TORONTO and GATINEAU, Québec, May 19, 2022 (GLOBE NEWSWIRE) -- 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 signed definitive agreements to acquire PC Specialists, Inc. d/b/a Technology Integration Group (“TIG”). Headquartered in San Diego, CA with 20 offices across North America, TIG specializes in optimized performance solutions and critical business support. From software and hardware procurement to discovery assessments, strategic planning, deployment, data center optimization, IT asset management and cloud computing, TIG offers custom-built IT solutions for clients around the globe, with a major presence in the United States and Canada. With 20+ branch locations, TIG serves a wide-reaching and diverse client base in enterprise, government, education, and SMB markets. Always offering a personal, consultative approach to identifying and fulfilling organizations’ specific computing needs, TIG customizes innovative technology that best fits any unique infrastructure requirement. “TIG is elated to be joining forces with Converge,” said Tom Janecek, CEO and CFO of Technology Integration Group. “We are extremely proud of our 40+ year history and have no doubt that our track record of success as a multi-national service and solutions integrator will continue as part of Converge. We are excited for the strategic direction and vision of the Company and look forward to a bright future for our employees, clients, and business partners.”

“Converge is excited to continue our strategy of growth and global expansion through the announced addition of Technology Integration Group to our portfolio of companies,” stated Shaun Maine, CEO of Converge. “TIG brings strong industry expertise across State, Local, and Education that we can leverage across North America and gives us additional presence in Canada, adding to our strength of offerings with the Canadian government. The combined strength of Converge and TIG’s ability to serve our clients in markets around the world will present an exciting opportunity for us to continue reaching our clients and solving their solution needs wherever they may be.”

PC Specialists, Inc. d/b/a Technology Integration Group generated gross revenue1 of approximately C$423.0 million with an adjusted EBITDA2 of C$14.8 million for its most recently completed fiscal year ended October 31, 2021. Consideration for the purchase consists of US$74.0 million in cash to be paid at closing. Positive net working capital will also be paid out at closing. The purchase multiple is approximately 5.96 times adjusted EBITDA2 for the trailing twelve-month period ended October 31, 2021, after adjusting for positive working capital. The acquisition is expected upon closing to be immediately accretive to Converge, resulting in increased revenue and adjusted EBITDA2.

PC Specialists, Inc. d/b/a Technology Integration Group marks the thirty-first 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 AG; Vicom Infinity, Inc.; Infinity Sy

San Diego – March 23, 2021 – Global Solution Provider, Technology Integration Group (TIG), announced today that CRN®, a brand of The Channel Company, has named TIG to its 2021 Managed Service Provider (MSP) 500 list in the Elite 150 category. The list, released annually, recognizes the leading North American solution providers that have demonstrated innovative and forward-thinking approaches to managed services. These services help end users improve operational efficiencies and navigate the ongoing complexities of IT solutions, while maximizing their return on IT investments.

With cutting-edge approaches to delivering managed services, MSPs have become an integral part of the success of businesses worldwide. They help empower organizations to leverage complex technologies, keeping a strict focus on their core business without straining their budgets. CRN’s 2021 MSP 500 list identifies the market’s key managed services players who are setting themselves apart with best-of-breed solutions that provide the business outcomes customers need.

“We are honored to be recognized among the Elite enterprise IT providers,” said Bruce Geier, CEO, Technology Integration Group. “Our clients better understand the critical focus on a higher-level of business transformation and trust the value in the broader resources TIG’s Managed Offerings provide”.

The MSP 500 list is divided into three sections: the MSP Pioneer 250, recognizing companies with business models weighted toward managed services and largely focused on the SMB market; the MSP Elite 150, recognizing large, data center-focused MSPs with a strong mix of on-premises and off-premises services; and the Managed Security 100, recognizing MSPs focused primarily on off-premises and cloud-based security services.

“Effective MSPs enable companies to focus on their core objectives while improving the quality and reliability of their cloud computing capabilities,” said Blaine Raddon, CEO of The Channel Company. “The solution providers on CRN’s 2021 MSP 500 list deserve recognition for their innovative and forward-thinking approaches to managed services, and the ability to optimize operational efficiencies and systems to maximize return on investments.”

About TIG

TIG is a premier full-service IT Solutions Provider with 40 years of experience providing end-to-end technology and IT infrastructure solutions in 70 countries. In addition to the company’s headquarters in San Diego, TIG has 20 offices located in Albuquerque, Atlanta, Denver, Honolulu, Indianapolis, Irvine, Knoxville, Los Angeles, Pensacola, Philadelphia, Portland, Richmond, Sacramento, San Antonio, Seattle, Tampa, Ottawa & Toronto Canada and Shanghai China. For more information visit http://www.tig.com

#CRNMSP500 #TIGMSP500 #TIGRocks #Managed Services #TIGMSP 

Leading the Charge for Transformation @TIG: https://bit.ly/3daeMzV

Read it on CRN: www.CRN.com/msp500