2025.
Converge Technology Solutions (TSX: CTS, OTCQX: CTSDF) has announced the filing of its management information circular for a special shareholder meeting regarding its acquisition by H.I.G. Capital. The meeting is scheduled for April 10, 2025, at 11:00 a.m. Toronto time in a virtual format.
Under the arrangement, H.I.G. Capital will acquire all outstanding shares for C$5.50 per share, valuing the company at approximately C$1.3 billion. This represents a 56% premium to the closing price on February 6, 2025. The Board of Directors unanimously recommends shareholders vote FOR the arrangement.
The transaction followed a comprehensive strategic review process initiated in 2022, which involved multiple potential buyers. The deal is expected to close around April 17, 2025, pending shareholder approval. The HSR Act waiting period has expired, satisfying one of the key conditions for completion.
Converge Technology Solutions (CTSDF) has reported its Q4 and FY2024 financial results, alongside a significant announcement of its acquisition by H.I.G. Capital. Q4 2024 showed mixed performance with gross sales reaching $1.11 billion (+2.5% YoY), revenue of $680.8 million (+4.6%), and Adjusted EBITDA increasing 3.0% to $47.9 million. However, gross profit decreased 1.6% to $178.6 million.
For FY2024, the company reported gross sales of $4.12 billion (+2.1% YoY), but saw revenue decline 4.2% to $2.59 billion. The company recorded a net loss of $181.0 million, primarily due to a non-cash impairment charge of $176.1 million on the Germany segment.
Most notably, H.I.G. Capital will acquire Converge at $5.50 per share in cash, representing a ~56% premium to the closing price on February 6, 2025. The transaction, valuing Converge at approximately C$1.3 billion enterprise value, will be voted on by shareholders on April 10, 2025. The company has suspended its quarterly dividend and 2025 outlook guidance pending the transaction.
Converge Technology Solutions (CTSDF) has released preliminary Q4-2024 and fiscal year 2024 results. For Q4-2024, the company reported gross sales of $1.1 billion (+2.5% YoY), revenue of $680.8 million (+4.6% YoY), and Adjusted EBITDA of $47.9 million (+3.0% YoY). However, Q4 showed a loss before income taxes of $21.2 million, largely due to a $24.0 million impairment from Portage CyberTech investment.
For fiscal year 2024, while gross sales reached $4.1 billion (+2.1% YoY), revenue declined 4.2% to $2.6 billion. The company faced significant challenges with a $200.5 million loss before income taxes, primarily attributed to a $176.1 million impairment loss in the German segment and $25.9 million loss from Portage investment. The company will discuss complete financial results in a conference call scheduled for March 6th, 2025.
Converge Technology Solutions has announced its acquisition by H.I.G. Capital in an all-cash transaction valued at approximately C$1.3 billion. Shareholders will receive C$5.50 per share, representing a 56% premium to the closing price on February 6, 2025. The transaction has received unanimous board approval and is supported by shareholders holding 24% of outstanding shares.
Following the acquisition, Converge will merge with H.I.G.-owned Mainline Information Systems, creating a combined entity offering broader IT solutions in cybersecurity, cloud, and digital infrastructure. Greg Berard, Converge's CEO, will lead the combined business as CEO, while Mainline's CEO Jeff Dobbelaere will serve as President.
The transaction is expected to close in Q2 2025, subject to shareholder approval and regulatory clearances. Converge also announced that its Q4 FY2024 results are expected to be at the high end of previous guidance, with gross profit of $165-178 million and Adjusted EBITDA of $36-47 million.
Converge Technology Solutions (TSX: CTS) (OTCQX: CTSDF) has announced a change in its December 2024 dividend payment date. The company will pay its previously announced dividend of $0.015 per common share on December 27, 2024, instead of December 28, 2024, due to the holiday schedule. The record date remains December 10, 2024. This dividend is based on the company's financial results for the three and nine months ended September 30, 2024.