Converge Technology Solutions (CTS.T) finished their acquisition of Silicon Valley-based IT solution provider, Dasher Technologies, today, according to a press release.

 

Dasher has been in the business of building, implementing and managing solutions intended to transform businesses for over two decades. The most curious part about Dasher’s relationship with Converge is that it marks the 19th acquisition since October 2017.

“Dasher is a key addition to the Converge team and gives us an increased presence on the West Coast to bolster our existing business and partnerships. The Dasher team brings the technical expertise, thought leadership, strong vendor partnerships, and client relationships that we look for in our growing family of companies. The incorporation of Dasher into the Converge organization advances the Company’s 2021 focus on completing further strategic acquisitions and broadening resource development. This continued growth allows us to constantly offer our clients the best and most-innovative solutions and technologies to meet their ever-changing business needs,” said Greg Berard, president of Converge Technology Solutions.

Converge is a North American hybrid IT solution provider involved in offering in cloud-based advanced analytics, cybersecurity, and other managed service offerings to clients across multiple industries. The company leverages their talent, expertise and digital infrastructure to support these solutions across all major IT vendors in the marketplace. This approach gives them the depth to address the business and tech requirements of all clients in both the public and private sectors.

“Dasher is proud to join the Converge family as our companies share core values of integrity, respect, hard work, and client first. We are impressed with the strategy and vision Converge has brought to the industry and we know our clients, partners, and employees will benefit from the increased resources Dasher can now provide. We take IT personally and so does Converge,” said John Vigliecca, CEO of Dasher Technologies.

In financial terms, Dasher generated gross avenue and adjusted EBITDA of CAD$220 million and $12.6 million for the twelve month period ending February 28, 2021. The purchase cost USD$39.5 in cash paid at closing, and $9 million in shares, payable over the next three years. Converge paid out the cash from a recently completed bought deal financing, and the company anticipates this acquisition to be immediately accretive, and pad their bottom line.

Source: stockwatch.com

The chart above shows their stock price development and fluctuations over the past few years. They closed today at $5.97 with 162.9 million shares out.

—Joseph Morton

Written By:

Joseph Morton

Joseph is a Vancouver-based author and journalist with both a communications degree and journalism diploma (and a few novels) under his belt. His joie de vivre is to spin difficult technical topics into more human-centric narratives. Buy him a coffee and he'll talk your ear off for hours about privacy issues, blockchain, cryptocurrency and martial arts. Don't talk to him if you're either a tomato, a bully, or if you're not a fan of either 1984 or Tender is the Night. No. You can still talk to him. Just be prepared to be told why you're wrong.

More By This Author
Tags:
Cybersecurity
Morton
advanced analytics
Cloud Computing
Converge Technologies Solutions
CTS.T
cybersecurity
Dasher Technologies
information technology
IT
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x