Converge Technology Solutions Corp. To Acquire Interdynamix Systems

Rhea-AI Summary

Converge Technology Solutions Corp. (TSX:CTS) announced the acquisition of Interdynamix (IDX), a systems integrator specializing in engineering and innovative solutions. The transaction is set to close in Q2 2022 and will enhance Converge's engineering capabilities, especially in Hybrid Cloud and Open Source sectors across Canada. This marks Converge's 29th acquisition since October 2017, further expanding its portfolio and service offerings. The acquisition aims to improve client service and foster business growth, solidifying Converge's position in the IT sector.

Positive

• Acquisition of Interdynamix enhances engineering and consulting capabilities.
• Expected to increase service coverage in Western Canada and Toronto.
• Strengthens Converge's expertise in Hybrid Cloud and Open Source technologies.
• 29th acquisition since October 2017, indicating strong growth strategy.

Negative

• None.

Canadian-based Interdynamix will join the Converge portfolio of companies to strengthen the Company’s engineering capabilities and services

TORONTO and GATINEAU, Québec, March 28, 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 signed definitive agreements to acquire Interdynamix (IDX), a next-generation systems integrator focused on business, engineering, and innovation. The transaction is expected to close in Q2 2022.

Headquartered in Alberta, Canada, Interdynamix was founded in 1995 with the goal of filling a substantial gap in the technology industry for elite engineering resources. Today, IDX is comprised of architects, engineers, sales, and support professionals. 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.

“Joining Converge is truly a game changer for Interdynamix that will allow us to further our business goals,” said Devin Vandenberg, CEO of Interdynamix Systems. “Becoming part of Converge elevates our ability to deliver a ‘client first’ approach with expanded solution and service offerings, all while maintaining the highest level of innovation.”

“We’re pleased to announce that Converge will be adding solution engineering and business consulting firm Interdynamix to our portfolio of companies,” stated Shaun Maine, CEO of Converge. “IDX will give us more coverage across Western Canada and Toronto. Their expertise across Hybrid Cloud, Open Source, and TELCO will greatly enhance Converge’s ability to deliver and implement an ever-evolving array of solutions to our clients across North America.”

Interdynamix (IDX) marks the twenty-ninth 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; and 1CRM Systems Corp.

About Interdynamix
Interdynamix (IDX) is equal parts solution engineering and business consulting. To solve our clients’ problems, IDX combines a deep understanding of our clients’ business and technology ecosystems with an elite team of engineers who are 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, IDX 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 purpose of Converge's acquisition of Interdynamix (CTSDF)?

The acquisition aims to enhance Converge's engineering and consulting capabilities, expanding service offerings across Canada.

When is the acquisition of Interdynamix expected to close?

The acquisition is expected to close in Q2 2022.

How will the acquisition of Interdynamix impact Converge's services?

It will improve Converge's coverage and expertise in Hybrid Cloud and Open Source solutions, enhancing client service.

How many acquisitions has Converge made since 2017?

Interdynamix marks Converge's 29th acquisition since October 2017.