TORONTO and GATINEAU, Québec, March 28, 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 Interdynamix (IDX), a next-generation systems integrator focused on business, engineering, and innovation. The transaction is expected to close in Q2 2022.
Headquartered in Alberta, Canada, Interdynamix was founded in 1995 with the goal of filling a substantial gap in the technology industry for elite engineering resources. Today, IDX is comprised of architects, engineers, sales, and support professionals. The organization is known in the IT industry as a world leader in solving business problems with innovative solutions and services, ranging from cloud computing and infrastructure to open-source consulting. Home to IDX Labs, Interdynamix also offers functional, technical, and performance testing to validate architecture systems and ensure seamless migrations.
“Joining Converge is truly a game changer for Interdynamix that will allow us to further our business goals,” said Devin Vandenberg, CEO of Interdynamix Systems. “Becoming part of Converge elevates our ability to deliver a ‘client first’ approach with expanded solution and service offerings, all while maintaining the highest level of innovation.”
“We’re pleased to announce that Converge will be adding solution engineering and business consulting firm Interdynamix to our portfolio of companies,” stated Shaun Maine, CEO of Converge. “IDX will give us more coverage across Western Canada and Toronto. Their expertise across Hybrid Cloud, Open Source, and TELCO will greatly enhance Converge’s ability to deliver and implement an ever-evolving array of solutions to our clients across North America.”
Interdynamix generated gross revenue of approximately C$38 million with an adjusted EBITDA C$6.5M for the trailing twelve-month period ended December 31, 2021. Consideration for the purchase will consist of C$ 32.3 million in cash to be paid at closing. Positive net working capital will also be paid out at closing. The purchase multiple will be approximately 5 times adjusted EBITDA for the trailing twelve-month period ended December 31, 2021. The acquisition is expected upon closing to be accretive to Converge, resulting in increased revenue and adjusted EBITDA.
Interdynamix (IDX) marks the twenty-ninth 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; and 1CRM Systems Corp.
About Interdynamix
Interdynamix (IDX) is equal parts solution engineering and business consulting. To solve our clients’ problems, IDX combines a deep understanding of our clients’ business and technology ecosystems with an elite team of engineers who are relentlessly focused on achieving our clients’ business and economic objectives. Founded in 1995 in Edmonton, Alberta, Canada to fill a substantial gap for elite engineering resources, IDX is now comprised of over 50 leaders, architects, engineers, sales, and support professionals and is known in the IT industry as a world leader for solving business problems with innovative technology solutions.
About Converge
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, 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.
For further information contact:
Converge Technology Solutions Corp.
Email: investors@convergetp.com
Phone: 416-360-1495
