CONVERGE TECH SLTN CORP - CTSDF STOCK NEWS

Converge Technology Solutions Corp. (TSX:CTS, OTCQX:CTSDF) has successfully completed its acquisition of IDX Systems Corp., announced on March 28, 2022. Founded in 1995, Interdynamix is recognized for its innovative IT solutions across cloud computing and infrastructure. This acquisition adds to Converge's portfolio of companies, enhancing its capabilities in providing advanced analytics, cybersecurity, and managed services to a diverse client base. The strategic inclusion of Interdynamix aims to bolster Converge's market position in delivering comprehensive technology solutions.

Converge Technology Solutions Corp. (CTSDF) will announce its Q1 results for the period ending March 31, 2022, on May 10, 2022, post-market close. A conference call, led by CEO Shaun Maine and Interim CFO Matt Smith, is scheduled for May 11, 2022, at 8:00 AM EST. During this call, they will discuss the company's results, followed by a Q&A session. The live audio webcast and presentation slides can be accessed on Converge's investor relations website.

Converge Technology Solutions Corp. has achieved its milestone 30th acquisition by acquiring Creative Breakthroughs, Inc. (CBI), a cybersecurity solutions provider. This acquisition will enhance Converge's cybersecurity offerings and expand its reach across North America. CBI, based in Ferndale, Michigan, specializes in threat detection and operational risk management. The integration aims to leverage CBI's expertise and strengthen Converge's market position in cybersecurity, enhancing service delivery for clients.

Converge Technology Solutions Corp. has appointed Richard Lecoutre as the new Chief Financial Officer (CFO). Previously the Finance Director at Softcat PLC, Lecoutre played a key role in its 2015 IPO, helping to increase its market cap to £3.1 billion. He is expected to join Converge in the latter part of Q3 2022. CEO Shaun Maine expressed confidence in Lecoutre's experience, highlighting his international finance skills as vital for the company’s global expansion and ongoing growth strategy. Converge continues to focus on delivering leading IT and cloud solutions.

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.

Converge Technology Solutions Corp. reported impressive financial results for Q4-2021 and FY21. Q4-2021 net revenue surged by 74% to $505 million, while FY21 net revenue grew by 61% to $1.53 billion. Gross profit for Q4-2021 and FY21 increased by 63% and 48%, respectively. The company also achieved an adjusted EBITDA of $34.7 million in Q4-2021, up 48% year-over-year. Notably, it expanded its bookings backlog to $350 million and completed nine acquisitions in 2021. Converge also enhanced its cybersecurity capabilities, contributing to its significant growth.

Converge Technology Solutions Corp. has been recognized in the 2022 Tech Elite 250 list by CRN, highlighting its excellence in IT certifications. This inclusion reflects the company’s commitment to maintaining high technical standards and certifications from leading technology vendors. Converge is noted for its ongoing innovation and client service capabilities. This marks the company's second CRN award this year, reinforcing its position at the forefront of the IT solutions sector. Converge provides diverse cloud and IT services, enhancing its market presence.

Converge Technology Solutions Corp. (CTSDF) has appointed John Teltsch as Chief Revenue Officer. Teltsch, a seasoned executive with over 40 years of experience from IBM, will collaborate with President Greg Berard to enhance profit alignment and execute global strategies. His previous roles at IBM include General Manager of Technology Sales for key regions. Both Teltsch and Berard emphasize the importance of innovation and operational excellence in addressing challenging IT issues. This leadership addition aims to scale Converge's offerings and support clients across various industries.