Converge Technology Solutions Corp. (TSX:CTS) has signed definitive agreements to acquire PC Specialists, Inc. for $74 million on May 19, 2022. Positive net working capital will also be paid out at closing. The purchase multiple is approximately 5.96 times adjusted EBITDA for the trailing twelve-month period ended October 31, 2021, after adjusting for positive working capital. PC Specialists, Inc. generated gross revenue of approximately C$423 million ($341 million) with an adjusted EBITDA of C$14.8 million ($11.9 million) for its most recently completed fiscal year ended October 31, 2021. The acquisition is expected upon closing to be immediately accretive to Converge. Jay de Groot of Morrison & Foerster acted as legal advisor to PC Specialists, Inc.

Converge Technology Solutions Corp. (TSX:CTS) completed the acquisition of PC Specialists, Inc. on August 2, 2022. Stikeman Elliott LLP acted as legal advisor to PC Specialists, Inc.