Toronto and Québec-based Converge Technology Solutions has reached an agreement to acquire American company Technology Integration Group (TIG), which specializes in optimized performance solutions and critical business support.
Converge began trading on the Toronto Stock Exchange in February last year, after graduation from the TSX Venture Exchange.
Founded in 2017, Converge aims to bring together IT providers with the expertise needed to meet client demands. The company achieves this by providing cloud platforms and services, blockchain technologies, resiliency solutions, and managed services. Converge also offers companies with access to business accelerators.
Converge began trading on the Toronto Stock Exchange in February last year, after graduation from the TSX Venture Exchange. The company also trades on the Frankfurt Stock Exchange as ‘OZB’ and on the OTCQX going by ‘CTSDF.’
Shaun Maine, CEO of Converge, said that TIG brings strong industry expertise across state, local, and education that can be used across North America and will provide Converge with additional presence in Canada, adding to its offerings with the Canadian government.
Headquartered in San Diego, TIG touts itself as a full-service IT solutions provider with 40 years of experience in providing end-to-end technology and IT infrastructure solutions in 70 countries. In addition to its home base in San Diego, TIG also has over 20 offices located in Albuquerque, Atlanta, Denver, Honolulu, Indianapolis, Irvine, Knoxville, Los Angeles, Pensacola, Philadelphia, Portland, Richmond, Sacramento, San Antonio, Seattle, Tampa, Ottawa, Toronto, and Shanghai.
Once the deal is completed, TIG would represent Converge’s 31st acquisition since October 2017.
Converge completed a string of acquisitions last year, including the purchase of a 75 percent interest in REDNET AG, a Germany-based IT services provider. This deal was valued at about $141.7 million CAD (€96 million) in cash plus an adjustment for working capital. The agreement also enables Converge to acquire the remaining 25 percent of REDNET AG after three years.
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