Converge Technology Solutions (TSX: CTS) has successfully completed the acquisition of PC Specialists Technology Integration Group (TIG) after entering into an agreement in May of this year. TIG, headquartered in San Diego, is a comprehensive IT service provider with 20 offices across North America offering performance optimization solutions and essential business support. Their range of services includes software and hardware procurement, discovery assessments, strategic planning, deployment, data center optimization, IT asset management, and cloud computing, as well as customized IT solutions for clients worldwide.
This acquisition marks Converge’s 31st purchase since October 2017, adding to their growing portfolio of companies that includes brands like Accudata Systems acquired on February 12, 2021, and BlueChipTek acquired on May 21, 2018, among others. Established in 2017, Converge is a software-enabled provider of IT and cloud solutions, specializing in advanced analytics, cybersecurity, and digital infrastructure services for both public and private sectors globally.
Additionally, while finalizing the TIG acquisition, Converge announced that its subsidiary REDNET GmbH has secured a significant contract in Germany in the amount of €156 million (C$204 million) within the public sector. REDNET GmbH, based in Mainz, focuses on providing IT solutions to clients within Germany’s public sector. The contract allows public authorities, local authorities, and universities in Rhineland-Palatinate and Saarland to procure computer hardware through REDNET until May 2025. Services provided by REDNET are utilized by various entities in Rhineland-Palatinate and Saarland, including government agencies, universities, and private companies.
REDNET GmbH CEO, Barbara Weitzel, expressed excitement over the opportunity and emphasized the company’s extensive service portfolio, expertise, and longstanding partnerships that have enabled their success since 2004.
Furthermore, in late July, Converge secured a C$500 million credit facility to support its expansion strategy in North America and Europe. The five-year global revolving credit facility, with an option to extend up to $600 million through an uncommitted accordion feature, will provide crucial funding for Converge’s ongoing global growth initiatives.
