Converge Technology Solutions Corp. Completes Acquisition of Interdynamix Systems

Rhea-AI Summary

Converge Technology Solutions Corp. (TSX:CTS, OTCQX:CTSDF) has successfully completed its acquisition of IDX Systems Corp., announced on March 28, 2022. Founded in 1995, Interdynamix is recognized for its innovative IT solutions across cloud computing and infrastructure. This acquisition adds to Converge's portfolio of companies, enhancing its capabilities in providing advanced analytics, cybersecurity, and managed services to a diverse client base. The strategic inclusion of Interdynamix aims to bolster Converge's market position in delivering comprehensive technology solutions.

Positive

• Strategic acquisition of IDX Systems Corp. enhances service offerings.
• Interdynamix's expertise in cloud and infrastructure solutions supports Converge's growth.
• Expansion of Converge's portfolio adds valuable engineering resources.

Negative

• None.

TORONTO and GATINEAU, Québec, May 02, 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 the closing of its previously signed acquisition of IDX Systems Corp. (“Interdynamix”). Converge announced the signing of the acquisition of Interdynamix on March 28, 2022.

Interdynamix was founded in 1995 with the goal of filling a substantial gap in the technology industry for elite engineering resources. The organization is known in the IT industry as a world leader in solving business problems with innovative solutions and services, ranging from cloud computing and infrastructure to open-source consulting. Home to IDX Labs, Interdynamix also offers functional, technical, and performance testing to validate architecture systems and ensure seamless migrations.

Interdynamix joins the portfolio of companies announced 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; Paragon Development Systems, Inc.; Visucom GmbH; 1CRM Systems Corp.; and Creative Breakthroughs, Inc.

About Interdynamix
Interdynamix is equal parts solution engineering and business consulting. To solve our clients’ problems, Interdynamix combines a deep understanding of our clients’ business and technology ecosystems with an elite team of engineers who area relentlessly focused on achieving our clients’ business and economic objectives. Founded in 1995 in Edmonton, Alberta, Canada to fill a substantial gap for elite engineering resources, Interdynamix is now comprised of over 50 leaders, architects, engineers, sales, and support professionals and is known in the IT industry as a world leader for solving business problems with innovative technology solutions.

About Converge
Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge’s global solution approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise 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 IDX Systems Corp. by Converge Technology Solutions Corp.?

The acquisition enhances Converge's IT and cloud service capabilities and expands its engineering resources.

When was the acquisition of IDX Systems Corp. announced?

The acquisition was announced on March 28, 2022.

What are the core services offered by IDX Systems Corp.?

IDX specializes in cloud computing, infrastructure, and innovative technology solutions.

What is the stock symbol for Converge Technology Solutions Corp.?

The stock symbols are TSX:CTS and OTCQX:CTSDF.

How does the acquisition of IDX Systems Corp. impact Converge's market position?

It strengthens Converge's portfolio and enhances its competitive edge in delivering comprehensive IT solutions.