The purchase price consisted of $3 million in cash up to an aggregate of $2 million in earn-out payments for the two years following the close of the acquisition, which is conditional on achieving certain milestones, the company said.
This is technology M&A deal number 229 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.
Headquartered in Victoria, British Columbia, Canada, 1CRM’s SaaS-based software is used by clients in North America, Europe and Australia. The company’s software operates in the cloud and on-premises, and provides task management, marketing automation, sales and opportunities, order management, client service and project management.
Converge Acquires 1CRM: Executive Insight
Michael Whitehead, CEO, 1CRM, commented:
“Having evolved the 1CRM system by listening to client feedback and responding to their needs over 17 years, we are thrilled to become part of Portage CyberTech . Portage provides integration and customization services that further enhance our software, encouraging our current customers and a new generation of clients to experience its power in a new way.”
Don Cuthbertson, CTO of Converge & CEO of Portage CyberTech, A Converge Company, said:
“We are excited to welcome 1CRM to the Converge family. 1CRM addresses an essential set of business management needs for our clients and brings expertise in Hyperledger Aries, open-source code for the development and storage of verifiable credentials, that further bolster Portage’s software resources. Additionally, 1CRM complements Converge and Portage’s current SaaS solutions and completes Phase 1 of Portage’s growth strategy.”
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 28th acquisition since October 2017. Most recently, Converge acquired Germany-based organization Visucom GmbH.