Converge Technology Solutions (CTS.T) finished their acquisition of IT consulting firm, Accudata Solutions, today, according to a press release.
The acquisition brings in intangibles like market and industry experience, but also 25-year strong relationships with blue chip companies like Microsoft (MS.Q) and Cisco, and territorial advantages through deepening their market presence in Texas, giving customers in the central United States better access to Converge’s IT options.
“Having Accudata join the Converge family is an excellent move for the company which we are thrilled about,” said Greg Berard, president of Converge. “It’s rare to find people who have been in the IT industry for as long as Accudata’s been, and the reason they’ve been so successful is simple; they put their customers’ needs first. Accudata will expand our technical skills and capabilities around cloud, cybersecurity and managed services. It will also give us further reach across Texas and the West Coast, continuing to drive more value with our clients in the Central and West Regions,” said Greg Berard, president of Converge.
Converge is a North American hybrid IT solutions company. They deliver advanced analytics, cloud, cybersecurity, and managed services offerings to clients across multiple different industries across both the public and private sectors. Accudata brought in USD$89 million in revenue for the year preceding November 30, 2020. Payment included $7.5 million in cash at closing and earn-out payments approximately $11 million over three years. Accudata is also Converge’s 18th acquisition since October 2017.
CTS is up $0.09 and presently trading at $6.17. The real story regarding their price is that they’re up by more than double from their end-of-year closing price.