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5 Things You Need To Know About The $1.8 Billion ConvergeOne Acquisition

ConvergeOne is being sold for a little more than the revenue its CEO, John A. McKenna Jr., told investors he expected the solution provider to generate in its first year as a publicly traded company.

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ConvergeOne’s Momentum

Nine months after solution provider ConvergeOne went public, it’s being bought and taken private in a $1.8 billion deal that is expected to close in the fourth quarter or early first quarter of 2019.

In a statement, the buyer, CVC Fund VII, said it is impressed with ConvergeOne’s momentum and excited by its potential for growth. CVC said Converge one has a chance to capitalize on the cloud adoption and digital transformation tailwinds of enterprise customers.

The deal was unveiled just days after ConvergeOne hosted its third-quarter earnings call, in which it reported a sharp spike in revenue, up 64.9 percent, and adjusted its annual revenue outlook up to $1.55 billion to $1.65 billion.

ConvergeOne, an Eagan, Minn.-based services giant—No. 34 on the 2018 CRN Solution Provider 500—is majority-owned by Clearlake Capital Group, which had been one of the owner of Pomeroy before it sold the company to Getronics last summer.

ConvergeOne has more than 10,000 customers, including 62 percent of the Fortune 100 and 48 percent of the Fortune 500 customers across the health-care, finance, manufacturing, education and energy industries, the company said.

 
 
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