CTSDF - Converge Technology Solutions acquires Creative Breakthroughs

Converge Technology Solutions (OTCQX:CTSDF) acquired cybersecurity solutions provider Ferndale, Michigan-headquartered, Creative Breakthroughs (CBI), for $47M plus working capital in excess of $3M paid in cash at closing and earn-out payments of up to $17M payable over three years. The acquisition is expected to be immediately accretive to Converge leading to increased revenue and adj. EBITDA. CBI’s main focus areas of threat-detection and obstruction lie in helping defend and secure networks and endpoints, testing and monitoring areas of operational risk, and protecting data. "CBI's knowledge of the security landscape and the strength of their team and solutions will be a major asset for Converge's cybersecurity practice and our ability to continue protecting our clients with the best threat defenses for their organizations. CBI expands our security portfolio immediately by bringing more strategic partnerships," President Greg Berard commented. CBI generated gross revenue of ~C$112M with an adj. EBITDA of C$9.1M for trailing 12M period ended Jan.31, 2022. Assuming CBI

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Converge Technology Solutions acquires Creative Breakthroughs