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ConvergeOne Announces Planned Strategic Acquisition of Venture TechnologiesEAGAN, Minn., Dec. 11, 2018 /PRNewswire/ -- ConvergeOne Holdings, Inc. (Nasdaq: CVON), a leading global IT services provider of collaboration and technology solutions, today announced that it has signed an agreement to acquire VT Consolidated, Inc. ("Venture Technologies"), a leading solutions integrator headquartered in Ridgeland, Mississippi. WhiteLight Group, a business application consulting entity acquired by Venture Technologies in 2016, is not included in this transaction. Venture Technologies delivers premise infrastructure solutions, collaboration solutions, and cloud services to businesses nationwide. Completion of the transaction is expected to occur within 30 days. "This acquisition will complement ConvergeOne's already comprehensive portfolio and expand the collaboration solutions we offer customers today," said John A. McKenna Jr., Chairman and CEO, ConvergeOne. "Venture Technologies has a strong portfolio of cloud and data center services, as well as business expertise in the education, healthcare, and financial services verticals. This acquisition will enable ConvergeOne to increase our presence in the southern and western United States and advance our leadership position as a single-source provider of collaboration cloud offers, services, and support." ConvergeOne serves as a trusted advisor to more than 10,400 customers, including 62 percent of the Fortune 100 and 48 percent of the Fortune 500 customers across the healthcare, finance, manufacturing, education, and energy industries. Growth through acquisition is an integral part of ConvergeOne's long-term business strategy to develop a comprehensive portfolio that provides one of the broadest and deepest solution offers in the industry. "Venture Technologies' 32 years of success is grounded in the principles of honoring commitments and treating our staff, customers and technology partners with integrity and respect," said Gerard Gibert, CEO, Venture Technologies. "From initial discussions with ConvergeOne, it was evident that our companies share these values. By joining ConvergeOne, our customers will gain access to a broader solutions portfolio, and our staff will have access to expanded opportunities afforded by a growing, nationwide organization. We are thrilled to be joining the ConvergeOne team." Abut Venture Technologies About ConvergeOne Forward-Looking Statements These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of ConvergeOne. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the possibility that ConvergeOne may be adversely affected by economic, business, and/or competitive factors; (2) ConvergeOne's ability to identify and integrate acquisitions and achieve expected synergies and operating efficiencies in connection with acquired businesses; (3) changes in applicable laws or regulations; and (4) other risks and uncertainties indicated from time to time in the reports ConvergeOne files with the Securities and Exchange Commission including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those vary from forward-looking statements are based. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as such statements are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond ConvergeOne's control. All information herein speaks only as of the date hereof. Except as required under applicable law, ConvergeOne undertakes no duty to update or revise the information contained herein. Media Contact: Investor Relations:
View original content to download multimedia:http://www.prnewswire.com/news-releases/convergeone-announces-planned-strategic-acquisition-of-venture-technologies-300763074.html SOURCE ConvergeOne Holdings, Inc. |