Welcome to our dedicated page for Converge Technol news (Ticker: CTSDF), a resource for investors and traders seeking the latest updates and insights on Converge Technol stock.
Overview
Converge Technology Solutions Corp. (CTSDF) is a globally recognized, services-led and software-enabled IT & cloud solutions provider. The company specializes in delivering cutting-edge advanced analytics, artificial intelligence, and cloud computing solutions to address complex business challenges. With a keen focus on digital transformation, Converge brings together deep domain expertise, a customer-centric consultative approach, and a comprehensive suite of IT services designed to streamline operations and enhance organizational efficiency across diverse industries.
Core Business Areas
Converge operates across a broad spectrum of technology sectors. Its core business areas include:
- IT & Cloud Solutions: The company provides integrated cloud platforms, application modernization, and digital infrastructure services that empower enterprises to leverage scalable, cost-effective, and secure technological environments.
- Advanced Analytics & Artificial Intelligence: Leveraging state-of-the-art analytics and AI methodologies, Converge delivers actionable insights for improved decision-making while driving operational efficiencies through machine learning and automation.
- Cybersecurity: In today’s digital landscape, cybersecurity is critical. Converge’s cybersecurity offerings are designed to safeguard digital assets, ensuring network security, data privacy, and regulatory compliance for businesses of all sizes.
- Managed Services: By offering advisory, implementation, and managed services, Converge supports end-to-end IT implementations and continuous operational management, enabling businesses to focus on core strategic initiatives while leaving IT complexities to the experts.
Innovative Technology & Strategic Partnerships
Innovation is central to how Converge approaches business challenges. The company has built a reputation for adopting supplier partnerships and integrating next-generation technologies. Among its notable initiatives is the deployment of the QuantumSim™ secure multi-LLM gateway, which underpins its advanced generative AI solutions. This platform is designed to support complex modules such as QS SecureGPT, QS Contracts, and QS Benefits, enabling clients to optimize contract management, enhance benefit analysis, and drive operational efficiencies.
Furthermore, Converge has strategically aligned with major technology players like IBM and Forum Systems to deliver solutions such as Contact Center IQ. This solution enhances customer experiences in contact centers through robust AI-powered analytical insights, streamlining knowledge management, and simplifying complex customer service functions. Such strategic collaborations underscore Converge's commitment to continuously evolving its service offerings to meet the dynamic demands of technology and digital transformation.
Global Presence & Market Position
Operating on a global scale, Converge has established itself as a trusted advisor to both public and private sector organizations. The company’s geographically diverse operations and strong relationships with all major IT vendors allow it to offer tailored solutions to a wide range of industries, including healthcare, finance, retail, and government. This extensive reach, combined with a comprehensive service portfolio, positions Converge as a significant player in the IT services market, helping clients modernize their operational infrastructure and manage digital risks efficiently.
E-E-A-T and Industry Expertise
Converge demonstrates deep expertise in advanced digital solutions through its robust methodologies and strong track record in technology integration. Its experience is reflected in the seamless integration of legacy systems with modern platforms, supported by a strong advisory practice that guides clients throughout the digital transformation journey. With clear authoritativeness in its technical domains—from cloud infrastructures and AI innovations to cybersecurity and managed services—Converge establishes trustworthiness among its clientele by continuously delivering secure, reliable, and scalable IT solutions that are essential for sustainable business operations.
Customer-Centric Approach
The company’s AIM (Advise, Implement, Manage) methodology lies at the heart of its operational excellence. This customer-focused model ensures that each solution is designed to address specific client needs, integrate smoothly with existing systems, and drive tangible business outcomes. Whether it’s optimizing IT spend through intelligent contract analysis or streamlining digital workplace transformation with robust cloud and cybersecurity measures, Converge consistently prioritizes client satisfaction and operational efficiency.
Integrated IT Services Framework
Converge’s integrated framework spans the full spectrum of IT services. From initial IT assessments and strategic advisory services to the execution of complex IT implementations and the ongoing management of digital infrastructures, the company offers a cohesive suite of services designed to mitigate risk, reduce complexity, and promote a culture of continuous improvement. This holistic approach not only ensures smooth transitions to modern technology landscapes but also supports sustainable growth and scalable innovation across client operations.
Conclusion
In summary, Converge Technology Solutions Corp. represents a comprehensive, innovative, and globally integrated IT and cloud solutions provider. Its blend of deep industry expertise, a strong commitment to secure and scalable digital transformation, and strategic technology partnerships makes it a trusted resource for businesses aiming to overcome complex technological challenges. By consistently applying E-E-A-T principles, Converge delivers solutions that are both technically robust and strategically aligned with the evolving needs of today’s digital economy, providing clarity and actionable insights that are vital for long-term operational success.
