Report
Converge Technology Solutions Corp
161 Bay St Suite 2325
Phone: (416) 360-3995p:416 360-3995 TORONTO, ON  M5J2S1  Canada Ticker: CTSCTS


Converge Technology Solutions Reports 1st Quarter 2021 Financial Results


TORONTO and GATINEAU, QC: Converge Technology Solutions Corp ("Converge" or "the Company") (TSX: CTS) (FSE:0ZB) (OTCQX:CTSDF) is pleased to provide its financial results for the three month period ended March 31, 2021. All figures are in CAD dollars unless otherwise stated.

Q121 Highlights

First quarter revenue increased 28% over last year to $310.2 million

Gross profit increased 24% over last year to $67.8 million

Adjusted EBITDA increased to $18.8 million from $11.0 million last year

Net income was $3.7 million compared to a loss of $1.4 million last year

Closed $86.5 million equity financing at $4.85 per common share in January 2021

Graduated to the TSX from the TSX Venture Exchange on February 11th, 2021

Expanded ABL credit facility from $140 million to $190 million on March 22nd, 2021

Completed the acquisitions of CarpeDatum LLC. and Accudata Systems, Inc., adding key capabilities around analytics, networking, and security

Subsequent to Quarter

Achieved Five Key 2021 IBM Awards including: the Beacon Award; Top North America Sell Business Partner of the Year; Top North America IBM and Red Hat Synergy Partner of the Year; IBM Data and AI Business Unit Excellence Award for Cloud Pak for Data; and, IBM Business Unit Excellence Award for Protect: Digital Trust

Announced partnership with Lucira Health to provide first single-use PCR quality over the counter COVID 19 at-home test kit

Completed acquisition of Dasher Technologies, Inc., a leading Silicon Valley-based IT solution provider

"Converge has attained yet another historic Q1 earnings and I am pleased to witness our 2020 momentum carry us successfully into the new year, despite the challenges we continue to face around the globe. I am especially honored that our team is partnering with Lucira Health to help enable the safe re-opening of our communities and economies, while also showing the unique combination of capabilities that Converge offers its customers", said Shaun Maine, CEO of Converge. "Converge and all of its employees have continued to work extremely hard through the quarter executing on milestones such as the TSX graduation, the additional $86.5 million equity financing, the expansion of our ABL credit facility, our recent acquisitions and being recognized as both IBM and RedHat's partners of the Year."


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