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Converge Technology Solutions Corp T.CTS

Alternate Symbol(s):  CTSDF

Technology Information Technology Services
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

Converge Technology Solutions Corp
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Post by retiredcfon Oct 13, 2021 9:36am
232 Views
Post# 34000417

TD Notes

TD NotesCould bode well for CTS. GLTA

SAP Expects Cloud Demand to Accelerate

Event

SAP pre-announced its Q3/21 results and revised its 2021 financial outlook last night.

Impact: SLIGHTLY POSITIVE for Enterprise Software coverage

Strong cloud revenue and backlog growth. SAP generated total revenue of €6.84bln, in line with consensus, while operating profit of €2.10bln was ahead of consensus at €1.99bln. Total revenue was up 5% y/y on a constant currency (cc) basis, which is an acceleration from last quarter's 3% y/y in cc. We believe this suggests that business activity continues to pick up. Cloud revenue was up 20% y/y in cc, while cloud backlog grew 22% y/y in cc and 5% q/q, which was driven by an acceleration in demand across its cloud portfolio. Management also slightly increased its 2021 cloud revenue outlook to €9.4-€9.6bln, from €9.3-€9.5bln. We estimate that the midpoint of SAP's 2021 cloud revenue guidance implies ~32% y/y cloud revenue growth in Q4/21. Management's outlook assumes that the COVID-19 impact will continue to recede as vaccines roll out.


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