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

Rhea-AI Summary

Converge Technology Solutions Corp. has announced its 32nd acquisition, acquiring Germany-based companies Gesellschaft für digitale Bildung (GfdB), Institut für moderne Bildung (IfmB), and DEQSTER. This strategic acquisition aims to enhance Converge's offerings in the education sector in Germany, enabling schools and universities to implement comprehensive digital solutions. The new alliance will create a stronger portfolio, combining services from all entities involved. This expansion underscores Converge's commitment to becoming a leading education partner in the German market.

Positive

• Acquisition of three education-focused companies enhances Converge's market position in Germany.
• Strengthens product offerings in digital learning and IT solutions for educational institutions.
• Partnership expected to lead to increased revenue growth and market share in the education sector.

Negative

• None.

Converge continues to expand its global presence with its 32nd announced acquisition.

TORONTO and GATINEAU, Québec, June 15, 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 entered into a definitive agreement to acquire Germany-based organizations Gesellschaft für digitale Bildung (“GfdB”), Institut für moderne Bildung (“IfmB”), and DEQSTER.

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.

With these acquisitions and in combination with previously acquired REDNET, A Converge Company, and Visucom, A Converge Company, Converge will be a leading education partner in the German market. The new alliance between GfdB, IfmB, DEQSTER, REDNET, and Visucom allows all organizations to enhance and strengthen their solutions, services, and offering, as well as develop new strategies to better serve the education sector in Germany. This enhanced portfolio will include a tailored 360° approach that furthers education to professional and managed services, logistics & system configuration, technical services, and parental financing.

“As one of the leading providers of complete IT solutions for the education market for many years, GfdB has ensured digitalization in schools and education institutions is happening in a sustainable way,” stated Mathias Harms, CEO of Gesellschaft für digitale Bildung (GfdB). “Our new strategic partnership with Converge will allow us to significantly enlarge our range of products and services, as well as offer an even better 360° approach to our clients. Additionally, with the new alliance between Gesellschaft für digitale Bildung, Institut für moderne Bildung, DEQSTER, REDNET, A Converge Company, and Visucom, A Converge Company, we are excited to strengthen our competency in the areas of IT equipment and services for companies in the education sector.”

“I am thrilled that our new partnership with Converge will allow us to enlarge our portfolio and to offer holistic solutions,” said Cuma Saado, CEO of DEQSTER. “By bundling DEQSTER's competencies with Converge’s portfolio of companies and strengthening cooperation, our sales partners will benefit since we can offer them a significantly more comprehensive service. As a manufacturer of equipment for digital learning and working, we will also address client wishes in a more targeted manner and will be able to develop 360° solutions together, which are tailored perfectly to education institutions.”

“Together with GfdB and IfmB, REDNET, A Converge Company, will be able to offer German educational institutions an even more thorough and holistic service portfolio aimed at making digital schools a success,” stated Barbara Weitzel, CEO of REDNET, A Converge Company. “With DEQSTER, we also have another accessory specialist for the education market, which further expands our joint portfolio following the acquisition of Visucom, A Converge Company.”

“The additions of GfdB, IfmB, and DEQSTER to Converge’s portfolio of companies in Germany will be a major leap forward in our ability to strongly serve the German market,” stated Shaun Maine, CEO of Converge. “Building on the successes of REDNET, A Converge Company, and Visucom, A Converge Company, GfdB, DEQSTER, and IfmB will also allow us to become the leading education partner in Germany and will help us continue growing solution offerings and services for our clients in Europe.”

GfdB, IfmB, and DEQSTER mark the thirty-second 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.; and PC Specialists, Inc. d/b/a Technology Integration Group.

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 is the significance of Converge's acquisition of GfdB, IfmB, and DEQSTER?

The acquisition strengthens Converge's offerings in the education sector in Germany, enhancing its position as a leading provider of digital solutions.

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

The acquisition was announced on June 15, 2022.

How many acquisitions has Converge completed since October 2017?

Converge has completed a total of 32 acquisitions since October 2017.

What will the new alliance provide for educational institutions?

The alliance will provide a comprehensive range of products and services, including advanced IT solutions, logistical support, and tailored educational resources.

What impact will the acquisitions have on Converge's revenue?

The acquisitions are expected to drive revenue growth by strengthening Converge's solutions and service offerings in the education market.