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Converge Technology Solutions Corp. Announces Portage Cybertech Acquires 1Crm Systems Corp.

Mar 01, 2022•almost 4 years ago

Acquiring Company

Portage CyberTech A Converge Company

Acquired Company

1CRM

MobileMedia And EntertainmentSales And MarketingSoftware

Description

Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSX:CTS) (FSE:0ZB) (OTCQX:CTSDF) a software-enabled IT & Cloud Solutions provider, is pleased to announce its majority owned subsidiary, Portage CyberTech Inc. (“Portage CyberTech” or “Portage”) has acquired 1CRM Systems Corp. 1CRM is the twenty-eighth acquisition made by Converge or its affiliates and the second acquisition made by Portage CyberTech, A Converge Company.

Company Information

Company

Portage CyberTech A Converge Company

About

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.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed