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.
The CTSDF news page provides an archive of announcements and press releases related to Converge Technology Solutions Corp., the company historically associated with this ticker. These items trace Converge’s evolution as a services-led, software-enabled IT & Cloud solutions provider and document its subsequent acquisition and combination into Pellera Technologies.
News coverage includes detailed communications about the all-cash acquisition of Converge by an affiliate of H.I.G. Capital, the shareholder approval process, and court orders approving the statutory plan of arrangement. Additional releases describe the merger of Converge with Mainline Information Systems and the rebranding of the combined organization as Pellera Technologies, outlining the rationale for combining their IT solutions capabilities.
Beyond transaction-related updates, the archive features company announcements on IT and cloud solution offerings, such as the launch of Converge’s Data & AI Design Studio. That program is described as a comprehensive framework to help organizations at different stages of their AI journey address challenges in data quality, privacy and security, infrastructure, and financial justification through structured workshops and design engagements.
Investors, analysts, and researchers can use this news history to follow key themes in Converge’s story: its focus on advanced analytics, AI, cloud platforms, cybersecurity, digital infrastructure, and workplace transformation; the development of its AIM (Advise, Implement, Manage) methodology; and the steps leading to its acquisition and integration into Pellera Technologies. Bookmarking this page allows for convenient reference to the company’s historical announcements and strategic milestones.
Converge Technology Solutions (CTSDF) has been ranked #28 on CRN's 2024 Solution Provider 500 list, marking its fourth consecutive year on the list.
This is a significant rise from its initial ranking in 2020. The list recognizes North America's largest solution providers by revenue and highlights the most influential companies in the IT industry.
CRN's annual list represents a combined revenue of over $501.2 billion. Converge's CEO, Greg Berard, attributed this achievement to the dedication and hard work of the company's services and solutions teams.
The recognition underscores Converge's ability to adapt to rapid changes in the IT channel, including the expansion of 'Everything as a Service' and GenAI disruption.
The full list will be available online and in CRN Magazine's June issue.
Converge Technology Solutions Corp. reported its First Quarter 2024 Results, highlighting a third consecutive billion-dollar gross sales quarter. Key financial figures include gross sales of $1.01 billion, representing a 4.2% increase, a revenue decrease to $628.8 million, and a net loss of $3.5 million. The company's adjusted EBITDA increased to $42.2 million, and cash from operating activities rose to $110.9 million. Converge reduced its net debt significantly year-over-year. The Board declared a quarterly dividend of $0.015 per common share. Financial outlook for Q2 2024 includes expected gross profit of $175 million - $182 million and adjusted EBITDA of $43 million - $46 million. Conference call details for further information.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.