TORONTO and GATINEAU, Québec, May 19, 2022 (GLOBE NEWSWIRE) -- Converge Technology Solutions
Corp. (“Converge” or “the Company”) (TSX:CTS) (FSE:0ZB) (OTCQX:CTSDF) a software-enabled IT & Cloud
Solutions provider, is pleased to announce it has signed definitive agreements to acquire PC Specialists, Inc.
d/b/a Technology Integration Group (“TIG”). Headquartered in San Diego, CA with 20 offices across North
America, TIG specializes in optimized performance solutions and critical business support.
From software and hardware procurement to discovery assessments, strategic planning, deployment, data
center optimization, IT asset management and cloud computing, TIG offers custom-built IT solutions for clients
around the globe, with a major presence in the United States and Canada. With 20+ branch locations, TIG serves
a wide-reaching and diverse client base in enterprise, government, education, and SMB markets. Always offering
a personal, consultative approach to identifying and fulfilling organizations’ specific computing needs, TIG
customizes innovative technology that best fits any unique infrastructure requirement.
“TIG is elated to be joining forces with Converge,” said Tom Janecek, CEO and CFO of Technology Integration
Group. “We are extremely proud of our 40+ year history and have no doubt that our track record of success as a
multi-national service and solutions integrator will continue as part of Converge. We are excited for the strategic
direction and vision of the Company and look forward to a bright future for our employees, clients, and business
“Converge is excited to continue our strategy of growth and global expansion through the announced addition of
Technology Integration Group to our portfolio of companies,” stated Shaun Maine, CEO of Converge. “TIG brings
strong industry expertise across State, Local, and Education that we can leverage across North America and
gives us additional presence in Canada, adding to our strength of offerings with the Canadian government. The
combined strength of Converge and TIG’s ability to serve our clients in markets around the world will present an
exciting opportunity for us to continue reaching our clients and solving their solution needs wherever they may
PC Specialists, Inc. d/b/a Technology Integration Group generated gross revenue1 of approximately C$423.0
million with an adjusted EBITDA2 of C$14.8 million for its most recently completed fiscal year ended October 31,
2021. Consideration for the purchase consists of US$74.0 million in cash to be paid at closing. Positive net
working capital will also be paid out at closing. The purchase multiple is approximately 5.96 times adjusted
EBITDA2 for the trailing twelve-month period ended October 31, 2021, after adjusting for positive working capital.
The acquisition is expected upon closing to be immediately accretive to Converge, resulting in increased revenue
and adjusted EBITDA2.
PC Specialists, Inc. d/b/a Technology Integration Group marks the thirty-first acquisition announced by Converge
or its affiliates since October 2017. Converge’s family of companies also includes Corus Group, LLC; Northern
Micro, Inc.; 10084182 Canada Inc. operating as Becker-Carroll; 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.; VSS, LLC; Solutions PCD, Inc.; Unique Digital, Inc.;
Workgroup Connections, Inc.; Vivvo Application Studios LTD.; Vicom Computer Services, Inc.; CarpeDatum
LLC; Accudata Systems, Inc.; Dasher Technologies, Inc.; ExactlyIT, Inc.; REDNET AG; Vicom Infinity, Inc.;