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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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Billion-Dollar Blockbuster

ConvergeOne is being sold for a little more than the revenue its CEO, John A. McKenna Jr., told investors he expected the company to generate in 2018, its first year as a publicly traded company.

ConvergeOne did not respond to requests for comment on the sale and CVC declined to comment. In his statement, McKenna—who is expected to remain with the company—talked about ConvergeOne’s value creation for shareholders.

“We are extremely proud of the ConvergeOne team, and we truly appreciate our phenomenal partnership with Clearlake and our other shareholders that has resulted in significant value creation,” he said. “Our team is thrilled to partner with CVC to execute on the compelling growth opportunities in the rapidly evolving collaboration and technology services market.”

CVC Senior Managing Director Chris Colpitts said growth at the newly formed company would be driven by cloud adoption and digital transformation among enterprise clients, which CVC would support with its “global network.”

“We look forward to supporting ConvergeOne's continued growth, both organically and through its proven M&A program," Colpitts said.

 
 
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