Converge Technol - CTSDF STOCK NEWS

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.

Converge Technology Solutions Corp. (TSX:CTS) announced it will release its Q3 2021 results after market close on November 10, 2021. The company will hold a conference call on November 11, 2021, at 8:00 AM EST, featuring CEO Shaun Maine and Interim CFO Matt Smith. Participants can join via provided toll-free numbers, with a conference ID of 1936798. A live audio webcast will also be available on their website. Converge provides IT and cloud solutions across various sectors, focusing on analytics, cybersecurity, and managed services.

Converge Technology Solutions Corp. has announced the launch of Converge Enterprise Cloud – IBM Power for Google Cloud (IP4G), a new solution available on the Google Cloud Marketplace. This offering will enhance infrastructure-as-a-service solutions utilizing IBM Power Systems across North America and Europe. The solution supports various Power operating systems and provides clients with managed services, integrated billing, and enhanced support. The collaboration with IBM and Google Cloud aims to better meet enterprise needs in cloud migration.

Converge Technology Solutions Corp. has achieved Amazon Web Services (AWS) Migration Competency, recognizing its expertise in assisting clients with cloud migration. This designation showcases Converge's ability across all phases of complex migration projects. As a result, Converge stands out among a select group of partners in North America, enhancing its relationship with AWS. The company provides comprehensive migration consulting and services, including those for VMware Cloud on AWS. CEO Shaun Maine emphasized that this achievement reflects the dedication of Converge's AWS Migration practice.

Converge Technology Solutions Corp. (CTSDF) announced a significant milestone with the closing of a $35 million non-brokered private placement for its cybersecurity-focused SaaS entity, Portage CyberTech Inc. This offering involved 43.75 million shares priced at $0.80 each, resulting in Converge owning approximately 53% of Portage. This initiative aims to enhance shareholder value and capitalize on growth in the cybersecurity sector. The funds will support corporate purposes and acquisitions as Portage CyberTech prepares for a potential public listing.

Converge Technology Solutions Corp. (CTSDF) has announced the acquisition of LPA Software Solutions, marking the company’s 24th acquisition since 2017. LPA, based in Rochester, NY, specializes in business analytics, data science, and AI solutions, and is a distinguished IBM Platinum Partner. This acquisition aims to enhance Converge’s analytics capabilities and expand its market reach across North America. The move is expected to drive growth in advanced analytics and business intelligence practices, leveraging LPA's expertise and client portfolio.

Converge Technology Solutions Corp. (CTSDF) has won the Ingram Micro Cloud Partner Award for 2021 in the Reseller Partner of the Year category, marking its second consecutive win. This award recognizes Converge's excellence in delivering solutions that facilitate digital transformation for clients. The annual awards highlight partners with significant sales success and innovation, and Converge's CEO, Shaun Maine, expressed pride in the achievement and the ongoing partnership with Ingram Micro. The company continues to focus on advanced analytics, cloud solutions, and cybersecurity offerings.

Converge Technology Solutions Corp. (OTCQX: CTSDF) has completed the acquisition of Vicom Infinity and Infinity Systems Software, marking its 22nd and 23rd acquisitions since October 2017. Vicom Infinity specializes in IBM mainframe solutions, merging proven IT technology with innovative thinking. Infinity Systems Software has over 20 years of experience in providing software and services for IBM platforms, including IT consulting and disaster recovery. This acquisition will enhance Converge's portfolio and capabilities in delivering comprehensive IT and Cloud solutions.

Converge Technology Solutions Corp. (CTSDF) reported a record-breaking Q2 2021, achieving a 52% revenue increase to $345.3 million and a 43% rise in gross profit to $78.2 million. Adjusted EBITDA surged 86% to $21.7 million, while net income improved to $1.0 million from a $4.4 million loss a year prior. Notably, the company completed key acquisitions and secured $172.5 million in equity financing. Converge is also expanding into Europe and developing a cybersecurity-focused SaaS entity, Portage CyberTech.