Converge Technology Solutions Corp. (CTSDF) will announce its fourth quarter and fiscal year results for the period ended December 31, 2021, on March 22, 2022, after market close. A conference call is scheduled for March 23, 2022, at 8:00 AM EST, hosted by CEO Shaun Maine and Interim CFO Matt Smith. Interested participants can join via a toll-free number or through a webcast. The company provides IT and cloud solutions, including analytics, cybersecurity, and managed services, addressing unique requirements for clients across public and private sectors.
Converge Technology Solutions Corp. has announced the acquisition of 1CRM Systems Corp. through its subsidiary Portage CyberTech. This marks Converge's twenty-eighth acquisition since October 2017. The acquisition, valued at $3 million in cash plus up to $2 million in earn-out payments, provides Portage with a robust suite of business management tools designed for small and medium-sized enterprises. 1CRM's SaaS platform will enhance Portage's service offerings and is expected to drive growth, contributing approximately $820,000 in trailing twelve-month revenue.
Converge Technology Solutions Corp. reported significant growth in its preliminary Q4 and FY21 results, with net revenue rising 73% to $497.5-$504.5 million and FY21 revenue increasing by 61% to $1.52-$1.53 billion. Gross profit for Q4 grew by 62% to $114.0-$116.0 million, while FY21 gross profit rose 48% to $343.8-$345.8 million. Adjusted EBITDA improved by 43% in Q4 to $32.1-$34.8 million, and up 53% for FY21 to $91.4-$94.1 million. The company also reported operational cash flow of $17.8 million for Q4 and a cash position of approximately $248 million as of December 31, 2021, alongside a bookings backlog of roughly $350 million.
Converge Technology Solutions Corp. announced its acquisition of Visucom GmbH, a German-based supplier of audiovisual equipment for education and public sectors, along with its subsidiary School Supplies 4.0 GmbH. This acquisition aims to enhance Converge's offerings in Europe, allowing for a more comprehensive service portfolio to public sector clients. Since October 2017, Converge has completed 27 acquisitions, marking a significant step in their global expansion strategy.
Converge Technology Solutions has successfully acquired PDS Holding Company and its subsidiary, Paragon Development Systems, marking its 26th acquisition. The deal, valued at US$52 million in cash, aims to enhance Converge's offerings in the digital transformation sector, particularly in healthcare. PDS generated revenue of C$239 million with an adjusted EBITDA of C$11.4 million for the trailing twelve months. This acquisition is projected to be immediately accretive to Converge's financials, expanding its operational footprint in central regions of North America.
Converge Technology Solutions Corp. has achieved Platinum Partner status with HPE, the highest level in the HPE Partner Ready Program. This recognition reflects Converge's commitment to HPE's solutions, fulfilling rigorous requirements in sales, technical certifications, and competencies. The status will allow Converge to be featured on HPE's Partner Ready Portal and other tools, enhancing its visibility in the market. CEO Shaun Maine noted this achievement underscores their expertise in cloud and digital infrastructure, positioning Converge to better serve clients and leverage growth opportunities in digital transformation.
Converge Technology Solutions Corp. has secured approval to increase its ABL credit facility from $190 million to $300 million with a banking syndicate led by CIBC. In addition, J.P. Morgan Chase & Co. has been added to the syndicate. CEO Shaun Maine highlighted significant financial growth in 2021 and emphasized the importance of this credit increase for future investments, particularly in acquisitions. With nothing currently drawn, the additional $110 million will support Converge's growth strategy into 2022 and beyond.
Converge Technology Solutions Corp. announced that its 53% owned subsidiary, Portage CyberTech, has acquired OPIN Digital Inc. in a strategic move to enhance digital transformation services. This acquisition marks Converge’s 25th since 2017. OPIN, specializing in digital agency services, will bolster Portage's offerings in cybersecurity and digital solutions. The deal involves a cash payment of $4.67 million and potential earn-out payments totaling $1.56 million. With OPIN's expertise, Portage aims to secure digital assets effectively for government and enterprise clients.
Converge Technology Solutions Corp. reported a robust financial performance for Q3 2021, with revenue soaring by 93% to $367.3 million. Gross profit rose 60% to $83.8 million, while adjusted EBITDA increased 29% to $18.9 million. Record cash flow from operations reached $48.1 million, an 86% increase year-over-year. The company expanded into Europe through the acquisition of REDNET AG and announced new partnerships and recognitions, including being named Ingram Micro’s Blue Series Partner of the Year.
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