Converge broadens its reach in North America with the company's 34th acquisition.
TORONTO and GATINEAU, QC, Sept. 12, 2022 /CNW/ - Converge Technology Solutions Corp. ("Converge" or "the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) a software-enabled IT & Cloud Solutions provider, is pleased to announce it has acquired Canada-based Newcomp Analytics, an analytics centered organization focused on helping businesses transform and grow in today's digital world.
Headquartered in Toronto, and serving hundreds of clients across Canada, US and the Caribbean, Newcomp Analytics assists organizations in building a map to deeper analytics while providing teams with the tools they need to tackle big data projects with confidence. Newcomp Analytics has engaged in significant deployments with businesses across 15+ industries, including government, banking, education, healthcare, financial services, retail, and the public sector. The company offers advisory and development services, along with managed analytics and analytic bootcamps. Newcomp Analytics solution offerings include AI & Machine Learning, Data Engineering, BI & Data Visualization, Financial Planning & Analytics, and Cloud.
"Newcomp Analytics is very excited to be welcomed into the Converge family, allowing us to bring our modern data analytics expertise to the global marketplace. Converge's broad technology partnerships and strong client base present a significant opportunity for our team to continue our journey as a trusted analytics advisor to clients across all industries," stated Michael Langton, President of Newcomp Analytics.
"Converge is excited to expand our advanced analytics portfolio and offerings with the addition of Newcomp Analytics," stated Greg Berard, President and North American CEO of Converge. "Newcomp Analytics will greatly enhance Converge's ability to help our clients become even more insight-driven and dive deeper into understanding and analyzing their data. Their technical expertise and years of experience will help us drive more value in Canada with our clients and give us more depth and breadth across our North American analytics organization."
Newcomp Analytics generated gross revenue of approximately C$36.4 million with an adjusted EBITDA of C$3.4 million for the trailing twelve-month period ended July 31,2022. Consideration for the purchase will consist of C$20.3 million in cash paid at closing. Positive net working capital will also be paid out at closing. The purchase multiple would be approximately 6 times adjusted EBITDA for the trailing twelve-month period ended July 31,2022. The acquisition is expected upon closing to be immediately accretive to Converge, resulting in increased revenue and adjusted EBITDA.
Newcomp Analytics marks the thirty-fourth acquisition announced by Converge or its affiliates since October 2017. Converge's family of companies also includes Corus Group, LLC; Northern Micro, Inc.; 10084182 Canada Inc. operating as Becker-Carroll; Key Information Systems, Inc.; BlueChip Tek, Inc.; Lighthouse Computer Systems, Inc.; Software Information Systems LLC.; Nordisk Systems, Inc.; Essex Technology Group, Inc.; Datatrend Technologies, Inc.; VSS, LLC; Solutions PCD, Inc.; Unique Digital, Inc.; Workgroup Connections, Inc.; Vivvo Application Studios LTD.; Vicom Computer Services, Inc.; CarpeDatum LLC; Accudata Systems, Inc.; Dasher Technologies, Inc.; ExactlyIT, Inc.; REDNET GmbH; Vicom Infinity, Inc.; Infinity Systems Software, Inc.; LPA Software Solutions, LLC; OPIN Digital, Inc; Paragon Development Systems, Inc.; Visucom GmbH; 1CRM Systems Corp.; Interdynamix Systems; Creative Breakthroughs, Inc.; PC Specialists, Inc. d/b/a Technology Integration Group; GfdB, ImfB, and DEQSTER; and Notarius.
Headquartered in Toronto, Canada Newcomp Analytics is an analytics-driven organization focused on providing solutions specific to business needs by creating an analytics roadmap to long-term success. With hundreds of deployments across 15+ industries, Newcomp Analytics helps reduce the complexity of big data and provide organizations with the tools needed to tackle projects with confidence. Newcomp Analytics' services and solutions build a map to deeper analytics and allow organizations to become insight-driven with strong analytical capabilities.
Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge's global solution approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
SOURCE Converge Technology Solutions Corp.
Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
Share this article