Converge Technology Solutions Acquires Interdynamix At Reasonable Valuation
Converge Technology Solutions has acquired Interdynamix (IDX), a business solutions and engineering systems integrator for C$32.3 million (US$25.82 million).
This is technology M&A deal number 308 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
The deal’s valuation was roughly 5X annual adjusted EBITDA for the year ended December 31, 2021. That’s well-below MSP-oriented valuations, which suggests most Interdynamix revenue represents project work rather than more valuable monthly recurring revenue (MRR), ChannelE2E believes.
Converge Technology Solutions Acquires Interdynamix: Business Backgrounds
Headquartered in Edmonton, Alberta, Canada, Interdynamix was founded in 1995. The company employs roughly 50 architects, engineers, sales and support professionals.
IDX offers both engineering and consulting services, including cloud computing and infrastructure and open source consulting, among other services, the firm said. Through the company’s IDX Labs, Interdynamix also offers functional, technical and performance testing to validate architecture systems for IT migrations, according to the seller.
Shaun Maine, CEO of Converge, commented on the news:
“We’re pleased to announce that Converge will be adding solution engineering and business consulting firm Interdynamix to our portfolio of companies. 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.”
Devin Vandenberg, CEO of Interdynamix Systems:
“Joining Converge is truly a game-changer for Interdynamix that will allow us to further our business goals. 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.”
About Converge Technology Solutions
Converge Technology Solutions is a software-oriented IT and cloud solutions provider. Areas of expertise include advanced analytics, cloud and cybersecurity offerings. Key capabilities span managed services and digital infrastructure.
Converge has extensive M&A experience. This is the company’s 29th acquisition since October 2017. Most recently, Converge acquired 1CRM, a Saas-based provider of task management, marketing automation, sales and opportunities, order management, client service and project management solutions in Victoria, British Columbia, Canada.
Additional insights from Joe Panettieri.