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Converge Technology Solutions Corp T.CTS

Alternate Symbol(s):  CTSDF

Converge Technology Solutions Corp. is a services-led, software-enabled, information technology (IT) and cloud solutions provider. Its global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. It supports these solutions with advisory, implementation, and managed services across all IT vendors in the marketplace. Its segments include Converge Hybrid IT Solutions (Converge), and Portage Software-as-a-Solution (SaaS) Solutions. Converge is focused on delivering advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, digital workplace, and managed services offerings and provision of hardware and software products and solutions to clients across various industries and organizations. SaaS is focused on digital transactions between individuals, businesses, and government organizations.


TSX:CTS - Post by User

Comment by Silver1000on Jun 30, 2023 2:42am
208 Views
Post# 35521697

RE:RE:RE:RE:Low volume

RE:RE:RE:RE:Low volumeMay 10 earnings call transcript: Shaun Maine Thank you, Thomas. With the special committee process concluding, I wanted to provide some commentary and outline a few corporate objectives our management team is now able to pursue over the upcoming fiscal year that we believe will help create value for our shareholders. After acquiring approximately $1.2 billion of gross sales through 10 acquisitions last year, we paused to focus on integration, cross-sell and cash generation. Listening to our quarterly business reviews last Friday, it is clear that the strategy is working, but it’s also clear from our stock price that the value we are creating is not currently reflected in the market. Therefore, our Board and management team have decided to prioritize organic growth over acquisitions in the short-term to really highlight the success we are having in growing, particularly our gross profit organically, while continuing to gain efficiencies through integration. Our integration team has completed 20 – over 20 integration projects in Q1 with 23 of our 30 non-Portage companies being fully integrated, and we are targeting to have all integrations complete by the end of the year. The combination of the growth of our services and managed services combined with the operational efficiencies results in strong cash flow. As stated in our earnings press release, we plan on returning capital to shareholders in two main ways. The Board of Directors has authorized a quarterly dividend starting with a first quarter dividend of $0.01 per share. Additionally, the company will resume purchases under the NCIB and actively buyback our own stock with Converge being the strongest acquisition the company can make today, especially with our stock price at its current levels.
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