Converge Technology Reports Q4 and Year-End Financial Results

Converge Technology Solutions (TSXV:CTS,FSE:0ZB), a company that provides blockchain, cloud and managed services solutions announced fiscal year-end and fourth-quarter financial results. For fiscal 2018 ending December 31, 2018, the company reported $459.2 million in revenue and adjusted EBITDA of $16.5 million.

As quoted in the press release:

“We are very pleased with the results from our first full year of operations, having successfully completed phase one of our long-term growth strategy,” stated Shaun Maine, Chief Executive Officer of Converge. “With five transactions completed over the course of 2018, each covering its own segment of the ITSP market, we ended the year with revenue of $459 million and Adjusted EBITDA¹ $16.5 million. In the fourth quarter, we achieved revenue of $136.1 million and gross margin of 22.3% with Adjusted EBITDA¹ of $5.8 million. We remain committed to our strategy of accretive acquisitions while remaining profitable. As well, we continue to see an increase in spend from our clients in both managed services and our public cloud offerings, which are both critical components of our strategy.”

Mr. Maine continued, “As we look ahead to 2019, after having completed our January 2019 acquisition of Software Information Systems, we are extremely excited to realize the benefits of our cross-selling strategy among Converge companies, having already seen significant opportunities arise on this front. Furthermore, our backlog of acquisitions remains strong while we maintain our strategy of both organic growth and growth through strategic acquisitions.”

Click here to read the full press release.