Converge Technology Solutions Corp. To Acquire Vicom Infinity, Inc. and Infinity Systems Software, Inc.

Rhea-AI Summary

Converge Technology Solutions Corp. (TSX: CTS, OTCQX: CTSDF) has announced the acquisition of Vicom Infinity, Inc. and Infinity Systems Software, Inc. These companies specialize in IBM mainframe solutions and services, enhancing Converge's capabilities in cloud and IT solutions. This marks the twenty-first and twenty-second acquisitions since 2017, expanding Converge's client offerings and resources. The acquisition aims to strengthen Converge's partnership with IBM and enhance its service delivery across North America.

Positive

• Acquisition of Vicom Infinity and Infinity Systems Software enhances Converge's IBM solution stack.
• Increased resources and service offerings in IBM solutions and high-availability environments.
• Strengthened partnership with IBM, enhancing Converge's competitive position.

Negative

• None.

Both Vicom Infinity and Infinity Systems Software will join Vicom Computer Services, A Converge Company, as part of Converge's portfolio of companies.

TORONTO and GATINEAU, QC, June 30, 2021 /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 it has signed definitive agreements to acquire Vicom Infinity, Inc. and Infinity Systems Software, Inc.

Vicom Infinity, a world-class IBM mainframe solutions provider, focuses its philosophy on combining proven technology with the infinite possibilities of innovative thinking to transform IT functionality. Vicom Infinity's products and uncompromising service have helped clients successfully transform their IT enterprise systems.

Infinity Systems Software has been a leading supplier of software and services for IBM platforms for more than 20 years. Sister company to Vicom Infinity, Infinity Systems Software is proficient in IBM mainframe and offers a wide range of services including IT consulting, applications development, managed services, legacy modernization, disaster recovery, and customization.

Both organizations will join the existing Converge footprint in the U.S. Northeast, which includes Converge subsidiaries Lighthouse, Essextec, VSS, and Vicom Computer Services. The addition of Vicom Infinity and Infinity Systems Software will add to the Vicom group of companies within Converge and provide the Company increased resources and client offerings, specifically in the area of IBM solutions and high-availability environments.

"The addition of Vicom Infinity and Infinity Systems Software to Coverage's family of companies will round out Converge's IBM solution stack and make Converge one of the most powerful IBM business partners in North America," said Tom Amodio, President of Vicom Infinity and Infinity Systems Software. "This acquisition will also bring together the Vicom family of companies, which have been a strong unit and historical power-house in the New York metropolitan area for decades," added Robert Verola, former CEO of Vicom and Co-Owner of Vicom Infinity. "We are excited to, once again, join this ever-growing Cloud company that offers our customers a path into the future."

"We are thrilled to announce that we will add Vicom Infinity and Infinity Systems Software to the growing Converge portfolio of companies across North America," stated Greg Berard, President of Converge. "With this upcoming acquisition we will have the ability to resell the entire IBM portfolio, including Mainframe, which will continue to strengthen our partnership with IBM and Red Hat. Vicom Infinity and Infinity Systems Software will play a critical role in our sustained efforts to expand the depth and breadth of cloud and software solutions we offer our clients. Their expertise in IBM platforms, mainframe environments, and application modernization skills will greatly expand Converge's ability to continuously meet and exceed our clients' business needs."

Vicom Infinity and Infinity Systems Software will mark the twenty-first and twenty-second acquisitions completed by Converge 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.; and ExactlyIT, Inc.

Vicom Infinity and Infinity Systems Software were represented in this transaction by martinwolf, a leading M&A advisory firm serving the middle-market IT industry.

About Converge
Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge's regional sales and services organizations deliver advanced analytics, cloud, and cybersecurity offerings to clients across various industries. The Company supports these solutions with managed services, digital infrastructure, and talent expertise offerings 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.

About Vicom Infinity & Infinity Systems Software
Vicom Infinity provides processing solutions for high-availability environments to ensure seamless IT transformation development. Vicom Infinity architects, implements, and supports customized solutions that fit the unique needs of each specific client and are widely known for their expertise in optimizing legacy investments while introducing new technologies and capabilities. Infinity Systems Software, sister company to Vicom Infinity, has been a leading software supplier and services provider for IBM platforms for more than 20 years. Infinity Systems Software is highly skilled in IBM mainframe environments, from legacy systems to IBM's sophisticated System z mainframes, including Linux-based platforms.

Together, Vicom Infinity and Infinity Systems Software bring a wealth of experience and expertise in IBM data center environments. By combining technology tools and business objectives, both organizations jointly deliver unique insight into IBM's technology roadmap and help clients find the right strategy to achieve business success.

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SOURCE Converge Technology Solutions Corp.

FAQ

What are the details of Converge's acquisition of Vicom Infinity and Infinity Systems Software?

Converge Technology Solutions Corp. has signed definitive agreements to acquire Vicom Infinity and Infinity Systems Software, enhancing its capabilities in IBM mainframe solutions.

How will the acquisition impact Converge's business?

The acquisition will broaden Converge's client offerings, strengthen its IBM partnerships, and enhance its presence in high-availability environments.

When was the acquisition of Vicom Infinity and Infinity Systems Software announced?

The acquisition was announced on June 30, 2021.

What is the significance of this acquisition for Converge Tech (CTSDF)?

This acquisition marks a significant step in Converge's strategy to expand its cloud and software solutions, making it a stronger IBM business partner in North America.