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CONVERGE TECH SLTN CORP (CTSDF) is a services-led, software-enabled IT & Cloud Solutions provider, focusing on delivering cutting-edge solutions across various industries. The company offers advanced analytics, artificial intelligence, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings. Recent achievements include being named Broadcom Software's 2023 North America Fastest Growth Cybersecurity Partner and VMware by Broadcom's 2023 Americas Technical Enablement Partner of the Year. CONVERGE aims to address unique business and technology requirements for clients in the public and private sectors.
Converge Technology Solutions Corp. has appointed Thomas Volk to its Board of Directors, effective May 20, 2021. Volk, a seasoned executive with extensive experience in leading global technology enterprises, will also assume the role of Board Chair after the upcoming Annual General Meeting, taking over from Gordon McMillan. Shaun Maine, the CEO, highlighted Volk's prior success with European market expansion and managed services implementation as crucial for Converge's growth strategy. McMillan will continue to advise the company on acquisitions.
Converge Technology Solutions Corp. (CTSDF) has attained Titanium partner status with Intel, recognizing its superior business and technical expertise in developing innovative customer solutions. This prestigious designation provides Converge exclusive access to proprietary information, engineering support, and enhanced technical assistance from Intel. The partnership focuses on advancing multi-cloud architecture, data center modernization, and IoT solutions, aiming to enhance client offerings across public and private sectors.
Converge Technology Solutions (CTSDF) reported a strong Q1 2021 with revenue rising 28% to $310.2 million and gross profit increasing 24% to $67.8 million. Adjusted EBITDA improved significantly to $18.8 million from $11.0 million, while net income reached $3.7 million, recovering from a loss of $1.4 million last year. The company closed an $86.5 million equity financing, graduated to TSX, and expanded its credit facility. Key acquisitions enhance capabilities in analytics and security. Converge also received five IBM awards, reinforcing its market position.
Converge Technology Solutions Corp. (CTSDF) will announce its Q1 financial results for the period ending March 31, 2021, on May 11, 2021, after market close. A conference call will follow at 5:00 PM EST, hosted by CEO Shaun Maine and CFO Carl Smith. Investors can access the call via Toronto dial-in or toll-free numbers, and a live audio webcast will be available on their website. Converge specializes in IT and Cloud solutions, providing advanced analytics, cybersecurity, and managed services.
Converge Technology Solutions Corp. (CTSDF) has partnered with Lucira Health, Inc. to launch the LUCIRA™ CHECK IT test kit, which recently received Emergency Use Authorization (EUA) from the FDA for over-the-counter sale. This test kit delivers PCR-quality molecular results in 30 minutes, allowing for self-administration at home. Priced at $55, it is authorized for both symptomatic and asymptomatic individuals. Converge’s LUCI PASS™ enables secure verification of test results via smartphones, enhancing access to health options and facilitating safe in-person gatherings and events.
Converge Technology Solutions Corp. (CTSDF) has announced the appointment of Doris Albiez to its European Advisory Board as of April 6, 2021. Albiez, a seasoned executive with experience at IBM and Dell Technologies, aims to leverage her expertise for Converge's expansion in Europe. CEO Shaun Maine emphasized that her role will focus on acquisitions and the execution of Converge's Cloud sales strategy in the European market. This strategic move is expected to enhance Converge's capabilities in addressing technology needs across Europe.
Converge Technology Solutions Corp. (TSX: CTS) has completed its 19th acquisition, acquiring Dasher Technologies, an IT solution provider based in Silicon Valley, known for its innovative solutions over 20 years. Dasher holds a strong position as the fifth largest HPE partner in North America, enhancing Converge's capabilities in cloud and managed services. This acquisition aims to expand Converge's market presence, particularly on the West Coast, strengthening client relationships and technical expertise.
Converge Technology Solutions Corp. reported strong financial results for the fourth quarter and full year ended December 31, 2020. Fourth quarter revenue surged 35% to $289.6 million, while annual revenue rose 38% to $948.8 million. Adjusted EBITDA for Q4 increased 98% to $23.4 million, and annual adjusted EBITDA climbed 92% to $60.5 million. Despite a net loss of $4.2 million for the year, the company raised $109 million in equity and completed five acquisitions in 2020, enhancing its market position.
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