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The Great Canadian Software Service Convergence

Stockhouse Editorial
0 Comments| May 3, 2022

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(Image via Converge Technology Solutions Corp.)

A software-enabled IT and cloud solutions provider made headlines this week after it acquired a solution engineering and business consulting firm.

Converge Technology Solutions Corp. (TSX: CTS, Forum) is out to fill a substantial gap in the technology industry for elite engineering resources when it bought IDX Systems Corp.

IDX is known in the IT industry as a world leader in solving business problems with innovative solutions and services, ranging from cloud computing and infrastructure to open-source consulting. Home to IDX Labs, Interdynamix also offers functional, technical, and performance testing to validate architecture systems and ensure seamless migrations.

Interdynamix Systems’ Chief Executive Officer, Devin Vandenberg said in an earlier release announcing this transaction that joining Converge is truly a game changer for the company that will allow it to further its business goals.

“Becoming part of Converge elevates our ability to deliver a ‘client first’ approach with expanded solution and service offerings, all while maintaining the highest level of innovation.”

Interdynamix generated gross revenue of approximately $38 million (CAD) with adjusted earnings before interest, taxes, depreciation, and amortization of $6.5 million (CAD) for the previous twelve-month period ended December 31, 2021. Consideration for the purchase will consist of $32.3 million (CAD) in cash.

The acquisition of Interdynamix marks the twenty-ninth acquisition announced by Converge or its affiliates since October 2017. Converge’s family of companies includes Corus Group, Northern Micro Inc., Key Information Systems Inc., BlueChip Tek Inc., Lighthouse Computer Systems Inc., Software Information Systems LLC., Nordisk Systems Inc., Essex Technology Group Inc., Datatrend Technologies Inc., LPA Software Solutions, Paragon Development Systems Inc., Creative Breakthroughs Inc., and others.


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