CTSDF - Converge Technology Solutions to acquire Interdynamix Systems for C$32.3M in cash

Converge Technology Solutions (OTCQX:CTSDF) signed definitive agreements to acquire Alberta, Canada-headquartered Interdynamix, a nex-gen systems integrator focused on business, engineering, and innovation, for C$32.3M in cash. On closure, positive net working capital will also be paid out and purchase multiple will be ~5 times adj. EBITDA for trailing 12M ended Dec.31, 2021. Interdynamix targets a substantial gap in the technology industry for elite engineering resources and is comprised of architects, engineers, sales, and support professionals. Interdynamix generated gross revenue of ~C$38M with an adj. EBITDA of C$6.5M for trailing 12M period ended Dec.31, 2021. The transaction is expected to close in 2Q22 and is seen to be accretive to Converge, resulting in increased revenue and adj. EBITDA. "IDX will give us more coverage across Western Canada and Toronto. Their 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," CEO Shaun Maine

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Converge Technology Solutions to acquire Interdynamix Systems for C$32.3M in cash