Converge Technology Solutions Corp. Acquires Visucom GmbH

Rhea-AI Summary

Converge Technology Solutions Corp. announced its acquisition of Visucom GmbH, a German-based supplier of audiovisual equipment for education and public sectors, along with its subsidiary School Supplies 4.0 GmbH. This acquisition aims to enhance Converge's offerings in Europe, allowing for a more comprehensive service portfolio to public sector clients. Since October 2017, Converge has completed 27 acquisitions, marking a significant step in their global expansion strategy.

Positive

• Acquisition of Visucom enhances Converge's audiovisual service offerings in Europe.
• This purchase supports Converge's strategy for global expansion, particularly in Germany.
• Synergies between Converge and Visucom are anticipated to strengthen service offerings.

Negative

• None.

Converge continues its global growth with the Company’s second European acquisition.

TORONTO, Ontario and GATINEAU, Québec, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSX:CTS) (FSE:0ZB) (OTCQX:CTSDF) a software-enabled IT & Cloud Solutions provider, is pleased to announce it has acquired German-based organization Visucom GmbH along with its subsidiary, School Supplies 4.0 GmbH.

Headquartered in Walzbachtal, Germany, with an additional presence in Haiger, Visucom has been a trusted supplier of professional screens, interactive blackboards, loudspeakers, cameras, projectors, displays, and media controls for education and public sector clients since 1987. The company also offers on-site installations and training and has an excellent reputation for neutral advice, planning, and equipment for all market-leading manufacturers of media devices. In 2020, the company acquired School Supplies 4.0.

"In recent years, we have worked very successfully with Visucom, which now, as part of Converge, perfectly complements our audiovisual offerings. We are pleased that we can offer our public sector clients an even more comprehensive service and product portfolio from a single source, as well as further support their digitization efforts with the help of Visucom," says Barbara Weitzel, Managing Director of REDNET AG GmbH, A Converge Company.

“Visucom is pleased to be joining Converge. Together, with REDNET AG, A Converge Company, we can offer our clients across Germany a wider range of service offerings to complement Visucom’s existing audiovisual media, including custom-fit professional and managed services,” stated Rüdiger Neller, CEO of Visucom.

“Converge is excited to be kicking off 2022 with another opportunity to continue our global expansion and better serve our clients in Europe,” stated Shaun Maine, CEO of Converge. “In addition to REDNET AG, A Converge Company, Visucom will strengthen our presence in Germany and allow us to grow the Converge name outside of North America.”

Visucom GmbH marks the twenty-seventh acquisition completed by Converge or its affiliates 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.; Vicom Computer Services, Inc.; CarpeDatum LLC; Accudata Systems, Inc.; Dasher Technologies, Inc.; ExactlyIT, Inc.; REDNET AG; Vicom Infinity, Inc.; Infinity Systems Software, Inc.; LPA Software Solutions, LLC; OPIN Digital, Inc; and Paragon Development Systems, Inc.

About Visucom GmbH
Since 1987, Visucom GmbH has been a reliable partner for clients in education and the public sector. Beginning by offering data video projectors and the installation and maintenance of blackboards, today Visucom is a trusted supplier of professional screens, interactive blackboards, loudspeakers, cameras, projectors, displays, and media controls. Headquartered in Walzbachtal, Germany, Visucom also has a panel construction facility in Haiger. For more information on Visucom GmbH, please visit visucomgmbh.de/.

About Converge
Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge’s regional sales and services organizations deliver advanced analytics, cloud, and cybersecurity offerings to clients across various industries. The Company supports these solutions with managed services, digital infrastructure, and talent expertise 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.

For further information contact:
Converge Technology Solutions Corp.
Email: investors@convergetp.com
Phone: 416-360-1495

FAQ

What is the significance of the acquisition of Visucom GmbH by Converge?

The acquisition strengthens Converge's presence in Europe and enhances its audiovisual offerings for public sector clients.

When did Converge acquire Visucom GmbH?

Converge announced the acquisition of Visucom GmbH on February 9, 2022.

What is the expected impact of the acquisition on Converge's business?

The acquisition is expected to enhance Converge's service portfolio and support its global expansion strategy.

How many acquisitions has Converge completed since October 2017?

Converge has completed 27 acquisitions since October 2017.

What types of services does Visucom GmbH provide?

Visucom GmbH supplies professional screens, interactive blackboards, loudspeakers, projectors, and related services.