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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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Another Big Sale for Clearlake Capital Group

Following an initial investment in 2014, Clearlake is now ConvergeOne’s majority shareholder. According to an Oct. 25 Reuters report, Clearlake has been discussing a potential sale of the company since ConvergeOne attracted takeover interest from private equity firms.

Clearlake also owned Pomeroy and in July sold the solution provider to Getronics for an undisclosed sum. Getronics financed the sale through several lenders, borrowing $500 million to complete the deal, but the exact terms of the sale were not disclosed.

"The success we have achieved working alongside ConvergeOne's team since our initial investment in June 2014 is a perfect example of our operational approach, O.P.S., in action, as well as our buy-and-build strategy,” Behdad Eghbali, co-founder and managing partner of Clearlake, said in a statement. “Together with management, we transformed the company into a world-class managed services franchise, achieving approximately 400 percent EBITDA growth through the period of our ownership since 2014, completing a public listing, and ultimately maximizing shareholder value through this transaction. We are proud to have partnered with John [McKenna] and his team and look forward to watching the company's continued growth in the future."

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