- Converge Technology Solutions Corp. (TSX:CTS) has announced that it has signed definitive agreements to acquire Interdynamix (IDX)
- The transaction is expected to close in the second quarter of 2022
- The acquisition of Interdynamix will give Converge more coverage across Western Canada and Toronto
- Converge is a software-enabled IT & Cloud Solutions provider, while Interdynamix is a systems integrator focused on business, engineering, and innovation
- Consideration for the purchase will consist of $32.3 million in cash
- Converge Technology Solutions Corp. (TSX:CTS) began trading today at C$9.52
Converge Technology Solutions Corp. (CTS) has signed agreements to acquire Interdynamix (IDX).
The acquisition of Interdynamix will provide Converge with greater coverage across Western Canada and Toronto.
The transaction is expected to close in the second quarter of 2022.
“Their [interdynamix’s] expertise across Hybrid Cloud, Open Source, and TELCO will greatly enhance Converge’s ability to deliver and implement an ever-evolving array of solutions to our clients across North America,” stated Shaun Maine, CEO of Converge.
“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,” said Devin Vandenberg, CEO of Interdynamix Systems.
Interdynamix generated gross revenue of approximately C$38 million with adjusted earnings before interest, taxes, depreciation and amortization of $6.5M for the previous twelve-month period ended December 31, 2021.
Consideration for the purchase will consist of $32.3 million in cash.
The acquisition of Interdynamix marks the twenty-ninth acquisition announced by Converge or its affiliates since October 2017.
Converge is a software-enabled IT & Cloud Solutions provider, while Interdynamix is a systems integrator focused on business, engineering, and innovation.
Converge Technology Solutions Corp. (TSX:CTS) began trading today at C$9.52.
