Vicom Infinity and Infinity Systems Software join the Converge Company as part of the Converge corporate portfolio.
TORONTO and GATINEAU, QC, August 31, 2021 / CNW / – Converge Technology Solutions Corp. (“Converge” or the society“) (TSX: CTS) (FWB: 0ZB) (OTCQX: CTSDF), a provider of software-based IT and cloud solutions, is pleased to announce the completion of its previously announced acquisition of Vicom Infinity and Infinity Systems Software.
Vicom Infinity, a world-class provider of IBM mainframe solutions, focuses on its philosophy of combining proven IT technology with the infinite possibilities of innovative thinking to transform IT functionality. Vicom Infinity’s products and uncompromising service have helped customers successfully transform their business IT systems.
Infinity Systems Software has been a leading provider of software and services for IBM platforms for more than 20 years. As a sister company of Vicom Infinity, Infinity Systems Software masters the IBM mainframe and offers a wide range of services, including IT consulting, application development, managed services, legacy modernization, disaster recovery and adaptation.
Vicom Infinity and Infinity Systems Software achieved a combined turnover of approx. $ 111.8 million and Adjusted EBITDA of 8.5 million CAD for the past twelve months ended June 30, 2021. The aggregate consideration for the purchases consisted of $ 15.0 million (CA CAD 18.9 million) paid in cash upon completion. The purchase multiple for the transaction was approximately 2.2 times adjusted EBITDA for the last twelve month reporting period June 30, 2021. The cash portion of the purchase price was funded through Converge’s recently completed public offering of common stock. The acquisition is expected to be immediately beneficial to Converge, resulting in higher revenue and adjusted EBITDA.
Vicom Infinity and Infinity Systems Software are the twenty-second and twenty-third acquisitions by Converge in since October 2017. The Converge family of companies also includes Corus Group, LLC; Northern Micro, Inc .; 10084182 Canada Inc. trading 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 .; Working Group Associations, Inc .; Vivvo Application Studios LTD .; Vicom Computer Services, Inc .; CarpeDatum LLC; Accudata Systems, Inc .; Dasher Technologies, Inc .; ExactlyIT, Inc .; and REDNET AG.
Converge Technology Solutions Corp. is a software-based IT and cloud solutions provider focused on delivering industry-leading solutions and services. Converge’s regional sales and service organizations provide advanced analytics, cloud, and cybersecurity offerings to customers in a variety of industries. The company supports these solutions with managed services, digital infrastructure and talent expertise offers for all major IT providers on the market. This multi-faceted approach enables Converge to meet the unique business and technology needs for all customers in the public and private sectors. For more information, visit convergetp.com.
About Vicom Infinity & Infinity Systems software
Vicom Infinity provides processing solutions for high availability environments to ensure seamless evolution of IT transformation. Vicom Infinity develops, implements and supports bespoke solutions that meet the unique needs of each individual customer and is widely known for its expertise in optimizing legacy investments as new technologies and capabilities are introduced. Infinity Systems Software, a sister company of Vicom Infinity, has been a leading software and service provider for IBM platforms for more than 20 years. Infinity Systems Software is highly skilled in IBM mainframe environments, from legacy systems to the most advanced System z mainframes from IBM, including Linux-based platforms.
Together, Vicom Infinity and Infinity Systems Software bring a wealth of experience and expertise to the IBM data center environment. By combining technology tools and business goals, the two companies work together to deliver unique insights into IBM’s technology roadmap and help clients find the right strategy for business success.
SOURCE Converge Technology Solutions Corp.
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