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.

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Converge Technology Solutions Corp > Q3 Financial Results

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Post by newcoinon Nov 10, 2021 4:53pm

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Q3 Financial Results

Q321 Highlights

Third quarter revenue increased 93% over last year to $367.3 million
Gross profit increased 60% over last year to $83.8 million
Adjusted EBITDA increased 29% to $18.9 million from $14.6 million last year
Record cashflow generated from operations of $48.1 million; an increase of 86% from $25.9 million compared to last year
ARR from managed services increased by 34% to $81.1 million from $60.7 million last year
Completed acquisition of REDNET AG, an IT service provider headquartered in Mainz, Germany marking the Company’s official expansion into Europe
Closed the previously announced acquisitions of Vicom Infinity, Inc. and Infinity Systems Software – two world class providers of IBM mainframe solutions and IBM software and services
Announced as Ingram Micro’s Blue Series Partner of the Year and CORE Partner of the Year for North America; Received Ingram Micro Cloud Reseller of the Year for the second consecutive year; Secured the 2021 North American Microsoft Surface Reseller of the Year; and Ranked fourteenth on CRN’s 2021 Fast Growth 150 List
Closed $259 million equity financing at $10.55 per common share in September 2021
Added to the S&P/TSX Composite Index effective prior to market open on Monday, September 20, 2021