- Converge Technology (CTS) has acquired LPA Software Solutions
- The move marks the Toronto software-enabled IT and cloud solutions provider’s 24th acquisition
- LPA Software is a data analytics firm headquartered in Rochester, New York with personnel in six other American cities
- The all-cash transaction is worth more than US$10 million, including earn-out payments of up to $3 million in aggregate, payable over two years
- Converge Technology Solutions is down 7.05 per cent, trading at C$9.49 at 12:12 pm ET
Converge Technology (CTS) has acquired LPA Software Solutions.
The move marks the Toronto software-enabled IT and cloud solutions provider’s 24th acquisition since October 2017.
LPA Software Solutions is a data analytics firm headquartered in Rochester, New York with personnel in Dallas, Houston, Charlotte, Boston, Pittsburgh, and Columbus.
The company provides business analytics solutions and professional services in analytics, data science, artificial intelligence, financial performance management, data governance, data integration, location analytics, and data sets.
LPA generated revenue of approximately C$17 million with an adjusted EBITDA of $2.1 million for the trailing twelve-month period ended August 31, 2021.
“Converge is excited to add LPA Software Solutions to our ever-expanding team and array of solution capabilities. With 20+ years’ experience serving clients in the analytics space, we’re looking forward to folding in LPA’s advanced analytics knowledge and skills to our current offerings and are excited to grow Converge’s business intelligence, data, and AI practices alongside their team. LPA will enable us to continue to scale and grow our advanced analytics practice across North America,” said Converge CEO Shaun Maine.
The all-cash transaction is worth more than US $10 million, including earn-out payments of up to $3 million in aggregate, payable over two years.
The cash portion of the purchase price was financed by Converge’s recently announced bought deal financing.
The acquisition is expected to be immediately accretive to Converge, resulting in increased revenue and adjusted EBITDA.
Converge Technology Solutions is down 7.05 per cent, trading at $9.49 at 12:12 pm ET.
