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Converge Technology Solutions Corp
Symbol CTS
Shares Issued 214,896,369
Close 2022-02-28 C$ 9.45
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Converge's Portage acquires 1CRM Systems

2022-03-01 13:23 ET - News Release

Mr. Don Cuthbertson reports

CONVERGE TECHNOLOGY SOLUTIONS CORP. ANNOUNCES PORTAGE CYBERTECH ACQUIRES 1CRM SYSTEMS CORP.

Converge Technology Solutions Corp.'s majority-owned subsidiary, Portage CyberTech Inc., has acquired 1CRM Systems Corp. 1CRM is the 28th acquisition made by Converge or its affiliates and the second acquisition made by Portage CyberTech, a Converge company.

Headquartered in Victoria, Canada, 1CRM's SaaS-based software suite has been deployed to thousands of client sites across North America, Europe, and Australia. 1CRM's software operates in the cloud and on premise, with the ability to handle daily task management, marketing automation, sales and opportunities, order management, client service and project management in a single system. This acquisition delivers a key set of business management tools for clients to manage their business day, driving more value to their customers and attracting more clients to our platform.

"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 [A Converge Company]," says Michael Whitehead, CEO of 1CRM. "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."

"We are excited to welcome 1CRM to the Converge family," stated Don Cuthbertson, CTO of Converge & CEO of Portage CyberTech, A Converge Company. "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."

1CRM Systems Corp. had trailing twelve-month revenue of approximately $820 thousand for the period ended October 31, 2021. The purchase price consisted of the following: (i) $3 million in cash paid at closing; (ii) up to an aggregate of $2 million in earn-out payments for the two years following closing of the acquisition based on the achievement of certain milestones.

1CRM Systems Corp. marks the twenty-eighth 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; Vicom Infinity Inc.; Infinity Systems Software Inc.; LPA Software Solutions LLC; OPIN Digital Inc; Paragon Development Systems Inc.; and Visucom GmbH.

About 1CRM

1CRM Systems specializes in cloud software solutions that equip small- and medium-sized organizations with integrated business information while improving their cost model and streamlining their internal business processes. The company's flagship product, 1CRM Enterprise Edition, is a cloud-based service that blends best-of-breed CRM with business management features for accounting, project tracking, and service management. For more information, visit 1CRM.com.

About Portage CyberTech, A Converge Company

Portage CyberTech powers trusted digital transactions between individuals, businesses, and government organizations. Driven by some of the most ambitious digital projects and our desire to raise the visibility of our clients at home and abroad, our committed team of experts in all things digital - identity, access management, trusted services, and communications, have created the solutions designed to reach your customers. For more information, visit convergetp.com/portage-cybertech.

About Converge

Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge's global solution approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors.

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