#Canada #H.I.G. Capital #Acquisition #Toronto #Converge Technology

Converge Technology Solutions Shareholders Approve Acquisition by H.I.G. Capital

On April 10, 2025, Converge Technology Solutions Corp., also known simply as Converge, announced that a special meeting held to discuss its acquisition by H.I.G. Capital was a resounding success. The meeting marked a pivotal moment in the company’s corporate evolution, with a remarkable 98.85% of shareholders voting in favor of the acquisition. This substantial approval showcases strong confidence among shareholders regarding the future of Converge under new management.

The acquisition is expected to proceed under a framework established by the Canada Business Corporations Act. During the meeting, shareholders expressed overwhelming support, with approximately 69.63% of the total outstanding shares represented in the vote. In detail, 131,318,378 votes were cast, reflecting the commitment shareholders have towards Converge’s strategic direction. Notably, the resolution also accounted for exclusions related to specific shareholders who have entered into rollover agreements with H.I.G., ensuring a fair process for all parties involved.

Financial Details of the Acquisition

Under the established terms of the acquisition, shareholders are set to receive C$6.00 per Common Share. However, certain shares held by shareholders involved in rollover agreements will not receive this cash consideration. For additional information regarding the payment process, shareholders are encouraged to review the company's management information circular dated March 10, 2025, along with supplementary materials found on SEDAR Plus.

Despite the optimistic shareholder vote, the formal completion of the acquisition is subject to the approval of the Ontario Superior Court of Justice. This hearing is scheduled for April 16, 2025, with the completion anticipated shortly thereafter, around April 22, 2025. This final court order is a crucial step to finalize the transition of Converge under H.I.G. Capital’s ownership.

The Vision of Converge Technology Solutions

Converge Technology Solutions has positioned itself as a pioneer in reshaping how businesses confront IT challenges. Founded in 2017, the company focuses on delivering innovative, outcome-driven IT solutions while prioritizing human-centered design. Employing advanced analytics, artificial intelligence, and tailored cloud platforms, Converge empowers various sectors to transform operations while achieving meaningful growth.

The company's comprehensive methodology, termed AIM (Advise, Implement, Manage), ensures that IT solutions align seamlessly with a business's existing framework. This approach is instrumental in minimizing complexity and driving successful outcomes for customers. As Converge enters this new chapter under H.I.G. Capital, both companies envision leveraging their combined strengths to foster innovation and enhance the technological landscape significantly.

In essence, the approval of the acquisition marks not just a corporate transaction, but reflects a broader commitment to delivering exceptional service and innovation in the IT sector. Converge is set to continue its mission with renewed vigor, aiming for substantial growth and a lasting impact on the businesses it serves.

For more insights, visit Converge.