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Converge Technology Solutions Corp
Symbol CTS
Shares Issued 185,905,081
Close 2021-08-04 C$ 10.96
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Converge Technology closes Rednet AG acquisition

2021-08-05 11:57 ET - News Release

Mr. Shaun Maine reports

CONVERGE TECHNOLOGY SOLUTIONS CORP. ACQUIRES REDNET AG

Converge Technology Solutions Corp. has completed the acquisition of a majority interest in Rednet AG, an IT services provider headquartered in Mainz, Germany. Rednet is the 23rd acquisition announced by Converge and the company's first European acquisition.

Founded in 2004, Rednet specializes in serving education, health care and government/public sectors, providing detailed advice, economic planning, smooth logistics, and fast service to their clients. Particularly, the organization prides themselves on bringing value through comprehensive, high-quality services and extensive know-how in handling large rollouts. With a heavy focus on the environment and sustainability initiatives, Rednet also engages in a 360-degree, holistic approach to increasing IT life cycles through flexible maintenance concepts, while simultaneously focusing on environmental compatibility.

"We are excited to announce Converge's acquisition of Rednet AG," stated Shaun Maine, chief executive officer of Converge. "The addition of Rednet is significant, as it marks Converge's official expansion into Europe and will greatly increase our ability to serve clients globally. From infrastructure, to service, to operations and logistics, Rednet's strong capabilities and offerings in the public sector will both enhance Converge's current services and strengthen our global footprint."

"I am pleased to have Converge as a strong partner at our side, with whom we will jointly continue the Rednet success story throughout Germany. Our range of products and services will become even more attractive as a result. As a group of companies, we offer our public customers in Germany a comprehensive portfolio from a single source," said Barbara Weitzel, chief executive officer of Rednet AG.

Rednet AG marks the 21 acquisition completed by Converge since October, 2017. Converge's family of companies also includes Corus Group, LLC; Northern Micro Inc.; 10084182 Canada Inc. operating 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; Solutions PCD Inc.; Unique Digital Inc.; Workgroup Connections Inc.; Vivvo Application Studios LTD.; Vicom Computer Services Inc.; CarpeDatum LLC; Accudata Systems Inc.; Dasher Technologies Inc.; and ExactlyIT Inc. In June, 2021, Converge also announced it has signed definitive agreements to acquire Vicom Infinity Inc. and Infinity Systems Software Inc.

About Converge Technology Solutions Corp.

Converge is a software-enabled IT and cloud solutions provider focused on delivering industry leading solutions and services. Converge's regional sales and services organizations deliver advanced analytics, cloud and cybersecurity offerings to clients across various industries. The company supports these solutions with managed services, digital infrastructure and talent expertise offerings across all major IT vendors in the marketplace. This multifaceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors.

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