Converge Finalizes Its Acquisition with H.I.G. Capital's Backing
Deal News | Apr 17, 2025 | PR Newswire Cision Converge Technology Solutions Corp.
Converge Technology Solutions Corp. announced that the Ontario Superior Court of Justice (Commercial List) has granted final approval for the acquisition plan involving the company and 16728421 Canada Inc., a subsidiary of H.I.G. Capital. This development signifies that H.I.G. Capital will now acquire all issued and outstanding common shares of Converge, excluding shares held by certain shareholders who have completed rollover agreements. With regulatory approvals secured, the transaction is expected to conclude on or around April 22, 2025, assuming all closure conditions in the agreement are met or waived. The custodial responsibilities related to shareholder inquiries are being handled by Computershare Investor Services Inc. Converge, known for its outcome-driven, software-enabled IT and cloud solutions, aims to innovate business processes through services like advanced analytics, AI, and cybersecurity. Despite the transactional certainty, forward-looking statements within the release emphasize potential risks and uncertainties, signaling that actual results may differ from expectations.
Sectors
- Information Technology
- Private Equity
- Corporate Finance
Geography
- Canada – The legal and business activities concerning Converge Technology Solutions and its acquisition by H.I.G. Capital's subsidiary are taking place in Canada.
Industry
- Information Technology – Converge Technology Solutions operates in the IT sector, offering solutions involving advanced analytics, AI, cloud platforms, and more.
- Private Equity – H.I.G. Capital's acquisition of Converge Technology Solutions involves the private equity sector, known for investing and facilitating growth or restructuring in target companies.
- Corporate Finance – The transaction involves legal and financial structuring, reflecting typical corporate finance activities associated with mergers and acquisitions.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Converge Technology Solutions Corp. | Target | Company | An IT solutions company focusing on AI, cloud platforms, and cybersecurity, aimed at transforming business practices. |
| H.I.G. Capital | Buyer | Company | A private equity firm involved in acquiring Converge Technology Solutions through its subsidiary. |
| 16728421 Canada Inc. | Subsidiary of H.I.G. Capital | Company | The subsidiary entity that is carrying out the purchase of Converge Technology Solutions. |
| Computershare Investor Services Inc. | Custodian | Company | Responsible for handling shareholder inquiries and support related to the transaction. |