Converge Technology Solutions Corp. Completes Acquisition of Gesellschaft für digitale Bildung (“GfdB”), Institut für moderne Bildung (“IfmB”), and DEQSTER

Rhea-AI Summary

Converge Technology Solutions Corp. has completed the acquisition of Germany-based education-focused organizations GfdB, IfmB, and DEQSTER, enhancing its position in the IT and Cloud Solutions market. This strategic move, initially announced on June 15, 2022, aims to improve digital solutions for schools and universities. GfdB and IfmB provide full-service IT solutions, while DEQSTER specializes in digital learning equipment. The acquisition is part of Converge's ongoing expansion strategy since 2017, which includes various IT service providers across North America.

Positive

• Enhances Converge's portfolio with education-focused IT solutions.
• Potential for market expansion in the educational sector.
• Increases service offerings with full-service IT suppliers for education.

Negative

• None.

TORONTO and GATINEAU, Quebec, July 29, 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 announced definitive agreement to acquire Germany-based organizations Gesellschaft für digitale Bildung (“GfdB”), Institut für moderne Bildung (“IfmB”), and DEQSTER. Converge announced it had entered into the definitive agreement on June 15, 2022.

Headquartered in Germany, GfdB, IfmB, and DEQSTER are all education market focused organizations enabling schools and universities to implement their digital future. GfdB and IfmB are full-service IT suppliers for education, offering everything from hardware and software to advanced training and comprehensive technical/consulting services. DEQSTER specializes in the development and production of equipment for digital learning and working, with a broad portfolio comprising of tablet cases, protective sleeves, digital pencils, and more.

GfdB, IfmB, and DEQSTER join 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 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; and Notarius.

About GfdB
Gesellschaft für digitale Bildung (GfdB, Society for Digital Education) accompanies schools and educational institutions all over Germany on their way into the digital future. It sees itself as a process companion that identifies individual digital solutions. As a provider of complete digital solutions, GfdB is a one-stop supplier – it offers everything from the right hardware and software to advanced training and comprehensive technical and consulting services. Together with more than twenty partners from the digital sector, GfdB creates new ways of digitalization – for modern digital classes that inspire teachers and motivate students. For more information about Gesellschaft für digitale Bildung, visit www.gfdb.de.

About IfmB
The Institut für moderne Bildung GmbH (IfmB, Institute for Modern Education) was founded in Tutzing in the year 2020 and is a partner to educational institutions such as schools and universities on their path to digitalization. The activities of IfmB include the development of ideas and the implementation of digital concepts for the education sector. As a provider of complete IT solutions, IfmB supplies hardware and software and provides comprehensive services related to digitalization for schools and educational institutions. IfmB offers its clients a 360-degree approach and develops customized and contemporary digital solutions with a focus on sustainability and innovation. For more information on IfmB, visit www.ifmb.de.

About DEQSTER
Founded in 2021, the Hamburg-based company develops and produces equipment for digital learning and working. Its portfolio comprises tablet cases, protective sleeves, a digital pencil, charging cables, chargers, and adapters. All DEQSTER products are specially designed for use in schools and educational institutions. The high-quality equipment matches the requirements of students and teachers towards digital accessories perfectly. DEQSTER sees itself as an accessories specialist that supports the holistic approach of digital education optimally with its products. The product solutions are distributed nationwide via a broad network of retail partners. For more information on DEQSTER, visit www.deqster.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 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 organizations did Converge Technology Solutions acquire?

Converge Technology Solutions acquired GfdB, IfmB, and DEQSTER.

When was the acquisition of GfdB, IfmB, and DEQSTER announced?

The acquisition was announced on June 15, 2022.

What is the strategic importance of the acquisition for Converge?

The acquisition enhances Converge's offerings in the education sector and potential market expansion.

How does the acquisition impact Converge's business?

The acquisition is expected to strengthen Converge's market position in digital education solutions.

What products does DEQSTER specialize in?

DEQSTER specializes in digital learning equipment such as tablet cases and digital pencils.