Converge Technology Solutions Corp. Completes Acquisition of Stone Group

Rhea-AI Summary

Converge Technology Solutions Corp. has completed the acquisition of Stone Technologies Group Limited, announced on September 22, 2022. This acquisition marks the 35th since October 2017. Stone, with over 30 years of experience, provides ICT solutions to both public and private sectors in the UK, focusing on sustainability and reducing ownership costs through innovations like the Stone 360 App. The acquisition is expected to enhance Converge's offerings in advanced analytics, cloud platforms, and more, further solidifying its position in the IT and Cloud Solutions market.

Positive

• Strengthens Converge's portfolio with Stone's ICT solutions expertise.
• Enhances sustainability focus through Stone's recycling initiatives.
• Potential for revenue growth in UK public and private sectors.

Negative

• None.

TORONTO and GATINEAU, QC, Nov. 7, 2022 /PRNewswire/ - 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 Stone Technologies Group Limited ("Stone"). Converge announced the signing of the acquisition of Stone on September 22, 2022.

Stone has served the UK's public and private sectors for over 30 years assisting thousands of organizations to adapt and thrive in a continually changing technology landscape, deploying market leading technologies, delivering personalized services, and providing reliable IT support. The company's vision is to make a true and lasting impact on the way technology is leveraged by their clients, providing a circular procurement cycle that reduces the total cost of ownership, with significant benefits to the environment for generations to come. With a focus on sustainability, Stone has made it easy for organizations to recycle their redundant technology through the innovative Stone 360 App.

Stone Group is the thirty-fifth acquisition 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 GmbH; Vicom Infinity, Inc.; Infinity Systems Software, Inc.; LPA Software Solutions, LLC; OPIN Digital, Inc; Paragon Development Systems, Inc.; Visucom GmbH; 1CRM Systems Corp.; Interdynamix Systems; Creative Breakthroughs, Inc.; PC Specialists, Inc. d/b/a Technology Integration Group; GfdB, ImfB, and DEQSTER; Notarius; and Newcomp Analytics.

About Stone Group

Established in 1991, Stone Group is a leading provider of Information and Communications Technology (ICT) Solutions to UK Public Sector and Private Sector organizations of all sizes. Its mission is to improve the education, health, and quality of life of people in the UK through technology services. By taking ownership of its customers' technology, Stone Group enables organizations to concentrate on what they do best – whether that is looking after the citizens of today or tomorrow. 

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 platforms, 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.

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SOURCE Converge Technology Solutions Corp.

FAQ

What is the significance of Converge's acquisition of Stone Technologies Group?

The acquisition strengthens Converge's market position by adding Stone's ICT solutions to its portfolio.

When was the acquisition of Stone Technologies Group completed?

The acquisition was completed on November 7, 2022.

How does the acquisition of Stone impact Converge's business?

It enhances Converge's capabilities in delivering IT solutions, particularly in the UK market.

What is Stone Technologies Group's expertise?

Stone specializes in ICT solutions for public and private sectors, focusing on sustainability and technology services.

What does the Stone 360 App do?

The Stone 360 App facilitates the recycling of redundant technology to reduce total ownership costs.