Converge Technology Solutions Corp. Portage ad
TORONTO and GATINEAU, Quebec, 01 Dec. 2021 (GLOBE NEWSWIRE) – Converge Technology Solutions Corp. (“Converge“or the”Societyâ) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) a provider of software-based computing and cloud solutions, is pleased to announce that its 53% owned subsidiary, Portage CyberTech Inc. (â Portage CyberTech “) Acquired OPIN Digital Inc. It’s the 25the acquisition by Converge or its affiliates and is the first acquisition by Portage CyberTech. OPIN is a full-service Canadian digital agency focused on designing and creating web, mobile and digital application experiences to support the strategic digital service goals of government and business clients. OPIN will become a subsidiary of the recently established Portage CyberTech, where it will also provide reliable modern privacy and security solutions to protect data and manage digital assets.
Based in Ontario with an additional presence in New York City, OPIN has executed over 200 business projects and served over 85 government and public sector clients. Portage and global security experts recognize that hacker attacks can often target existing computer systems. In response, Portage CyberTech’s market strategy includes the open source solution adopted globally by OPIN. OPIN’s reliable Drupal back-end framework and WebOS approach can modernize these legacy systems, creating more secure digital assets in less time than other approaches. Additionally, OPIN can serve as an extension for overworked security teams to better manage security module updates to protect systems and data.
âUnderstanding the needs of our customers and providing the right solution is what has driven our growth over the past ten years. We know the clients we serve support the same growing market as Portage and we look forward to combining our digital agency solutions with the digital transformation expertise of Portage CyberTech. We are passionate about expanding our reach with Portage CyberTech and the great Converge teams during this exciting time in our industry, âsaid Chris Smith, CEO of OPIN.
âConverge is extremely excited to bring OPIN to Portage CyberTech,â said Don Cuthbertson, CTO of Converge and CEO of Portage CyberTech. âWith over 150 countries around the world trusting Drupal for government and intergovernmental agency sites, as well as the very high percentage of public sector organizations using Drupal for digital transformation, we see this acquisition as a highly successful gateway. strategic for significant growth of our Portage Trust platform. I also believe that this acquisition will strengthen the efforts made by the Government of Quebec and ConnexitÃ© in Gatineau, making the region a major hub of innovation in digital identity and cybersecurity.
Portage CyberTech has combined 100% of Converge’s Becker-Carroll and Vivvo business units to create a new cybersecurity-focused SaaS entity. In October 2021, Converge announced the completion of a $ 35 million private placement for Portage CyberTech, of which Converge owns approximately 53%, based on a valuation of $ 75 million. At that time, it declared its intention to use the net proceeds for acquisitions and other general corporate purposes, and the acquisition of Opin is the first acquisition under the new Portage entity.
OPIN achieved year-over-year sales of approximately $ 3.6 million for the period ending September 30, 2021. The purchase price consisted of the following: (i) $ 4.67 million in cash at closing; (ii) up to a total of $ 1.56 million in earn-out payments for the two years following the closing of the acquisition based on the achievement of certain milestones.
OPIN marks the twenty-fifth acquisition by Converge or its affiliates since October 2017. The Converge family of companies also includes Corus Group, LLC; Northern Micro, Inc .; 10084182 Canada Inc. trading 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; PCD Solutions, Inc .; Unique Digital, Inc .; Workgroup Connections, Inc .; Vivvo Application Studios LTD. ; Vicom Computer Services, Inc .; CarpeDatum LLC; Accudata Systems, Inc .; Dasher Technologies, Inc .; Exactly IT, Inc .; REDNET SA; Vicom Infinity, Inc .; Infinity Systems Software, Inc .; and LPA Software Solutions, LLC.
About OPIN Digital
OPIN is a leading digital agency providing strategic guidance, creative design and software development services powered by the use of open innovation. OPIN has worked with numerous clients to design, build and deploy digital solutions based on Drupal, the trusted open source content management system that unifies content, community, and commerce. By deploying enterprise digital solutions, including websites, mobile apps, and intranets, OPIN helps businesses better engage their audiences online to ensure they are meeting their organizational goals.
About Portage CyberTech, a convergent company
Portage CyberTech is a cyber innovator accelerating digital transformation with its trusted industry proven platform. Portage leverages its lean innovation culture to enable governments to securely engage their citizens in a local online digital service hub, enabling identification, privacy, trust and consent to deliver services cost effectively and simplify the end-customer experience with exceptional speed of service. Portage is proud to grow and innovate with many exceptional organizations across Canada, including many government ministries and departments at the municipal, provincial and federal levels. For more information, visit convergetp.com/portage-cybertech/.
Converge Technology Solutions Corp. is an IT and cloud solutions provider focused on providing cutting edge solutions and services. Converge’s regional sales and service organizations deliver advanced analytics, cloud, and cybersecurity offerings to customers in a variety of industries. The company supports these solutions with managed services, digital infrastructure and talent expertise offerings from all major IT vendors in the market. This multi-faceted approach enables Converge to meet the unique business and technology requirements of all customers in the public and private sectors. For more information, visit convergetp.com.