VANCOUVER, BC and TORONTO, Aug. 10, 2020 /CNW/ - Converge Technology Solutions Corp. ("Converge" or "Company") (TSXV: CTS) (FSE: 0ZB) (OTCQX: CTSDF), a software enabled Hybrid IT Solutions Provider, is pleased to provide its financial results for the three and six month periods ended June 30, 2020.
Recent Highlights
- Second quarter revenue increased 44% over last year to $227.8 million
- Gross profit increased 52% over last year to $54.8 million and margins increased to 24.1% from 22.9 % last year
- Adjusted EBITDA1 increased 112% to $11.7 million from $5.5 million last year
- Closed a $20.1 million over-subscribed bought deal financing
- Launched Converge TrustBuilder Platform; a blockchain-based solution used by customers to create secure trust ecosystems
- Ranked first on the 2020 CRN Fast Growth 150 List
- Ranked in the top 50 of CRN's 2020 Solution Provider 500 List
- Received Ingram Micro Cloud 2020 Reseller of the Year Award for North America
- Secured 2020 IBM Business Unit Excellence Award for Data & AI: DataOps
- Named Red Hat Rising Star Partner of the Year by Red Hat Inc.
- Announced Trek10 partnership, expanding AWS services and expertise
"Great management teams showcase themselves during times of crisis, and I am so proud of how the Converge team has overcome extremely challenging circumstances to deliver yet another strong quarter for the Company," said Shaun Maine, Chief Executive Officer of Converge Technology Solutions. "Not only did the team deliver a 44% increase in revenue, 52% gross profit growth and a 112% increase in adjusted EBITDA, but also reduced front office costs by an annualized $11 million and integrated 4 back offices during an entire quarter of working remotely. It is readily apparent what an outstanding team we have and I feel incredibly privileged to be their leader."
Mr. Maine continued, "In addition, in this quarter we were recognized as the fastest growing IT Service Provider in North America by CRN and ranked in the top 50 in size for North American Solution Providers. It is great to see our efforts have been recognized and rewarded, including by the capital markets as evidenced by our recent $20 million over-subscribed bought deal financing."