Converge Acquires Technology Integration Group; Valuation Revealed
Converge Technology Solutions has acquired PC Specialists — which does business as Technology Integration Group (TIG). The buyout price was US$74.0 million, or roughly 5.96 times adjusted EBITDA for the trailing 12-month period ended October 31, 2021, after adjusting for positive working capital.
This is technology M&A deal number 492 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.
PC Specialists generated gross revenue of approximately C$423.0 million with an adjusted EBITDA of C$14.8 million for its most recently completed fiscal year ended October 31, 2021.
Converge Acquires TIG
TIG is headquartered in San Diego, California, with 20 offices across North America and specializes in optimized performance solutions and critical business support, including software and hardware procurement, discovery assessments, strategic planning, deployment, data center optimization, IT asset management and cloud computing, according to TIG. The company’s client base includes enterprise, government, education and SMB customers.
Tom Janecek, CEO and CFO of Technology Integration Group, commented on the news:
“TIG is elated to be joining forces with Converge. 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 partners.”
Shaun Maine, CEO of Converge, added:
“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. 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 be.”
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 31sh 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 and Interdynamix (IDX), a Canadian business solutions and engineering systems integrator.