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Converge Technology Solutions Corp
Symbol CTS
Shares Issued 210,457,581
Close 2022-01-10 C$ 10.02
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Converge acquires PDS Holding, Paragon Development

2022-01-10 10:44 ET - News Release

Mr. Shaun Maine reports

CONVERGE TECHNOLOGY SOLUTIONS CORP. ACQUIRES PARAGON DEVELOPMENT SYSTEMS, INC.

Converge Technology Solutions Corp. has acquired PDS Holding Company, a Delaware corporation, and its wholly owned subsidiaries, including Paragon Development Systems Inc., a Wisconsin-based organization focused on fuelling digital transformation. Converge acquired Paragon Development Systems from Mason Wells, a private equity firm based in Milwaukee, Wis.

With incredible expertise supporting enterprise solutions, managed services, and true digital workplace platforms, Paragon Development Systems works synergistically to leverage the strength of its solution architects and engineering teams to design the right solutions to drive successful strategic outcomes. Paragon Development Systems offers solutions ranging from cloud and security to servers and infrastructure to virtualized work environments and remote work. Paragon Development Systems serves clients in three distinct markets (health care, public sector and corporate), advising and assisting with unique information technology needs in upgrading and modernizing core business technology infrastructure on the continuing journey of innovation and digital transformation.

"We're pleased to announce the addition of Paragon Development Systems, with its expertise in digital transformation, to Converge's portfolio of companies," stated Shaun Maine, chief executive officer of Converge. "PDS's knowledge and proficiency in the health care space will enhance Converge's ability to deliver enterprise solutions and managed services to our clients in this sector across North America. Additionally, PDS's presence in the central region will give us more scale across Wisconsin, Illinois and Minnesota to help us continue to meet the requirements of our clients in these areas."

"Converge is looking forward to working with Paragon Development Systems leadership to continue driving value and delivering an enhanced level of satisfaction that PDS clients have come to rely on over the past few decades," said Greg Berard, president, North America, of Converge. "The synergies between Converge and PDS will allow us to offer increased benefits and an expanded solution portfolio for our mutual clients across North America."

Paragon Development Systems marks the 26th acquisition completed by Converge or its affiliates 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.; ExactlyIT Inc.; REDNET AG; Vicom Infinity Inc.; Infinity Systems Software Inc.; LPA Software Solutions LLC; and OPIN Digital Inc. Martin Wolf, a leading mergers and acquisitions (M&A) advisory firm serving the middle-market information technology (IT) industry, acted as an adviser to Converge in this transaction. Converge was advised by the law firm of Holland & Knight, led by partner Jordan Taylor. Canaccord Genuity Group served as the exclusive financial adviser to Paragon Development Systems and Mason Wells.

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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